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All Forum Posts by: David McBrayer

David McBrayer has started 13 posts and replied 79 times.

Post: Newbie from Jacksonville, Florida

David McBrayerPosted
  • Rental Property Investor
  • Winter Haven, FL
  • Posts 96
  • Votes 24

Hello Kyle, David here.  Have you been looking at deals around there and find any you think would make good money?  I use to live in Jacksonville off University Dr.  What is holding you back if you have found one?  That good credit would certainly help get you financing.  If the deal is good enough you may consider hard money / private lender and pay a little more in interest, knowing you will only have it for a short time.   Do you plan on doing the work yourself, or hiring it out?  

Post: The rehab project is coming along

David McBrayerPosted
  • Rental Property Investor
  • Winter Haven, FL
  • Posts 96
  • Votes 24

Hello everyone and thanks for checking in.  I was just going to give you a little update on the rehab project I have going on.  I was hoping it would be ready in a week or so.  But in reality it will be mid October.  One thing I forgot to consider was permits and how long it takes to get them sometimes and then inspections.  Plus I decided to put new plumbing in so we had to cut a ditch through the house.  It was quite the project.  But new PVC plumbing and the other type of PVC that goes with it.  All the cast iron has been replaced and all tubs, showers and toilets have new plumbing or are new.

So far the tree has been cut down and the others trimmed.  Not the greatest job but getting that big Laurel Oak cut down was the main project and it has been removed.  The flat roof has been replaced and the old AC is gone off the roof.  Also new vinyl soffits have been installed.  The plumbing all roughed in and a new steel tub in one bathroom and a new fiberglass shower in the other.  The kitchen cabinets have been taken down and I decided to replace them while I was at it.  The walls have had drywall mud put on them to smooth the texture out.  The ceilings have been replaced where the water damage had been.  I have also found out a well on the property still worked and I have ran a line out to the efficiency to make it totally separate from the house.

I am also letting the efficiency use the concrete shed out back.  That is where the well compressor or stuff is going and I am also putting a hookup for a washer and dryer in there for the efficiency.  I am also installing a water filter to catch the iron and other goodies.   The efficiency already has its own power meter.  The efficiency has already been spoken for and the couple is moving down from Indiana at the beginning of the month.  It will be ready to go for the most part.  The fence may be done later.

Upcoming projects for the house.  The electric is being done now and the plumbing for the well line.  Porcelain tile will be run throughout the house.  I tried to have the Terrazzo floors restored but it failed real bad.  So now I will have my brothers install porcelain tile throughout the house.  Painting the inside and outside out the house.  New kitchen cabinets, a new fence and new energy efficient double pane windows.  I would suggest not using Solar Shield Windows company.  They have not been totally honest with me, made me feel like I was strong armed into the deal and the time line keeps getting pushed back.  From 6 to 8 weeks when I first talked to them.  To 12 weeks when I agreed to buy them and put a deposit down.  To 16 to 20 weeks and there is nothing we can do but call you when they come in.  You signed a contract.   So I would strongly no recommend them!!!

More info down the road once a few more projects have been done.

Post: A deal comes knocking on the front door.

David McBrayerPosted
  • Rental Property Investor
  • Winter Haven, FL
  • Posts 96
  • Votes 24

If I sold them at the right price and they had the right down payment, as well as pass the credit check? I would consider holding the financing.  But I plan on bringing the building up to par if I take it on.  I would hire a company to take care of it.  If the people vote for it.  If not, we will work something out.

Post: A deal comes knocking on the front door.

David McBrayerPosted
  • Rental Property Investor
  • Winter Haven, FL
  • Posts 96
  • Votes 24

Thanks for the comment @Mindy Jensen.  I would like to own the who building.  There are 12 units.  Or have some family members join me.  There are only 12 units.  A two story 6 units per story building.   I may have mentioned the President dying in another post.

I am still digging into details and trying to find out all I can. I am speaking with an attorney a who specializes in HOA's.

Post: A deal comes knocking on the front door.

David McBrayerPosted
  • Rental Property Investor
  • Winter Haven, FL
  • Posts 96
  • Votes 24

I hope this post finds you all well! I am in the middle of a rehab and a deal comes knocking on the door. Or in an e-mail I should say. Had it come a little sooner? I might have jumped on it. I am still interested but I need to figure out just how to work it? Try to do it myself? JV with someone? or let my cousin and his son join me?

A building I have interest in, and would not mind owning one day, has just had a few units come up for sell. Well, let me rephrase that, they were offered to me before they go on the market. Then another unit was offered to me with owner financing. So that would be 4 more units, and that would give me 5 units out of 12. And the HOA owns one that they might want to part with. There is #6.

Now one of the reasons there is a mad exit is, the board has basically fallen apart or should we say, died.  The President passed away a couple months ago and no one wants to be on the board.  Other than me.  A lot don't have the time and just flat out don't want to be involved.  They are rent collectors.  There is probably only one or two owners that live there at that.

