All Forum Posts by: Alex Oak

@Tom V. Thanks for the input! I will definitely be speaking with both of these entities before moving forward. I'm liking the sound of private/hard money as this would allow me much more flexibility.

I am looking into a 1.8-acre piece of property in my local area. About in the middle of the property is a SFR that is in need of minor updates and repairs and on the northern portion of the property are two single-wide trailers (southern portion is pasture). The property is currently zoned "Multiple Residences SFR and MH".

My idea is that I would purchase the property with bank financing, divide the property into 3+ parcels (one being the lot with the house, the other two being on either side of the house), rehab the home and sell it to get my investment back. I would be left with two essentially free pieces of property on either side of the home that I would then bring more mobile homes onto for rentals. I will obviously do my due diligence concerning the zoning, etc. before committing to anything. 

Ideally this is how I envision the deal (round numbers strictly for explanation):

Purchase: $100,000 (20% down, 30-year loan)

Rehab: $20,000

Sale: $120,000

I'd love to keep the loan in place and take the cash from the sale to pay for the mobile homes, other properties, etc, but I have a feeling that is not a possibility. I assume I would have to pay off the loan at the sale of the home and somehow refinance to pay for the mobile homes. 

Any thoughts, ideas, concerns? Thanks in advance!

Thanks, everyone! This is all great advice. I would be purchasing the property as a buy-and-hold rental using bank financing. I have already met with the owners, and they are highly motivated to sell (it's an inherited property and the current owners simply can't keep up with the maintenance).

Sounds like finding a local attorney who is well-versed in the type of investing I plan on doing is the next action I need to take. Let the searching begin!

I'm currently running the numbers on a property in my area that I believe has great investment potential. It is a FSBO that is owned by an elderly couple who are very motivated to sell. I plan on doing a final walkthrough next week after I verify the numbers this weekend, but want to make sure I'm prepared before presenting an offer. I have a plan for due diligence if the offer is accepted and I get it under contract.

First, do I need to bring a written contract with me when sitting down with the seller to make an offer? I am assuming I will need to include the 30-45 day due diligence clause that is contingent upon inspections checking out, etc. Do I need to be represented by an agent at any point?

Second, I plan on creating an entity that will keep my personal name off the property records altogether. I am assuming I can write an earnest money check with personal funds and then get the entity established during the due diligence period before closing and keep my name off the records?

I know that's a lot to answer and I appreciate your advice in advance!

@Gavin Welch I'll definitely take you up on that offer.. I'll get in touch with you this week and we can meet soon. I just downloaded the first few episodes of your podcast and I'm looking forward to listening. Thanks for reaching out!

@Adrian Smude @Andrew Davis @Chet Jennings @Manny Cirino Thanks for the advice fellas! It's great to meet some of the local players. Manny makes a good point that Polk County seems to have plenty of opportunities to keep me busy for some time. I definitely plan on attending the PCREIA meetings and will hopefully run into you all more on BP and in the local area. Thanks again and best of luck!

@Rich N. @Account Closed Thanks for reaching out! See you around the site..

Hello everyone!

I'm a 23-year-old just getting started in the Central Florida area (focused in Lakeland, but interested in Tampa / Orlando areas as well) and wanted to introduce myself and start making some connections. I've been barreling through the 130+ podcast episodes (I think I'm addicted) and soaking up as much info as I can from the site. Multi-family buy-and-hold is where I'd like to get started, with the potential for flipping and wholesaling in the future as I find good deals.

Please reach out to me if you're in the area or have any advice.. every bit is appreciated. I look forward to discussing the beauty of REI with all of you!

Cheers,

Alex Oak

Hello everyone!

I'm a 23-year-old just getting started in Central Florida (focused in Lakeland, but interested in Tampa / Orlando areas as well) and wanted to introduce myself and start making some connections. I've been barreling my way through the 130+ podcast episodes (I think I'm addicted) and reading as much as I can here on the site. Multi-family buy-and-hold is where I think I'd like to get started with some flipping and wholesaling potentially in the future as I find good deals. 

Please reach out to me if you're in the area or have any advice.. I look forward to discussing the beauty of REI with all of you!

Cheers,

Alex Oak