So being this is my first post not sure if I’m putting this in the wrong place, if so please excuse my post and admins feel free to move if you feel it needs to be. I’m posting here to first introduce myself as well as present a couple of possible opportunities I’ve come across and would your advice, suggestions or even offers on helping out or partnering.
About me, I’ve been in sales for over 15 years with enterprise software sales for the past 5. I’m very driven to understand the best way to get things done and make it profitable. So very sales and business focused with a love for the business world with entrepreneurship running through my blood. Early 2000’s I, much like a lot of others, were loving the idea of flipping by watching all the glorified HGTV shows but always told myself there was no way I could come up with that kind of cash for purchase/reno so I never pursued it. 2007 I bought a duplex with a friend of mine. This building shared water/sewer so the mortgage/deed is set up as a single home but physically it was a typical colonial split down the middle. He couldn’t continue with his side of the payment causing us to foreclose. Building was bought near the tip of the bubble so we over paid by a good $100K and were upside down. Last payment was 2010, they filed bankruptcy which delayed the foreclosure which finally happened this past March. Certainly went above and beyond to try to save this property with cash offering etc to get the other own to sign over the deed with no luck so my wife and I purchased a single family in 2012 and have been there since. Needless to say this has killed my credit.
This past March after finding out how much equity I had in my home with the purchase of a short sale, work done to it and the rise in home values caused my interest in REI to come back around. This time, I'm older and now have spent plenty of time researching, via other REI sites and Bigger Pockets and have a much better understanding of REI and wanting to really dive in. I've had some conversations with friends and have discovered a couple of possible opportunities but with no credit and real way to purchase there's not much I can do by myself so looking to the community for help and suggestions.
Opportunity 1: Single Family Private Pond
I grew up in the small town of Templeton on a pond with homes on the one are all summer homes and the other side part of a private association with private beach etc. Great place to grow up and own a summer home. This is a 3BR 1Bath 960 Sqft home .23 Acres of land. Zillows zestimate (not real comps) show it valued at $158K. The owner died and the brother of the owner is letting the bank take over. I need to find more details and will be speaking with him soon from what I hear the owner owed too much on it so this maybe a short sale opp that I/we can get in on before it goes to forclosure. Knowing the old owner there would most likely be some renovations needed.
Opportunity 2: 16 Unit in St Petersburgh Fl.
Another friend of mine has a 16 Unit 3 building complex in St Petersburgh FL. That she has owned for 11+ years. She’s interested in maybe listing, Zestimate is $1.1M but I know she will entertain a 900K sale. Unit range from $650/mo to $750/mo and 100 rented. She is also using a property manager. The numbers here seem like it’s worth going after as is but looking at CL ads it appears rents should be closer to $750-$850.
Some insights on both opportunities would be appreciated and would love to find a way to make the 16 Unit work. Any suggestions?
