All Forum Posts by: Brian P Hamwey

Hello Justin,

I'm a realtor in Vero Beach working Sebastian (probably further north than you'd prefer) down to Port Saint Lucie. There are a number of communities that fit what you're looking for and I'd be happy to see what I can find for you. STRs in this area have a very low vacancy rate as well.

Hi Jonathan. Just sent you a DM

Hello all, I am a realtor in Vero Beach FL and I have an investor client with a contract to purchase a flip who has just come across an even better opportunity at a higher price point. He doesn't have the capital to pursue both and is interested in assigning the contract to purchase the smaller deal. This was an on-market deal with the option to assign the contract. We are scheduled to close next week but there is room for an extension. We have exhausted most options to procure creative financing to make both deals happen in a fashion that suits his needs/ability.

The basics are as follows and use conservative numbers given our local market and overall market volatility:

Sale of contract priced at $209k

Estimated repair costs $70k (The client is a recently retired contractor and was planning on doing a 75% gut and most work himself. Came in aggressively at $40k after calculating take-offs)

ARV of $320-350K based on past 90 day comps within a 1 mile radius, none of which were fully updated.

We discussed multiple exit strategies and the numbers make sense to hold as a short or long term rental should the market shift in the interim. I welcome all feedback and questions on this as it will be my first time "whole-tailing" a property and will help me to further solidify my relationship with and already grateful investor client.

Thank you,

Brian

Hello all, I am a realtor in Vero Beach FL and I have an investor client with a contract to purchase a flip who has just come across an even better opportunity at a higher price point. He doesn't have the capital to pursue both and is interested in assigning the contract to purchase the smaller deal. This was an on-market deal with the option to assign the contract. We are scheduled to close next week but there is room for an extension. We have exhausted most options to procure creative financing to make both deals happen in a fashion that suits his needs/ability.

The basics are as follows and use conservative numbers given our local market and overall market volatility:

Sale of contract priced at $209k

Estimated repair costs $70k (The client is a recently retired contractor and was planning on doing a 75% gut and most work himself. Came in aggressively at $40k after calculating take-offs)

ARV of $320-350K based on past 90 day comps within a 1 mile radius, none of which were fully updated.

We discussed multiple exit strategies and the numbers make sense to hold as a short or long term rental should the market shift in the interim. I welcome all feedback and questions on this as it will be my first time "whole-tailing" a property and will help me to further solidify my relationship with and already grateful investor client.

Thank you,

Brian

Thank you all for the input! This is a 3rd tier acquaintance and if we never spoke again I’d still sleep very well at night. I’ll be speaking with my broker before I talk to her next

@Nicholas L.

She is looking to save a buck and I’m looking to gain experience. 

Outside of the "friend" part of this and issues with being compensated as a realtor, my other concern is being able to use Rendredi without it being my property. I'm not willing to take a financial hit to make this happen.

@Bud Gaffney good to see another MA person on here! We moved to FL five years ago and aren't looking back. I was simplifying the "friend" relationship for brevity and knew this would come up. This person is an acquaintance from a league I'm in. She is moving across the state and asked me about property mgmt because i'm a realtor. With her military career she would hold me to a high standard and my hope is that would push me to excel or fail. If I was to fail, in her assessment of things, I could part ways indefinitely without hesitation. That's a fast and cold assessment of the "friend" situation. 

@Kim Meredith Hampton Thank you for the advice! I plan on talking with my broker but wanted to get some ideas from the forum first. My wife and I have two separate s-corps, one for real estate and one for consulting/managing income. I was wondering if I could separate the management income to the other corp while the leasing income stays with my brokerage. 

I'm a realtor in FL and a friend of mine is going to move and rent out her current home. As an aspiring investor, would it make sense for me to become her property manager and essentially get paid to learn that aspect of the business? I have a network of handymen and contractors for all the hands on requirements. I'm wondering if I could use my pro access to rent-redi for this even though it's not my property? Without being able to use Rent Redi for free to automate the systems, I don't think it would make sense for me to do. Since I'm learning the ropes, I was thinking of only charging her 5% for the services (Its roughly a $3,000/month rental) TIA for all feedback!