All Forum Posts by: Daniel OKeefe

Quote from @Josh Maier:

@JD Monroe would be a good resource for you to reach out of. Very knowledgable, seasoned investor throughout the panhandle. 

 Thanks Josh! I reached out to JD directly.

Quote from @Caleb Drake:

If there is anyone in the PNS area who would be able to connect you with the right network, I think it would be @Matt Robinson.  

 Thanks Caleb. I reached out to Matt directly.

I've got a park under contract in Pensacola Florida. It is 11 home sites in 3 acres. Currently 8 of the sites are rented below market, so there is room to add value. Purchase price is $350k, current income is $4250/mo, NOI $38k. I'd like to avoid dumping all cash into the deal so I am looking for:

1. A DSCR loan that can close within 2 weeks. I've spoken with a few "lenders" who seem a bit shady. Can anyone recommend a legitimate lender they've used?

2. Possibly a JV partner who is experienced with MHP investing. I own multi-families, but this is my first MHP.

I just made an offer on my first duplex. The financials and cash flow are great, however I want to be able to get my cash back out to put into the next property. Both units are rented at $1100/mo each and market rent is currently $1400-1500 each side.  Also they could use light updates- paint, flooring and maybe cabinets. How to I improve the value of a duplex so I can refinance my money out?  Is it totally dependent on the income it produces so or will it appraise higher just with updates like a sfh would?

Just want to update those of you not following our Facebook page that our next meeting will be at Cummaquid Golf Club on March 2 6:30-8:30. Hour of networking followed by a presentation by Ed Moloney on loan programs for investors. Hope to see you all there!

Meeting update: This month we are at Cummaquid Golf Club on February 9 @ 6:30. Ed Moloney of GMH Mortgage will be teaching us about loan options for investors. This guy is a bottomless pit of knowledge and has a solution for every purchase. Hope you all can make it!

I've put together a spreadsheet to analyze fix and flips. Using the basis of ARV-Rehab Costs-Fixed Costs-Profit, or simpler ARV x 70%- Rehab Costs. I've broken down my fixed costs into purchase costs, holding costs, selling costs and financing costs.

The issue I'm having is that on my typical analysis (around $350k ARV where I live) my fixed costs are coming in around $60k which is making my offer price laughable. Am I calculating something incorrectly or is that in the ballpark of what the fixed costs should be for a $350k property?

Attention everyone! The venue has changed for our next meeting! The event will now be hosted at Embargo on Main St. Hyannis. Our expected numbers have outgrown the previous venue, so Embargo was gracious enough to take us in on short notice. Its just a stones throw away, so I hope you can all still make it!  Still Thursday January 12.  Networking at 6:30, presentation at 7:30.

Welcome Richard, and thank you for your service! I am an investor on Cape Cod and I run the Cape Cod REIA. We meet once a month and it's a great place to network for your real estate business. Our next meeting is January 12. If you're interested, you can message me for more info or join our Facebook page at Cape Cod Real Estate Investors Association. Hope to see you there!

I'll look into both of those, thanks for the tip!