All Forum Posts by: Brock Bolduc

I’m an investor and own a property management company in the Daytona Beach area. I’d love to connect and see how we can help each other grow.

Wholesaling can definitely be lucrative but just remember it’s hard work like anything else. If you’re willing to put in the time to find deals then you will be successful. I work with a lot if investors in the Daytona area and also buy myself so if you come across anything and need some advice or a buyer feel free to reach out. Best of luck to you on your real estate journey!

Hey Ryan, I’ve been managing properties in the Daytona Beach area for the last 10 years. We work exclusively with investors like yourself. I’d love to chat to see if we would be a good fit for you.

There’s deals to be had but like any market right now you’ve got to be fast with your offers. Anything that’s a deal is gone quick. I’ve got several areas that I really like where I own properties and manage for other clients that we’re able to find reasonable prices and good tenants.

What are some arguments for and against selling a rental property while values are higher than they’ve ever been?

@Dmitriy Fomichenko

Thanks!

Hello all, I have a client that utilizes a self-directed IRA to hold his rental properties in. He's looking to purchase more properties using his IRA funds as the down payment on a mortgage. I understand it needs to be a non-recourse loan. Does anyone have a referral for a lender that specializes in this area?

Thanks! @Sam Wilson and @Dmitriy Fomichenko

Investment Info:

Single-family residence buy & hold investment in New Smyrna Beach.

Purchase price: $65,000
Cash invested: $22,000

Bought this deal off market in 2019 from a fellow investor using a private money loan for the purchase price and my cash for the renovations. After 6 months I refinanced the property and pulled all of the cash invested back out of the deal plus an additional $6000. The property is currently cash flowing at a great rate and in a rapidly appreciating area.

What made you interested in investing in this type of deal?

Getting my first rental property was a big priority for me and when this deal came along I jumped on it. The numbers were small so it was an easier first step and I knew it would make for a great BRRR property.

How did you find this deal and how did you negotiate it?

A fellow investor brought it to me and wholesaled it to me for a fee. There wasn't much negotiation because the numbers made sense for what I was trying to accomplish. He made money and I got a solid property at a great price.

How did you finance this deal?

A family member had offered to lend the money from a home equity line he had on his home. I made the payments on the loan for him until it was refinanced and paid him 2 points for allowing me to utilize the funds.

How did you add value to the deal?

We did a complete interior renovation including new kitchen, flooring, paint, appliances, and adding a laundry room to the carport area.

What was the outcome?

After refinancing all the cash out I still own the property today. It cash flows about $500 per month after all expenses and because we did a full renovation there are very few repairs needed.

Lessons learned? Challenges?

Go for it. Network with the right people that can bring you deals and also finance them and then utilize your skills and sweat equity to put all the pieces together. The main lesson I learned was to try to do less of the physical work on the rehab because the job slowed down when I got involved and could have been completed faster if I allowed professionals to do the work.

@Brandon T.

I'm a broker and property manager in the Daytona Beach area and there's definitely some deals in that price range here but they typically require some work. If you're going the FHA route you may want to explore the 203k repair loan program they have. You'll want a lender with experience in this type of loan as I understand it can be a little tricky but if you're willing to put in the work then the payoff could be worth it for you in the equity you'll have after you finish your repairs and get the other side rented out. Best of luck!