All Forum Posts by: Danielle Shipp

Hello everyone, first- if there is a more appropriate forum to ask this question other than the general Wholesaling chain, please advise. I want to make sure I am utilizing this the best way. I am wondering if there are any wholesalers, Florida or otherwise, who could tell me what they are currently looking for in or around Tarpon Springs, FL (About 30-45 minutes from Tampa and surrounding areas). And what they are on average purchasing 3 bed, 2 bath, around 1,100 square foot single houses for? I might have an opportunity and I'd love to get some insight and maybe it's something someone is looking for. I'm newer to this area (from Colorado) and looking to talk to some professionals in this situation.

Thanks everyone! Feel free to message me directly if you'd like. I appreciate everyone's insight and knowledge. 

@Dave Skow Thank you so much!! 

@Joel Allen Thank you for your service as well. I will be sure to pass along your kind words to my husband (who's name ironically is Justis...) Can I find your contact info in your profile details?

He would like to start in conventional. I have been working in real estate as a marketing and communications director and he's been watching me, plus he is getting more and more into the investing side. He would like to transition his work into the real estate world- especially the mortgage side / lender side. Hope this helps. 

Investment Info:

Single-family residence buy & hold investment in Battle Lake.

Purchase price: $170,000
Cash invested: $58,000

This is beautiful, historic home built in 1903 in Battle Lake, . This is a 4 bed, 2 bath home sitting on a corner lot with a detached 2 car garage. This property is listed with airbnb, Vrbo and has a direct website so we are utilizing it as a short term rental- www.thehouseonlake.com. This home is listed on AirBNB, VRBO, and directly at www.thehouseonlake.com. It was developed with our kids in mind for amazing summer memories for many families and friends.

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

Well I'm from the small town of Battle Lake which is where this home sits. I remember walking by this house all the time as a kid as it sits not he corner of the Main Street that heads to the beaches. I plan on buying my family's resort int he next 5 years so I wanted to get my foot in the door and back into the community but purchasing a place in town. Plus I have a serious soft spot for holder homes.

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

I had an alert on my KW app and so when this hit the market, I jumped on it with a local real estate agent. During this market, it was still on the seller's side so I offered asking price with an inspection. Inspection came back as you'd guess for a 1904 home. Appraisal came back just about exactly what they were asking.

How did you finance this deal?

Second home conventional loan. 10% down. Used our own savings for the updates and furnishing

How did you add value to the deal?

We flipped the property in two weeks (I didn't sleep for two weeks) and got 75% of my ultimate renovations to the home. We gave the entire home fresh paint, cleaned up floors and ripped up carpet (it has the original hardwood), and added new carpet to the living room and a runner to the stairs. We fixed a couple damaged windows, and painted the cabinets with new hardware through the entire home. The goal in the next year is new bathrooms, new kitchen cabinets and counter and an updated HVAC

What was the outcome?

Everyone was impressed in what we did in two weeks. We brought the home back to life and we are waiting to hear back about the added value number.

Lessons learned? Challenges?

Two weeks - never ever do that to yourself - The bathrooms aren't in bad shape- just need updates. So we couldn't get to that just yet. I also learned the hardware that a STR is expensive to furnish if you don't organize your creative thoughts ahead of time. We also learned through out this winter that every time they changed anything with HVAC they left the old versions, and we have old school heating which we would like to update by next winter.

Hello everyone, my husband is a current police officer (Army Vet) in Colorado who is interested in becoming a loan originator/officer in Florida. I am currently working on getting license as a real estate agent (sale associate license) and he would like to look further into the lending side. I was wondering if there is anyone in Florida would be okay with us emailing some questions about the process of getting licensed, picking a broker, getting some professional and personal insights? 

Thank you so much! I appreciate your time. 

@Paul Moore, thank you so much for this information. It's helped alot with understanding all of this. I really appreciate your help and the help of this community! 

@Mark Doppe Thank you SO much!! I really appreciate you help.. 

I heard it on a podcast a while back, about private money lending, sources of money, etc. and David explained how he pays his investors before paying himself. And I could have swore there was a term for that- a term that tells investors, "I will protect you and put you first". I tried searching in forums and Google... Maybe I'm crazy? haha. I wanted to ask the community while I try to search the podcasts for it. 

Thanks in advance!! 

Oh rehab... the other investor and I were thinking a total of 75k in physical rehab to both homes, 80k for the installation of a beautiful pool area, and about 50k for the interior design on the homes.

To anyone who is like WOW those are big numbers for this STR, we want to present a boutique-style stay and experience, and it's two homes. One is a 4 bedroom home and the other is a 3 bedroom home.

Hi @Josh Green, thank you! I tried really hard to find the most accurate data possible. I am still doing research just so I make sure I am making sound decisions for me and investors. Im extremely interested interested in creative real estate development and finding unique properties to be developed into something even better. 

The current asking price is $675k.