All Forum Posts by: Brent Hill

Hey everyone..thanks for all the replies.  I apologize for the delayed responses, but I guess I have something setup wrong because I am not getting notified when people are responding to my posts.

Anyways, I came to the conclusion that all of you did after I drove over.  Too many problems it appeared for me to deal with in the neighborhood for me to have to worry about as a new investor.  I have made a decision to only invest in C neighborhoods and above for now.

I offered 40K per unit but they declined but that little pocket seemed pretty rough just in the middle of the day and a big portion of that entire area was all rentals and not all, but a majority were not being taken care of.  Thanks for the input as your all backed up my gut feeling.

Looking to purchase my first duplex in Gainesville, FL for a rental.  Duplex is in "Phoenix" subdivision of 32608 area code.  I would say C-/D neighborhood.

I need everyone's input on a deal that I'm in the process of making. Here are details:

• Specs: Duplex built in 1979, 2/1.5, 2 stories
• Purchase price / financing: $50000 with 100% financing
• Rented: Both units are rented at $500/unit/month = $1000/month
• P&I: $370
• Insurance: $55
• Property taxes: $65
• Maintenance, repairs, reserves: 15% of total rent = $155
• Utilities: $0
• Property Management: $105
• Vacancy: 10% of total rent = $105
• Cash flow:  Approx $160

Duplex needs $5000 of repairs.

Seems like this will cash flow but I just don't like the neighborhood and I am worried about declining values and if I needed to sell down the road the value wouldn't be there.

Thanks in advance.

I called my insurance company, Geico.  They said it was fine to have it on their and wouldnt be considered commercial as long as I continued to drive it for pleasure and am not hauling equipment, clients, etc around in it.  They made a note on account indicating they ok'd me putting vinyl letter in back window of my F150.

Got an opportunity to purchase a home as a buy and hold in what I think is called the "phoenix" area north of Everbank Field in Jax.

Any recommendations on excellent PMs for homes in that area.  Or can anyone share their experiences buying, selling and renting homes in that area?

This is a 1920 2/1 home and the CMA that I had done on it is 20K and no repairs are need. From my little bit of research it appears homes in this fetch 600/mo in rent.

Thoughts and recommendations greatly appreciated.

Brent

Michael,  

I am looking to buy my first duplex that I want to assign.  Can I get a copy of your contact as well?  Thank you!

Recommendations for where to get vinyl lettering done for the back window on my truck saying something to the effect that I buy houses, any condition?

I was told by an insurance friend that once I do that, my vehicle becomes commercial and if I didnt disclose to insurance company and became involved in an accident, there could be some problems paying out a claim, etc.

Thoughts?  thanks in advance.

Got two scenarios I want to do some kind of lease option/purchase if it is workable.  I want to know how you would structure the deal and if it makes sense.  Both houses in a stable, golf-course community.

1.  Friends house.  On the market now for 215K, would sell for 200K.  She currently owes 200K.  She was renting it previously for only 1050/mo.  I was thinking of doing a sandwhich lease/option.  She is willing to not cover her mortgage of approx 1400/mo if I can get it sold.  Was thinking a 3 year with her and then sell it on a 1 year with 1400-1500/mo, 210K purchase price along with some money down/option money.

2. My personal home. Owe 208K, could sell on market for 250K, thinking sell it on lease/option for 260K and lease for 1600/mo..my PITI is 1375/mo. What would be the option period, money down, option money?

If I had a bunch of cash, I would go purchase some small SFR or duplexes but I am just not in that position now after a recent divorce. Trying to be creative here and get something going. Thanks in advance!

• @Pyrrha Rivers...house deal fell through so I dont have anyone at this point I could recommend.

@Scott Dorsett Welsome to BP. I am from St Augustine and just getting started myself and plan to buy my first SFR by end of June 2016. Been working with a friend here locally who is a broker/investor who is in touch with the NE Florida market. Let me know if you have any questions and welcome aboard and best of luck.

Thanks for all the feedback..exactly what I was looking for as I negotiate to buy the property.  Looks like I need to get it for 50K