All Forum Posts by: Bradley De comarmond

Hey @Chandler Canepa I have to agree with @Ali Boone. Investing out of state is risky when you don't do the research and find people to help you out. Fortunately, it gets easier and easier every time. I live in LA as well and invest in and around Tampa because cashflow is my goal. 

There's an out of state real estate investors of LA group on Meetup you should check out. We do events every 2 months to connect out of state investors to share ideas and strategies. (I'd post the link here but I think BP would block it.) Message me and I'll share it with you.

Best wishes on your journey!

-Brad

Hey @Christopher Rodriguez . Yes, it was a nice turnout and good conversation and connections were made. The next one will probably be in October but will try to hold it sooner if there is enough interest. Make sure to join the meetup group for notifications.  Hope to see you there!

Hey everyone.

I could use some advice from some creative thinkers out there. Here is the situation...

A client of mine is about to lose her financing because she just quit her job to move to another state, Before she quit, we found her a triplex that is producing $3250/month in revenue and we went under contract for $385k.

Now, the appraisal is coming in at $308k but the income value according to the appraiser is $355k.

Regardless, the seller will probably not accept $365k, let alone $308k and there will be a decent gap. If the deal falls apart, my client won't be able to use financing for 3 years or so and will lose the $2000 in appraisals, inspections, etc. and of course the seller will lose out on the sale and the time and effort.

Is there something I am missing besides the buyer either paying the difference in cash or walking? 

Anything that would benefit both sides would be great. Thank you!

-Brad

Hey BP Nation!

Are you looking at the Florida market but live across the country in California?

I'm Brad, a licensed Florida Realtor and investor splitting my time between LA and central Florida.

If you're in the southern California area LA/San Diego and are interested in the central Florida market (Tampa, Orlando, and surrounding areas), connect with me and I will be happy to answer your questions and help you find your ideal property or investing opportunity.

-Brad

Circuitous Realty // SL 261546220

@Bob Mills

It's funny, I've lived in FL 21+ years and it seems like no one talks much about it. Perhaps, those with waterfront properties discuss it more so but usually the occasional flooding during our summer thunderstorms is more of a topic of discussion.

Besides, if you're in it for cashflow, you won't be on the water, probably a mile or 2 in so if you're looking for the long long long run, maybe it's a bad idea but you and I should be long gone by then and our grand kids will be living on the island of California. :)

Welcome to Bigger Pockets @Kirt Gill

As you can see, BP is loaded with all the information you will need to succeed in whatever niche of real estate investing you wish to pursue and the community is filled with knowledgeable investors and professionals to learn from and connect with.

BP is what you make it. The more you put in, the more you will get out of it! 

Check the "networking events" tab under "Community" and go out there and meet people. That's the way to build powerful relationships. 

In fact, I host a group ever 2 month for investors looking out of state. ( Like you, I am living in LA but I focus on investing out of state for the 2-3x cash flow and reasonable cost of real estate. Florida is my state of choice.)

I post the upcoming events under the networking tab but the group is called the Out of State Real Estate Investors of LA on Meetup's website.

If you have any questions about out of state investing and in the Florida market, connect with me and good luck on your journey!

Also, if those are markets you are focused on, I'd reach out to @Ali Boone

She lives in LA but invests out in those markets (I think) and works with Californians.

Have a good one! 

- Brad

Hi @Harsh Garg

That sounds great. Like you, I live in CA (Central LA) but invest around Tampa. A 12% cap is quite difficult in the city with such a hot market but I can definitely help you search if you're looking in central Florida.

Also, I host a Meetup group especially for out of state real estate investors. If you have time, feel free to come to our next one which will probably be at the end of September/early October.

Message me if you want the group details (I think BP blocks other website URLs)

Have a great week!

Welcome to Bigger Pockets @Nathan Yee

Like you, I am living in LA, but I focus on investing out of state for the 2x-3x cash flow and reasonable cost of real estate. 

The numbers here are just too crazy for my risk tolerance. Instead, I like the idea of cashflow with good potential for appreciation which is why Florida is my state of choice, especially Tampa. Fortunately, $50k is a decent amount to get started if you have solid credit and work history.

I also host an Out of State Real Estate Investors of LA group which you can find under the networking tab under past events and on Meetup's website. Make sure to attend the next one if you want to meet other investors looking out of state.

If you have any questions about out of state investing and in the Florida market, connect with me and good luck on your journey!

- Brad

P.S. - Two of the best books you can read (and re-read) are Rich Dad, Poor Dad and The 4-Hour Workweek. Both have been mentioned numerous times by guests on the Bigger Pockets podcast and I have detailed notes to both books. If you would like a copy, just let me know and I'll send them over. (but it's still highly worth buying the books.)

Hey @Chris Ruud

Welcome! Most investors face that dilemma, especially in California.

Like you, I live in LA but invest in Florida real estate for the lower prices and cashflow. 

For me, I want both. Cashflow and appreciation. Cashflow is the insurance policy in case income drops, prices drop, yourself or a family member has a medical emergency and your income gets reduced or you have a break from work.

Appreciation, to me, is icing on the cake. Cakes taste way better with icing but it's hard to have on its own. (yes I'm hungry and everything comes back to dessert). While appreciation gives you big chunks of money when you sell (if you have the patience and ability to sell at the right time), appreciation without cashflow handcuffs you to that job; that stable paycheck.

There is no right or wrong answer. If you love your job and feel like you could be there without being fired/laid off etc, appreciation without cashflow is a decent strategy. 

However, if you're chasing a lifestyle, cashflow is right for you. 

Hope that helps. Let me know if you want more insight. I work with other LA locals investing in the Tampa Bay/Orlando area.

Hey @Account Closed 

The markets you're looking at look great for cashflow plus appreciation. Central Florida is my market of choice even though I live in Los Angeles, like you.

Investing out of state is scary the first few times but well worth it based on the outrageous numbers in CA.

In fact, I'm working with other Angelenos now that are looking in Tampa/Orlando. If I can help in anyway, let me know!

-Brad