All Forum Posts by: Coty Dolan

In one word MINDSET. 

As I started my real estate investing career in 2019 the thought of even being able to purchase a house seemed unobtainable. But as you challenge yourself and overcome obstacles your mindset begins to shift, with every challenge you overcome the more confidence you gain, until soon you have the confidence to take on anything. 

I started investing in real estate by purchasing a 2 bedroom 1 bath, 700sqft home in 2020. 

At the end of this month, I am closing on a 50-unit apartment complex in the Tampa area. 

By the end of this week, my GP team will have submitted an LOI for the acquisition of a 418-unit complex.

MINDSET IS EVERYTHING. 

Hello BP Family!

I am now onto my next project and based on inspiration from the BiggerPockets Podcast I want to start raising private money for my deals, now that I have a track record and can show investors I know what I am doing. 

I am curious to hear any and all stories of the first time you sought to use private money? 

What were your BIGGEST OBSTACLES?  WORST EXPERIENCES? WHAT NOT TO DO?  and of course SUCCESS STORIES! from the first time you used private money for a deal. 

Thank you all for the sharing!!!

Investment Info:

Single-family residence buy & hold investment in Tampa.

Purchase price: $60,000
Cash invested: $18,000

Tampa, FL 2/1 728 SqFt

AQUISITION
Purchase Price: $60,000
Purchase Loan: $48,000
Down Payment: $12,000
Fees: $6,000
Rehab: $25,979.41
Total Loan: $73,979.41
Cash Invested: $18,000
PROJECT COST: $91,979.41

Rent: $1095 / Month

REFINANCE
ARV: $160,000
Loan Amount: $112,000 70%LTV
Debt Payoff ($73,979.41)
Gross Cash Out: $38,021
Fees, Taxs, Insuranance: ($14,367)
3 Months PITI: ($2,791)
Net Cash Out $20,863.00

$0 In, $1963 profit, $48,000 equity, $155/month Cashflow.

Hello, I am currently looking for a property manager referral in the Houston area, there are so many out there its hard to narrow down the best. 

Thank you for all referrals.

Hello, I know that paying private landowners is a thing, however, I am having a bit more trouble finding literature on buying land for the purpose of commercial hunting use.

Does anyone know about this type of REI or have any experience?

Thank you for all input.

Hello BP Family,

This week my Bank of America Business account was frozen and then closed out of the blue. 

When I called into customer service they gave me a number to call. When I called there was just an automated message that said "your account has been closed, Bank of America Business Banking policies have changed and we no longer support this type of business. You may not challenge and the decision is final." 

When I called normal customer service they let me know my account has been closed and I will receive a check equal to the account balances in 7 - 10 days.

Has this ever happened to anyone else I am very confused and do not understand why it would be closed?

Thank you for all input. 

Thank you so much, gentlemen! @Anson Young & @Andrew Myers

For clarification local banks and CUs, local to the property correct? or Local to myself?

Hello BP Family,

I am currently rehabbing a Long-Distance BRRRR Deal in Tampa, It is a SFR 2/1.

So far so good on the process, rehab is going great, I am under budget, for now, Pre Rehab appraisal was solid, and we are ahead of schedule. I should have it rented by mid to late August for between $950 - $1,100/month. 

I wanted to get the jump on my refi, so I went into my commercial bank to speak to a lender about what it will look like. I am planning on speaking to any more lenders, of course, however, the scenario I was given by this bank was not great. 

They are only offering HELOCs on homes they hold 1st position on, they require 740+ credit (I am around 700), they are only doing 70% LTV, and they are not doing Cash-out refis on Investment properties.

I was told all this is fluid and can change by August, I am going to continue talking to lenders to see their criteria. But I wanted to know what has everyone's experience been with this right now?

Thank you so much for all your input and support. 

@Mindy Jensen Thank you!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $60,000
Cash invested: $18,000

3305 E 21st Ave. Tampa, FL 33605
2/1 728 SqFt
5,216 SqFt Lot
Built 1952

List: $79,900
Purchase Price: $60,000
Rehab Budget: $31,500
Cash Invested: $18,000

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

The BRRRR Strategy, 1% Rule

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

I have a great Team in Tampa

How did you finance this deal?

Hard Money

How did you add value to the deal?

Rehabbed and Upgraded the Property

Lessons learned? Challenges?

There was a lot of learning on this deal, from obtaining Zoning letters from the City, Entity Formation, switching to Virtual deal. making...

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

Absolutely! Please ask me for my great agents Info!