All Forum Posts by: Account Closed

How do you figure out what the new taxes will be?

Lakeland Florida, thats where I would move with my kids.

Can I get a commercial loan for 5 or more cash flowing single family properties?

Yes you can still use it for tax purposes, its a little bit of a gray area, but not really. What the IRS wants is honest numbers/reporting, how many properties under this LLC do you have

seems little high, depends on credit, loan amount 

you are better off just putting your name on the first 10, then your wife on the other 10, 

Investment Info:

Single-family residence buy & hold investment in Ocala.

Purchase price: $55,000

Purchaed home in ocala currently rented for good amount

What made you interested in investing in this type of deal?

I was interested and still am interested in Ocala, and the areas between Tampa and Orlando

How did you find this deal and how did you negotiate it?

Through a local agent in Ocala, we quickly came to agreement with owner for cash offer

How did you finance this deal?

Cash

What was the outcome?

Very solid investment

Lessons learned? Challenges?

When you are offering cash deal, make sure you offer lower than you typically would for a conventional offer, I bring this learning with me in the future

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Lutz.

Purchase price: $122,500

Duplex fully rented,

What made you interested in investing in this type of deal?

I really like duplexes and concrete block buildings, especially in Florida

How did you find this deal and how did you negotiate it?

Found through realtor.com and we negotiated through our agent in Tampa

How did you finance this deal?

Conventional loan, through a mortgage broker

Lessons learned? Challenges?

The PM did a lousy and expensive job cleaning up one of the units after one of them vacated shortly after purchasing. I know now in the future to always be there for estimates.

Why don't we do quick Skype, it'll be worth both our time 

Hello Mark, 

I did the same exact thing you are contemplating Summer of 2017 till now.  I live in Westchester NY work in NYC and invest in Florida.  Now, the economy in CT is a little down and not expected to turn around anytime soon.  Florida is excellent and there are many indicators that this will be then best state to invest in real estate for the next 30 years .

Now about you and questions that need to be answered.  

1) Do you have any family/friends connections down in Florida 

2) How many units are you looking to invest in, what price range, and are you going to be flying down often to Florida?(once a month? once every few months? etc..) 

3) Yes you can get a conventional loan, it will require usually 25% down for a duplex and up, single families 15 to 20% down. It does not matter if its out of state 

 Yes you made a very smart, intelligent decision to look at Florida.  Since you a fireman, you have multiple days off during the week, and even given the weak CT economy, if you are handy enough you can start small in CT.  The distance in Florida is going to be your disadvantage even if the economy is much better. 

You can fix things yourself, find connections local market, etc.. let me know what you are thinking im interesting in hearing because i actually was going to invest in New Haven/Hartford before choosing Florida.  What scared me the most about CT was the lower vacancy rates, the news of companies moving out of CT and the declining population.