All Forum Posts by: Chad Shultz

Hey Jule: Nice to hear about your upcoming project.  I am local in the Daytona Beach & Ormond Beach area.  I have personally done about 50+- projects in the area, mostly fix and flips.  My projects are not a "typical flip", but rather a professional renovation on a property.  I usually set sales records in the areas where I complete a home.  I do this because I like to stand out from the typical "flip" person.  Typically, "flip" is a word that scares buyers because many people have a history of no attention to detail and not completing projects correctly, or covering up issues instead of addressing them.  I am also a licensed realtor in this area, so I am very familiar.  I would be happy to go by your property and take a look to help you evaluate the situation, so you can make a better decision on how to proceed.  I can also help you with recommendations of responsible and professional workers, so as to eliminate a lot of the trial and error that comes with contractor hunting.  Send me a PM, if you want to chat more.

Hello Jared:  I am licensed and live/work/invest in Ormond Beach.  Send me a PM and I’ll give you my phone number and contact info.

Bradley, welcome to real estate investing. You are taking a step in the right direction. Most people just talk about it and never take action. I hope I can help you get that next step accomplished. The first, and most important, thing you can do it find a local REIA where you can actually go meet people. Your local REIA will be full of people who have stood where you are standing and they took that first step. These people are there to help guide you. You will find NO BETTER RESOURCE than meeting like minded people in person and networking with them. I have experienced this all first hand. I started with my local REIA chapter in 2017 after having done only two properties. Since then, I have done over 50 properties, a motel in Georgia and several larger scale projects. I have investors ready with simply a phone call to help put a financial deal together, if needed. All of this has actually allowed me to finance my deals with profits from previous deals and I rarely need to borrow money these days.

If you are serious about taking that next step. Make it to your next local REIA meeting!

Investors should not fall victim to the broad statement that there is a "housing crisis" anywhere. It is a scare tactic.  Any seasoned investor knows you make your money on the PURCHASE, not on the SALE.  If you do your homework, follow your common sense formulas and use real rehab costs/expenses, there really is no such thing as a housing crisis.  Add to that the USA is still 4+million housing units short, homes still sell.  Yes, they make take longer, but if you buy them right and price them right, you will always sell first.  I just finished a project in the area that sold in less than a month just about at asking.  It was on the market less than a full month and it was a Condo, no less, which are more taboo than anything else out there.  Historically, the "...best time to purchase a home is always five years ago."

I do a lot of properties in this area.  I would like more info.  Please send an address, so I can do some research.  You are welcome to send it in a PM, rather than publicly post.

Hello Robert,

I invest in the Daytona area.  I have a few holds and have done over 50 Flips in the past few years.  If you want to connect and chat about the area sometime, let me know.  I'll be happy to try to help you start off "on the right foot."

Hello Joao,

I have a few contacts in the Daytona area.  It really depends on the extent of your project.  When you say "General Contractors", are you planning a large fully permitted job, or something smaller that does not require permits?  Most people use the term "general contractor" interchangeably when that's not what they are actually referring to.  We can certainly chat about it, if you like.  I have a great source for LVP and kitchen cabinets, plus great tile guys too.  I do many flips in this area, so I am familiar with most anything you could be up against.  Feel free to send a direct message and we can go from there.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $154,431
Cash invested: $122,578
Sale price: $309,100

Hurricane flooded fix and flip. This property was a foreclosure auction purchase, so minimal information was known. Turns out, the previous owner did take many steps to mitigate the moisture damage and the home was very dry and mold free when we acquired it. After months of reassemble and some customization work, the property sold for a decent profit.

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

This was a clean foreclosure property, which is usually difficult to find. The basic demo was complete and the property was ready for reassembly when we bought it, leaving fewer surprises.

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

Found this property through our local online foreclosure auction site.

How did you finance this deal?

We used $100k of private money and the rest was personal cash.

How did you add value to the deal?

We put the property completely back together, making everything brand new overall. Basically, it was a 1980s block shell with a 2024 home inside, when we were finished.

What was the outcome?

While there were many "Na-sayers", we sold the property above list price and well above what others thought it might sell for.

Lessons learned? Challenges?

This property flooded again, about 20 days after we closed on the sale. This was the first property we carried flood insurance on, during our project. Be careful with flood zone properties. When doing them, it is best to be in and out as quickly as possible and preferrable during the storm "off-season".

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a licensed real estate agent as well, so I handle my own properties. I also work specifically with investors only in the real estate arena.

Bryan: California is a difficult place to learn, because everything is so pricy. Your risk vs. reward is way off balance there. If possible, you may want to learn in a place where you don't need to spend $750k on a fixer. In my opinion, the best "first step" is to find a local REIA to attend. Meet people and network with them. You will easily find link minded folks to chat with. You may even find one or two who won't mind if you shadow a project they currently have going. These are some of the best places to get started. Unfortunately, while all the online places area great sources of information, you are much less likely to take action, or find someone to shadow, when online in a forum. Get out there and "put on your work boots".

Hello John, congrats on you growing portfolio. I am an investor and an agent in the Daytona Beach and surrounding area. One big thing to keep in mind is that Daytona Beach itself is not very STR friendly. While there a few places where you can have an STR, you need to make sure you do your homework. If you decide to operate one outside of their desired areas, they will come after you with hefty fines. If you would like to chat more about anything specific in this area, feel free to connect.