With this being said, it is a task. I do not know the financial situation of the HOA? or if any liabilities are looming? But someone needs to grab the bull by the horns. I would hire I Property Management Company to handle it. If the other owners just want to collect rent that is fine, but at least make sure the building and property are maintained and that they get back to screening tenants and looking after the property. It really is in a great location.

This beautiful condominium building is a block away from a big lake with a new walk/biking path to it.  Plus it is close to shopping, restaurants, churches, public transportation and downtown.  They are 2-1's built in the 70's I believe.  They need a little TLC but it is not in that bad of shape.  But if someone does not act pretty quick?  It will become a problem and cost more.

So I need to figure out how I want to go after this if I do.  The house I am rehabbing would pay for them all.  I could sell it and buy them all.  That is a thought as well.

Thank you for taking the time to read my post.  I think this could be a good deal and I know it is not a quick fix.  It will take several years to really get it whipped into shape.  And that is if there are no hidden suits or claims and nothing major happens to the building.  But it is interesting.  I think I may could get a few more units.  If not now, down the road a bit.

See right now with the board problems and no financial records, make it a hard sell.  Unless you don't tell someone the problems.  And that is not legal I don't think?  Where I kind of know what is happening, not all of the info I need, but some to start with.  An attorney would be brought in to make sure all is well.  I can get all 4 offered at a good price.  The single one is more for the unit than the other 3 individually.  They are offered a bit lower if I take them all cash. 

So now let me know what you think?  I know more info and questions need to be ask.

Post: Private or Hard Money Lenders can be funny sometimes.

David McBrayerPosted
  • Rental Property Investor
  • Winter Haven, FL
  • Posts 96
  • Votes 24

The rehab is going well.  There have been a few snags and a few upgrades but it is coming along nicely.  The flat roof is underway as well as the electric and plumbing.  The place has been 90% demoed for the new stuff to be put back in.  The GC just needs to take down some ceiling and replace it.  I got to give a special thanks to Griff Fountain for stepping up to the plate with no time to spare.   I never met him until closing.  But the money was there waiting.  The time line for the rehab was pushed back due to the windows I am using.  Some custom vinyl windows.  But the rest of the house will be done waiting.

Post: Let the fun begin. I closed on the house & project 1 has started

David McBrayerPosted
  • Rental Property Investor
  • Winter Haven, FL
  • Posts 96
  • Votes 24

@Manolo D. thanks for the tips.  My GC thinks like you.  I am the one that probably schedules out of time.  I am trying to let him do it. LOL  It is starting to come together.  They have started on the flat roof now and the electric.  So he can pull the old ceiling drywall down to replace it.  To me, the project has now started.  Although he has gutted what needed to be gutted.  The roofers were busy until now.  You know how that goes, the good ones generally are.  Thanks for your comments!!!

Post: Let the fun begin. I closed on the house & project 1 has started

David McBrayerPosted
  • Rental Property Investor
  • Winter Haven, FL
  • Posts 96
  • Votes 24

@Lee Melvin I paid $55k cash for it and had financing set for $40k to rehab it, but that fell through the day before closing and then a local private money man stepped in to give me $35k that same day.  The next day was closing and the finds were there.  He happened to be a friend of my dad's.  That part came out after we first talked.  He knew the last name.  I found the property where I find most mine, on Zillow.  Thanks for the question and comment.

Post: Let the fun begin. I closed on the house & project 1 has started

David McBrayerPosted
  • Rental Property Investor
  • Winter Haven, FL
  • Posts 96
  • Votes 24

@Account Closed, that was a beautiful Laurel Oak and I hated to take it down, but you are right, it had to come down.  That tree cost about $3500 to take her down.  It would have been $4000 if I ground the stump.  But I am planning on making a table top of some sort for it.  Shalac the table to protect it.  I think it would be useful.  I may be wrong.  I can always have it removed.  Thank you for your comment.  There is a rotted hole in the center of the base.  If that tree would have fallen toward the house?  It would have crushed my house and probably messed up the duplex next door.  Her top would have reached there property I think.  My house would have had to come down and start again.  She weighed a lot.

Post: Let the fun begin. I closed on the house & project 1 has started

David McBrayerPosted
  • Rental Property Investor
  • Winter Haven, FL
  • Posts 96
  • Votes 24

@Manolo D., thank you so much for those tips.  I will certainly read them a few more times to get them down.  I would do it a touch different but you are the contractor.   Landscaping on this one is being down toward the end when not so many people are on and off the site.  For one, to see if I get one plant?  Or a whole job? LOL    I would think you would need the fence done so you know your boundaries?  It is a learning curve though.  I have been around construction for a few years.  But I have not had a project like this in many moons.  It is kind of exciting.

Thank you very much for the comments and the advise.  I am always trying to learn to do the job better and smoother.  Keep up the great work!!!

David