All Forum Posts by: Brandon Leffler

Quote from @Michael Smythe:

You've lost your marbles as Jane is taking advantage of you!

Why are the rents only $800? How long are the leases?

Pretty sure you will find that the houses need a lot of work and the tenants are not that great. 

NONE of these tenants will accept doubling of rent as they can't afford it.

 You’re 100% right 

I had an inspection completed and found a lot of damage.  Including foundation and plumbing issues.  I’m still in negotiation ,but my offer is definitely going down. I’m estimating repair costs and I’m currently awaiting the appraisal before I make my final offer. 

Quote from @Sarah Watanabe:

@Brandon Leffler I am also very interested in Florida! What does core 4 mean? I don't want to purchase on the most dangerous street, this is true. What do you consider is safe enough? Do you read any statistics and if so, where?

Core 4 
Is book by David green 
but you can see the podcast on YouTube 
it’s the four people you’ll need to properly invest out of state.
I invest on the gulf side and Atlantic side
The one issue in FL right now is insurance. There aren’t a lot of carriers and the policies are really high right now.  People will continue to move into Florida so it can still be worth it

@Sarah Watanabe

After doing my first eviction in CA, I began looking into investing in out of state markets.

I ended up choosing FL ,and I have 3 properties there now.

I would research migration patterns and pick a county inside a landlord friendly state. You’ll eventually need boots on the ground (core 4).

Research everything in that county. Look up local ordinances, laws, taxes, and insurance.

Zero into your chosen area code and find the right street in a good/safe neighborhood.

It would suck to find the right city ,but purchase on the worst, most dangerous street.

Thank you for the insight JD and Derek.  I appreciate your honest take and realistic advice. I have been trying to grasp these seller financing concepts and out of the box strategies ,but it’s hard to find information from people who have actually done one of these deals. Both of your posts have clarified a lot of grey areas. Thank you very much 

An elderly lady, Jane, owns 4 off market and an empty lot by one of my rentals.

Jane wants to sell to me and escape of the headache of land-lording . She is too old to deal with tenants, maintenance, and she wants to enjoy the rest of her life.

All 4 of the units are rented at $800 per home ,but market rent for each should be $1700.

She wants 1 million for all 4 houses and one empty lot with utilities already on it.

Market price for each house is 240k and tennants are in there until August.

My DTI is pretty high but I was going to try a DSCR loan w creative financing, To delay bigger payments until I get the tennants out.

What do you think is a good seller financing strategy or structure to get these into my portfolio?

@Huso Akaratovic I would speak to the local sheriff

@Jayme Cavausea Allen why did you move to Daytona If you don’t mind me asking?

@Aaron B.

Are non citizens able to own property in Mexico?

@Dillon Cook

I would like to use it when I vacation ,but also if I decide to move from California, it would give me that option as well. My other thought is I may have enough for multiple properties ,but I don’t know yet.

@Andy Pham

What other cities and states did you research before deciding on Columbus?