South Florida BRRRR Post Covid

[Matthew M.]

Good morning RE investors!

I love posting here on BP, the feedback I get is always so great. Id like to start with im a newbie investor.

Long story short is ive been following BP for a couple of years and Im ready to brrrr my first property. 

Ive assembled a team, agent, GC, broker, pre approvals for hard money, all of that. I live in NYC and am Investing in South Florida, Palm Beach County, Broward County.  

Im having a serious problem with my deal funnel. My agent is great, good friend of mine, as is the GC. But I dont not think he is really grasping the concept of what I am trying to do here. Ive explained the all-in at cash out, refi to cover investment, strategy to him and it seems like hes getting it but then im getting properties funneled my way needing full rehab but only listed 30 or 40k under a 300K ARV. Im reverse engineering the numbers based on the ARV of all these properties im seeing and im just trying to wrap my head around this.

I cant wrap my head around how on earth im going to be able to land a property at basically 50%! of the ARV. How are investors finding these deals?

When all the numbers are done I need to be all in 225k on a 300k property. Minus the rehab 50-60k, minus the financing cost, minus closing and minus my 25% equity lenders are now requiring for the purchase price(Hard Money). So all in to truly pay back the lenders with interest and get my cash equity out my purchase price is a little more the half the ARV.

Im very optimistic BUT, how are you guys getting your deals?