All Forum Posts by: Daryl Correia
Daryl Correia has started 15 posts and replied 29 times.
Post: MLS for Real Estate Investors
- Investor
- Sebastian, Fl
- Posts 33
- Votes 7
Welcome all real estate professionals, let me introduce you to Quixsale.
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To pre-register and get special promotion discount send email to:
[email protected] and we will send you pre-launch pricing
Take action now! We can't wait for our launch!
Daryl Correia
Post: Multi family financing
- Investor
- Sebastian, Fl
- Posts 33
- Votes 7
I would use hard money or private money should you find a property that you could add value and raise rents. Once you finish updating and get the place occupied with higher rents then you should be able to refi.
If you don't have enough cash on hand maybe JV with someone.
Another thing, it never hurts to ask if the seller would be willing to finance it for you. I bought my mixed use property with seller financing.
If you find a good deal you should try everything you can to buy it, even if it means partnering with someone. You know the saying 100% of nothing is nothing.
Welcome all real estate professionals, let me introduce you to Quixsale.
Quixsale will be your #1 go to place for all your real estate investing needs. Whether your looking to buy, sell, get funding, insurance, property management, contractors', CPA's, Title companies and so much more.
We are putting together a Pre-Registration list now and will provide you with a special promotion discount off our regular subscription price. Regular subscription pricing will be $79 per month with no contract, month to month only. No credit card needed to Pre-Register.
If you would like more information send email to:
To pre-register and get special promotion discount send to email to:
[email protected] and we will send you pre-launch pricing
Take action now! We can't wait for our launch!
Daryl Correia
Post: Quadplex conversion to vacation rental
- Investor
- Sebastian, Fl
- Posts 33
- Votes 7
Investment Info:
Other commercial investment investment.
Purchase price: $1,240,000
Cash invested: $50,000
Sale price: $1,631,700
Mixed use property. Free standing commercial space and quadplex. Started converting quadplex from annual rentals to vacation rentals. Finished 2 of the 4 units and active on AIRBNB and VRBO. Started 3rd unit and sold to another investor and staying on as a property manager.
What made you interested in investing in this type of deal?
Location and owner financing made this deal a no brainer
How did you find this deal and how did you negotiate it?
For sale by owner sign out front of the property. No negotiation at all, I liked the price and terms the owner provided to me
How did you finance this deal?
Owner finance and OPM for down payment
How did you add value to the deal?
Due to the location of the property and season rental opportunity I switched from annual rental to vacation rental. Income with the 2 apartments that I finished went from $12,000 annually to $42,000 annually per apartment.
What was the outcome?
Sold to another investor for a profit of $280K+
Lessons learned? Challenges?
Don't get emotional or attached to property. I made mistakes and it costed me money
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Not on this deal
Post: What are the best ways to find cash buyers/investors?
- Investor
- Sebastian, Fl
- Posts 33
- Votes 7
Quote from @Joe Barty-King:
Hello, first post here. I've got my first deal under contract, but I'm struggling to find committed cash buyers/investors. I've been in touch with five people who have all seemed exceedingly interested ("Looking to buy this ASAP.", "I'm very interested in this deal.", etc...), but when it comes to sending over the assignment contract, I hear nothing back despite repeatedly following up with them.
I thought my deal would be very enticing for investors out there (potential for at least $75,000 to $100,000 profit after rehab), so I'm not sure what I'm doing wrong. At this point, I'm just looking for a small assignment fee so I can close my first deal and move on to the next one.
I did make the newbie error of getting the deal under contract before finding a cash buyer list, so perhaps that was my big mistake. How do you guys find reliable cash buyers for your deals? I've posted on Craigslist, Facebook groups, HouseCashin, LinkedIn, 'buy my house for cash' websites, etc...
Would love some feedback! Thank you very much.
Post: Looking for help with Dispo...
- Investor
- Sebastian, Fl
- Posts 33
- Votes 7
Quote from @Jason Thompson:
I have been putting together quite a few contracts at 70 %arv but have had to cancel most of them because I can't seem to find a way to dispo them. I have contacted the majors like Keyglee and Newwestern with little to no luck. I have hired a VA to build a list off of Linkedin of real estate investors, I have contacted local agents to see if they have buyers and are willing to pay their 3% commission. Does anyone have any advice on increasing the assignment / jv rate on these and improving the conversion on my deals?
I get alot of deals from wholesalers daily, my problem is the margins aren't big enough, with the carrying cost and cost of materials it's driven my expenses much higher. In the past $30K - $40K would cover a good size rehab and now its costing me closer to $60k plus the extra time getting materials due to supply chain.
Post: Raising money to purchase commercial property
- Investor
- Sebastian, Fl
- Posts 33
- Votes 7
Quote from @Nathan Elser:
Have you considered doing a syndication? Its a lot more work than just getting hard money but its an attractive option for investors. The downside is you must register it as an exempt security.
Post: Raising money to purchase commercial property
- Investor
- Sebastian, Fl
- Posts 33
- Votes 7
Not under contract at this time. Will have my commercial broker manage the property
Post: Raising money to purchase commercial property
- Investor
- Sebastian, Fl
- Posts 33
- