All Forum Posts by: Dave Bingham

@Luis Cardona 

Hi Luis. I know that @Mark J. Has been doing just what Chris suggested for hillsborough county anyway. I'd look him up. He's a heck of a guy.

@Walter Pape 

Hi Walter. I'll send you a colleague request with the appropriate information.

@Mark J. 

I'd go online and search for Tampa mls., redfin, loopnet and other listing sources. Specify your query to be duplexes, triplexes and quads. You'll find some properties, maybe even a deal but the main value is you find the realtors listing these types of properties. call them up and ask them what Gross Rent Multiplier they used to determine value. Ask them why that multiple. Does their logic make sense or does it set off a pause in your head? Once you get a list of the area GRM's and the justification for them you'll just need your established gross rents. Multiply the two together and you come up with a good starting point to determining the value. You'll also need to do the sales comparison approach based on like kind. I haven't looked at the neighborhood but from what you were telling me earlier I'd give the income approach at least 80% of the weight and sales comp 10-15%, with replacement costs rounding in around 5%.

In the end though If I recall correctly you're looking to refi anyway so a lender is going to use their own methodology. I'd try local banks and see if what they are doing matches your own analysis. Just remember your debt to income ratio will change as a dependent variable and your debt service coverage ratio will pop into existence. You may also face other restrictions as @Alex Pereira pointed out. These will impact how much you can withdraw from a refi, what you can do with the property and you also have to contend with seasoning. Over all I think It's a great plan. Keep touching base with @Jesse O. He's a brain.

@Mark J. 

Eyeballs just rolled into the back of my head. I love your sense of humor! For those uninformed we have a game night afterwards for those who wish to stay. I wouldn't say I despise Up the river down the river but I definitely give it the stink eye. @Mike Hicks  @Rose Kabu @Mary Ann @Alex Pereira 

might give it a try next time!

@Joshua Dorkin 

I didn't take any pictures as I'm sure I would be teased incessantly about my phone but I'll get some out at the end of February for the next meeting. As far as the format, I reached out to @Doug Merriott . He has had his own meet up for sometime now and he graciously wrote me explaining how he conducts his.  I had planned for X to happen first, then Y but reality as it frequently does ignored what I had planned. I am however ecstatic to say that it flowed extremely well.

I can only speak for myself but I was quite thrilled to meet all these wonderful people. It's pretty neat to meet new people in general but to find out you can help them and they you can elicit a grin if you're not careful. I received a lot of great advice, made new connections, helped some folks, had some laughs, and enjoyed some great stories from other members of the group. We had people from Brazil, Jamaica, Kenya, Washington State, New York among others. The breadth of life experiences was enormous and we all benefitted from it.

@Amanda Sutherlin 

I'll email you the details for our next one. Have a great day!

@Kevin Cook 

I'll send you a message sir with details for the next one. Have a good one!

@Mark J. 

Hi Mark. Have you looked at what the GRM is in that area?

Hi guys. We had our first (local meetup of people from BP) in Tampa (that I know of) at my house last night. Lot's of investors came together. We were all strangers with a little picture on BP and just had our messages to communicate. It was a great feeling to actually meet you all and I was grateful for the opportunity to do so. I wanted to bring up 2 main things with this topic.

The first is I want to thank BP for creating a website that allows us to easily find each other. It's great to find others that have similar goals. I have been fortunate to have learned many things because of my experiences in real estate and know a great deal. having said that though there are many areas where I am dumb as a box of rocks or do not posses certain skill sets and this website allows me to find my complement(s) and I am really grateful for that so I wanted to say personally thank you to @Joshua Dorkin for not just having the dream but also the fire to take initiative and make it a reality. I also want to thank the staff. No one person does it all. You guys have done an excellent job not only in creating a masterpiece but also ensuring continuing quality.

The other point is we all just learned so much from each other last night. It was great to meet so many people that you can learn from while also being of service to them. Symbiotic relationships are just the best. On a more personal level I can see being legitimate friends with these people and not just colleagues The meeting was so successful we are scheduling another for the end of February. We don't charge any money or have a guru come sell us stuff. We just get together and talk. If you're anywhere near me and have an interest in coming you're more than welcome. We would love to meet you. Just stay away from @Mark J.  I'm pretty sure he'll eat you if he's hungry. Thanks again BP!

@David DuCille 

That pretty much sums it up. It's important for your buyer to realize that the lease option is an instrument and should be assignable. You don't want to have your buyer enter a 3 year option period for $275k  watch the house appreciate to $325k, not have the money for some reason and lose that equity. If he is in that situation he could at least assign the option for $10-15k to another buyer and recoup some money.

@David DuCille 

Hi Dave. Usually the premium someone pays for an option is a function of the time value and as such doesn't usually get associated with any sort of down payment. Also when doing these types of deals you want to make sure that the option to purchase and any sort of down payment are separate, both in funds and documents. If it is not it can become very convoluted as to the intent of the documents. A portion of the rent can be dedicated to amortization. This arrangement is completely between the seller and buyer. I think your buyer might need a private lender as in my experience hard money lenders don't lend on personal residences.

@NA NA 

Jump on google. See what businesses are there. Call the county permitting department  and see when they were built. Use the google map function and select the picture once you input the address. Use your arrow keys to check out the area and make sure the photos are recent. Nothing beats first or even second hand. If you can't go there personally call up a broker in that market and see if what they tell you reconciles with what you see on google.