All Forum Posts by: Alton Shady

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $95,000
Cash invested: $32,500
Sale price: $185,000

Fix and Flip deal - I found a seller who had several homes for sale at once and was able to pick up one of the best homes where a tenant had just been evicted. We got the home on market for about $35k less than list price and then invested that difference in the home and sold it at full retail value for $5k over list!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I was the licensed agent on both the purchase and the sale. I love working as both an investor and and agent and I enjoy working with other investors to meet their goals as well!

Hi @David Ramirez, congratulations on making the decision to really dive in and study a lot about real estate before jumping in too fast. I also encourage getting your hands dirty and seeing the process from someone who is already investing before you make your first purchase. After investing for a couple years, I have gotten my license in order to better help my business partner and I get access to properties faster and to be able to negotiate with other agents directly. You may find that you want to do that eventually as well, but I would definitely encourage you to find a good agent to consult with as you start to narrow your investment strategy. Preferably, you will want to find an agent who also invests in a method that you want to do (flips or rentals). This ensures that your interests are aligned as opposed to an agent who only deals with retail home purchases.

Lastly, you will want to determine your financing strategy. If you live in Miami and are investing in Tampa or Orlando or anywhere else, you will be looking at needing a conventional loan, a lot of cash, or private money lenders to finance a purchase. If you were buying where you live, you could possibly pursue FHA financing and live in the house while renting out rooms or find a property with a ADU (Accessory Dwelling Unit) or MIL suite to live in while renting out the main house.

Feel free to reach out if you ever have any questions or need advise as you define your investing strategy this year!

Hi @Andrew Cummings! As others have said, it is definitely hard to find exactly what you are looking for, but finding a good agent who understands investments is a huge help as they will eliminate a lot of options that won't work for you. As an investor I have found that a lot of agents don't understand exactly what you are looking for as they are great agents but have never invested in anything themselves. I would definitely encourage you to interview a couple agents and find one that invests in property themselves to work with. That is why I recently got my real estate license so I could save on certain costs but also be a service to other investors in the greater Tampa Bay Area.

If you are up for it, I second the idea of renting out rooms to military members who are here on a shorter term basis as they reliably pay rent, but you are able to get started at a lower price point that a triplex or quadplex. If you would much prefer to have your own private unit, then definitely find an agent who is ready to look at quite a few properties before finding the right one. Another great option in Tampa is to find a house with an ADU (Accessory Dwelling Unit) or MIL suite you can live in while renting out the main house to cover your mortgage.

Feel free to reach out if you ever want to discuss options or just dialogue about strategy that fits your unique situation.
- Alton

Good afternoon everyone,

Yes, the property is still available, I have one week left before closing on the refinance, so I am still open to anyone who would like a rental or very quick flip at $140,000 + Closing costs. I received the BPO back and the property is a great deal with an ARV of $168,000. If you can close quickly and want a great deal, please give me a call ASAP at (407) 949-7424.

Thank you,

Alton

Looking forward to meeting everyone!

Hi @Calus Glispie, yes, the property is still available. I am working on getting a refinance currently, but am definitely open to letting someone get the final profit if it means I can move on to other projects sooner. Feel free to send me a private message and we can go over things!

Hi @Adeiza Jatto, I'll send you more details, please let me know what you think.

@Peter Grange

Hi Peter, yes, it's a frustrating position. My best case scenario is to secure maybe $10k in cash against the property and go ahead and finish it, market and sell. However, I figured if I put it on the BP marketplace and someone is looking in this area already, it would be an easy win-win-win where everybody walks away with a profit. I don't have much cash right now, and most everything is tied up in another flip and two rentals(which is great, but doesn't give me leverage to finish this property). I can always hold it for a couple months and finish it then, but I figured I'd check and see if someone wanted to make a quick buck.

I have a 95% completed flip that I am ready to go ahead and sell if someone else would like to finish an incredibly easy rehab for under $2,000! We have too many projects going on to keep taking time with this smaller property, so I am leaving plenty of meat on the bone for anyone who would like to take on a quick rehab project and make an easy $10-$15K. Huge lot with a block home, this property is a very secure investment. Rental prices are also very strong in this area as it is very close to Busch Gardens and University of South Florida (USF).

Purchase: $140,000

Rehab: $2,000

ARV: $152,000 - $165,000

Rent: $1,200-$1,400

This block home has a newer AC unit, all windows are updated double pane, new floors throughout, completely new bathroom with tile, kitchen is brand new with white shaker cabinets and new appliances already installed.

Literally all that needs to be done is the kitchen sink installed, bedroom closet doors installed, and trim around doors. Easily less than $2,000 worth of work and you'll have a great rental property with almost no maintenance in an area with lots of demand. Or sell for a quick $10,000-$15,000 profit!

Please PM me with any questions, or feel free to call (813) 388-8304.

Awesome, congrats @Jordan Santiago! That's a huge first step and you'll just ramp up from there!