All Forum Posts by: Bernard Sanga

Hi Mike!

These deals were on the MLS - it was wholetail-ed. 11 properties purchased from a trust, well below market value and investor listed everything in the MLS - retail.

I looked at pictures and videos before making the offer. And then I walked the property during inspection period with the inspector. I am just about 45 mins away from the property so it was not too bad of a drive for me. 

Financed - This one is just south of downtown saint pete. Yeah sure! Send me a message!

Thanks!

Hi Mike! 

Great plan! I am exactly in your shoes less than a year ago. I actually had 3 deals fall through the cracks (all were cancelled the very last day of inspection period due to negotiations going south) before the first one. I just kept analyzing deals and kept sending offers, and finally closed on the 4th try. Its a numbers game so be patient especially since the markets you are looking at are all very competitive.

Best of luck!

Bernard

@Andrew DeWeerd

Thanks man! It’s like what they always say - you can’t just have one deal. I am hooked!

Great to hear you’re doing well! Good luck to all your next investments! Let me know if you need any help!

@Andrew DeWeerd

Hey Andrew!

I am up to 6 units now. I am probably gonna slow down a bit after this one and reassess the market. How about you?

Closed on another deal today.

Purchase price - 201,000. Listed at 215,000.

Triplex - (3) 2 bed 1 bath units. Currently rented at 850 each. 2550 per month.

Will need new roof and HVAC units *still functional but at end of life*.

Market rents should be 950-1050.

There is also a shed ~600 sq ft that can be legally turned into another unit. Bought this from an investor who wholetailed the deal. They have 11 other properties being sold. I don't have enough resources to close on all of them but could have gotten a better deal if I did.

I negotiated and got this deal under contract in the midst of the pandemic, closing was delayed by ~15 days but still happy with the outcome!

Looking to connect with investors in the area! 

Shoot me a pm!

Hello BP fam!

I am just wondering if there are other Filipino real estate investors active here in the forums. I have been meeting and talking to a lot of people here but nobody from back home yet which is surprising to me.

Shoot me a message. I will be more than happy to talk!

Ingat!

@Andrew Syrios

Hi Andrew,

ARV is between 215 -230k depending on finishes. Not a lot of equity but its a start for me.

Thank you!

Bernard

Thank you everybody for all the input.
I researched all the possible solutions from all the posts and here are my findings:

The first option is with Paynearme - but if you are just starting out like me, you cannot register with them directly because they only cater to clients with 500+ units. Good news is you can still use it - if you pay for property management software that they are partnered with (Buildium, Yardi, appfolio, rentec direct and etc). It is generally starts between 35-60 dollars per month and goes up the more units you have.

Second option (the one I went with) is having the tenant directly depositing cash into your bank account. Most big banks will not allow this especially for regular personal checking accounts BUT you can actually find smaller banks in your area that should accommodate this. I called a few banks around, I'm in Bradenton FL and found multiple banks (PNC bank, Bank OZK, Iberiabank, Ameris bank) that allow it. If you have a business entity you will not have a problem doing this as most bank allow it for business checking accounts.

Other options are renting a PO BOX (150 a year in my area) and having tenants send money orders to it. Or setting up a lock box in the property so they can drop money orders (no cash pls) and you can pick up. - Did not like these options because of the cost and hassles of picking up.

Hope this helps!