All Forum Posts by: AJ Anderson

Howdy all- We're under contract on a nice little duplex in West Palm Beach. This will be our first MFH so I am curious to learn about what insurance providers and products we should be looking at. I know there are several WPB investors here - any help would be awesome.

Thanks!

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Interesting. How does one get into that?

What do others here think about the market crashing?

Originally posted by @David Ginn:

Hi @AJ Anderson

Pull to a cash position and go into lending or flipping, these are your best options. The market is going to correct and fall. DO NOT buy a house right now. Do not buy multifamily.

You're at the top of the market and it’s going to correct and fall. I won't wait for the perfect deal. It's critical right now that you take your cash and put it into lending with people who are flipping.

In the system, people are making 12% or 3.75 points that is 15.75 % or points a year on a deed, If you're going to be active in the system. Or you’ll get 20% of the equity share, so you do want to lend. With lending or flipping once, you're going to probably make 30-40% a year, if you're actively flipping and your full time.

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Hi gang

I've got a chunk of cash that I'm trying to put into a MFH in the West Palm Beach area of FL. One deal fell through and no others seem to work right now for me in terms of cash flow.. I've been putting off STR due to the ease of the LTR model but would I be better off investing the money in a STR property through winter (ski area) to at least pay for itself plus gain the equity then re-evaluate in spring? Values are still skyrocketing so I estimate about $50k+ equity gain in 5-6 months.

I guess my real question is.. how long would you wait for the perfect deal as opposed to investing in something that is just ok just to get the money working for you?

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Originally posted by @Austin Drew:

@AJ Anderson I invest in the WPB area, where area of WPB are you looking for properties in?

few different areas.. Duplex we put an offer in on was in Vedado. Open to insights on different areas!

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I think I've narrowed down our search to the WPB area of FL. Lost out on a nice Duplex at 400k (cashflowing $1k/mo) due to some greedy sellers and a shady agent so now back at it. The rents in this area are so high compared to Asheville/Charlotte and other places we've been looking. Anyone else an investor or have property for sale in the West Palm Beach area?

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reviving this from 3x years ago. I'm in the same boat in the WPB area.

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Originally posted by @David C.:

I too looked into Gobundance once I had heard of this during one of of the prior podcasts @Brandon Turner. I am not sure what to really make of it. It has been my experience that with the right mindset and drive, anyone can acquire a network of contacts that could serve as a mastermind group.

I think that the draw here is that you can "skip the time element" required to obtain these contacts/network. That sounds great on paper, but in my experience, not all people whom you meet in a network will really add value. Likewise, when you grow your network organically, you have the opportunity to vet who is looking to truly add value, and those whom you politely thank and never work with again.

With Gobundance, it appears that the model forms these breakout groups of to form think tanks. That's fine, but is it worth $10K a year? Also, does Net Worth = Valuable Knowledge? If this is the mindset, then someone could be placed in a think tank with Paris Hilton.......

I also found it very odd that there was a lack of information regarding the cost of membership on its webpage. That never sits well with me. I had seen somewhere else that the price tag is $10K yearly. Another previous post stated that there were 150 members in the 1M club. This would mean that this organization makes $1.5MM yearly just on those memberships alone. I doubt that it costs $1.5MM to maintain/produce content for such a group. So someone is making money. That raised the MLM flag for me.

If they weren't making money on it, I would be worried.

I have been extended an invite but have not joined yet - only hesitant about my ability to fully maximize the opportunity based on how busy I am with work.

Anyone else have feedback on it? I would say the only thing surprising to me is the lack of reviews/feedbacks that exist for GoBundance in the real world.

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Tried searching for a post about this - apologize if it's been covered.

From an article on Yahoo:

“An estimated 452,000 borrowers will leave forbearance on Sept. 30. That's followed by 287,000 in October. That's why the industry is closely watching, in particular, how it'll impact the housing market this fall.”

I know the act of waiting to make an investment can be frowned upon but acting strategically can never be a bad thing. Are you guys seeing/hearing any market shifts in terms of more inventory/price adjustments? I am poised to make another decent-sized investment so keen to see what this does to the market, specifically in North Carolina.

TIA

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Originally posted by @Thom MacFarlane:

I would wait until you close on the Florida condo before getting into a loan transaction a new purchase. If loans are going concurrently then both lenders will require a Letter of Explanation for Credit Inquires for the purpose of determining if your credit inquiries will result in you borrowing money. You would either state "inquiry for a loan not resulting a new loan" or "a new loan is pending." An honest answer would result in both lenders wanting full detail on the other purchase in regards to PITI and approval. Unless you're "well healed" for qualifying and can tolerate the extensive scrutiny of two lenders, I'd wait. It is easier to give a new lender your closing statement, closing disclosure and a copy of note on a loan that just closed than it is to provide them with documentation on pending transaction.

excellent feedback. Thank you!

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Morning everyone!

My question is in regards to multiple purchases affecting each other in regards to lending.

We're in escrow and closing on a condo in FL on October 8th. In the meantime, I'm also shopping for a SFH in NC. Obviously the credit run has shown up on my FL closing process but easy to explain, other than that, at what phase of the purchase process (on the NC home) will it start to affect my FL purchase? When the contract is initiated?

I know the easy answer is to wait until 'cleared to close' but I am just wondering for future reference. How do overlapping purchases affect each other?

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All Forum Posts by: AJ Anderson

AJ Anderson has started 6 posts and replied 20 times.

Post: Best insurance for Duplex LTR in West Palm Beach

Post: Cash in savings - waiting is losing money?!

Post: Cash in savings - waiting is losing money?!

Post: Where to invest 100k?

Post: Where to invest 100k?

Post: Multifamily Rental Insurance in South Florida

Post: Gobundance and their M1 program

Post: Mortgage Protection ends Sept 30

Post: Importance of loan step cadence (multiple purchases)

Post: Importance of loan step cadence (multiple purchases)