All Forum Posts by: Brent Bowers

As @Wayne Brooks said, Pinnacle is a reputable title company to work with In WPB Florida.

@Dan Haaijema Welcome! The fastest way to learn Real Estate is go out and look at 100 deals. Or you could do what I did 10 years ago and just start buying properties any and every way possible with the little money I had, ambition and LOTS of other peoples money. That is the fastest way possible to learn real estate. It is very fun. It is very aggravating, but also so rewarding.

@Richard Fisher it is a single family.

@Peter R and @ Richard Fisher,

My plan is to turn it into a vacation rental. It needs 50K in paint, central AC, pool drain, clean and possibly re surface. The owner is willing to do terms or cash. Cash price is 885,000.

Terms 910,000 with 10% down (possibly less down) and principal payments of $3,500 per month. With a 2-3 year balloon.

ARV is between 1.1 and 1.2Mil.

However my numbers are not working out. The purchase price needs to be around $715,000.

But, my plan is not to flip, it is to hold for cash flow. Rental prices per night are around $700. Plus there would be the added Cash flow of the 300 SF mother in law suite that is currently rented at $1,200 per month. But, if not purchased at right price it will make the refinance difficult. I'll PM you guys the address.

I have a deal in my hands and I am looking for a money partner. This is a property that is right on the beach in Melbourne Florida. This is not a fix and flip. This is a buy and hold for big cashflow and vacation for free. This kind of deal is not for everyone, but if interested feel free to contact me.

Brent

Thanks @Tony SanFilippo and @Dmitriy Fomichenko

Just by spreading the word about what you do will eventually bring you Real Estate Deals. My Dad and I were talking the other day and he told me about his adjoining land owner wanting to sell his 14.33 acres in Okeechobee Florida that has electric, water, and 2 buildings on it. One of the buildings is a 2 bed 1 bath camp house and the other is a 2400 square foot barn with a studio that brings in $350 a month rent. I hesitated for a few days before calling for fear of getting rejected by this man because he has known me since I was a kid and I used to work for him while in Middle school. He offered me a price of $75,000 and he would hold the mortgage. I called an appraiser in town and he told me raw land is selling for $8,000 an acre. That is instant equity of almost $40,000. After weeks of negotiating we came to a conclusion that I will give him $30,000 down and he will hold the remaining $45,000 note at 0% interest, payment of $400 per month. This will pay off in 9.4 years. He will be doing a lease back from me until his death and he has willed the note to his God Son. He also gave me a great deal on his 9 cows and I have already flipped them to a buyer and made over $1100 just by making a few phone calls. My plan with this property is to grow Horse hay and raise bees to make income as well as turn the barn into a duplex. Then eventually one day bring my family to live out here so that we can enjoy the land and be very close to my parents.

Something that really helped me negotiate this deal was finding a good Realtor to go and write up the contract as well as have a title company do title search and draw up all documents to properly record the note. Another thing I did in order to test the waters was put an ad on craigslist before I owned the property to see if others would be interested in case I wanted to do a double closing. I got several calls from people wanting to offer much more than what I had it under contract for.

@Colin Smith I am using Shane on my 3 unit right now.

WoW! great job!

@Waylon Themer do you lend on Land?