All Forum Posts by: Sam Alpha

Glenn, I look forward to your response.

@Erin Legler it really is a small world!. I think we are talking about the same 4-plex based on the numbers you have run. If he were to rent all 4 units out, his ROI would run at 19%, which is quite impressive, considering that the other 3 units have very "stable" tenants and there is no major work required besides cosmetic.

The jump from a 4-plex to a single family home was quite a huge one.  Did he just choose not to indulge as a landlord?  

In regards to Lake Mary, you can't really go wrong.  it really is a nice and safe area, with a lot going for it.

Btw, if you have additional information (above the basic) in regards to the 4-plex, pls do PM me as I may be interested if it's still on the market.

Have a good weekend (whatever is remaining of it!).

@Andrew Katzman I've just looked at some more numbers in that area.  what makes College Park so desirable and expensive?  What is the demographic of renters and property owners in that area (age, income, professions etc)?

@Andrew Katzman thank you for taking your time out on a Sunday to post those numbers. It seems that the ROI on town homes seems to be the highest comparatively. Your numbers have peaked my interest and I will look into this further.

Till then, keep on building your beautiful homes and with time our paths may meet.

Btw, do you have a website that shows off some more of your work? I'm sure it's worth visiting.

@Anil Samuel I see where you are coming from.  However, I will tell you that most times you will have to work your socks off to get to a good level.  As I have mentioned earlier, joining a big name outfit will give you exposure to the best in the business.  However, they will not part with their "secret sauce" as they know that you will be operating on the same ground and that means competition.  You will have to dig and dig and you seem motivated enough to just do that.  Persist and you will get there with time.

Wishing you the best.

@Belinda R. basically this is how the financing part would have worked.  If the bank allowed us to postpone the auction date, it would have allowed me to get a HomeStyle mortgage.  However, since the chance on them accepting the request is 50-50, I have decided to go cash.  

Once we have the property on hand, we will get it to good condition and do a cash out refinance via a conventional mortgage.  These tend to usually have a lower interest rate and will allow us to get a mortgage for upto the appraised value.  

My dilemma at that time will be whether to take the cash out and look for the next property or to put that towards building equity, with the aim of paying it off to it being free and clear.

If I am not mistaken, a HomeStyle does not have any prepayment penalties.  However, I would double check with an expert.

@Glenn McCrorey congrats on your achievement!  You are so right about using the corporate arrogance to get back at them at their own game.  I hope your middle finger behaved as you left the building for the very last time ;-)

On a serious note, with the experience you gained on your journey, can you tell us your Top 3 do's and don't as one tries to accumulate RE.  

Also, it seems that you took on a very aggressive path to reaching your goals in such a commendable time.  If you had to do it all again, would you be as aggressive?  Do you think that taking bigger risks may have alternatively landed you in a dark and cold place? What advice would you have on this aspect (being aggressive) for investors wanting to grow to over 25-50 properties?

Thank you for sharing your success and we wish you the very best as you grow further.

@Andrew Katzman you put out a beautiful product out there!  

When you speak of a unit, do you mean both sides of the town home (that is, 2 town homes) or each single town home?

Also, most College Park rentals for similar properties are charging $1850 tops for a 3/3.  Are the $2500 and $3200/month rented out?  Is it easy to rent out at that price (as it seems way higher than other similar options) or is there something specific that is accommodating for these rates?

Ty.

@Erin Legler in reference to the 4-plex by UCF, are you referring to the ones built in the 80s, that are south of UCF on Alafaya? If so, what kind of numbers are we looking at (ARV, rent + expenses, cash flow etc)?. I would appreciate your input.

Also, from what I saw, would I be correct in classifying it as a B property in a B area, or do you see otherwise?

@Patrick Jacques I have to agree with your analysis.

@Mark Severino how familiar are you with the downtown area.  It is somewhere I would like to look into, with all the developments coming in over the next few years.  If you have a good handle on it, can you please PM me and we can take it from there.  Ty.