All Forum Posts by: Amber Stout

@Sean Mcentee Thank you, Sean. I am now realizing after running many #'s that I'm not going to be finding any "deals" on the MLS. I'm changing my strategy to off market and looking to connect with wholesalers so I get a "deal" and am not paying market/retail price. I appreciate your input very much!

@Account Closed Congrats on your duplex! A little late with my response however I appreciate your input. Everything you mentioned makes sense. I wasn't sure if there's any risks I was missing or should be aware of. I am curious, the duplex that you were under contract with, did you find that off market or mls? 

@Jason D. thank you for your insight! My partner and I are considering getting a fixer upper and renting  it out as we figured that would be best given the current market. 

I have been hearing more and more about the area not seeing much downturn due to the growth which makes sense. 

All make sense. I greatly appreciate your input. How long have you lived down here and how long have you been an investor? 

Hey all BP's! 

I am new to the real estate game and am committed to purchasing 2 properties this year. I have been analyzing deal after deal in the Tampa market for buy and holds. While I have come across a couple properties that meet the $100 per door cash flow criteria, my concern is over paying for the property being that we're at the top of the market. 

Let's say I purchase the property now and the market starts to go down immediately after (I do realize this will be a slow descend). What are some problems that I may run into? What are some strategies that may best prepare me for something like that?

Any feedback, I would greatly appreciate! 

To give some value - I recently got to meet Rick Melero and some of his team members from HIS Capital Group based out of Orlando. I highly suggest following them if you want some really great content, inspiration, or want to understand the economic cycles better. 

@Jeff Brower - Congratulations! That is so exciting that you've made your first purchase! I'm sure it feels great to finally be achieving what you set out to do. I am reading through tons of information now and am ready for the next steps (in which I wasn't too sure what the next steps were until reading this article). I do plan to do what you have done by sending out letters - thank you for that information. I also plan on getting my license as well... thanks for sharing. Congrats :)

@Melvin List Hey Melvin! Prior to the position I'm in now, I waitressed (tips) and was also 1099. 

@Frank Gallinelli It's excellent. In fact, I just finished reading Chapter 4. Thank you for taking the time to provide so much value and help others out, like myself. 

Hey BPers, 

I hope you're all having a wonderful Sunday so far.

I have been employed in my sales position for the last year and 4 months and it's about 50% commission / 50% salary. Looking to put down 5% or less, if possible. Credit score: over 750. My question is: is there any programs that would potentially approve even though the commission history  is under 2 years? 

To provide value: I'm half way through " What every real estate investor needs to know about cash flow" by Frank Gallinelli and it's FANTASTIC for understanding valuations for RE. 

Thank you in advance! 

@Jeff Brower You are right in regards to finding a smoking deal to refinance in a year... I think I'm being a little too optimistic. Congrats on the duplex! How many properties do you have at this time? 

The tenants paying the PMI is a good point. I appreciate you taking the time and offering your input.

@John Warren I greatly appreciate your response to my question as it's opening me up to new ways of thinking. 

Financing options are definitely what I am lacking and I realize is the most important part of real estate. I didn't realize there are 5% down conventional. To my knowledge, conventional loans require 20% down, is that incorrect?

$189 PMI is a big deal. If I do end up going with a 3.5% FHA, my plan would be to refinance at the year point and ideally have the PMI fall off and cash flow more.

I do see properties that have the potential for air B&B for sure. Wow - air b&b the attic unit?! That is definitely creative. It's amazing how you can create opportunity and value everywhere if you just get creative and think outside the box. 

Appreciation is something that I'm always taking into consideration. I live in Tampa and this area is BOOMING - new development every which way. 

These are all things to take into consideration while researching for my first property. I really do appreciate you taking the time to offer value.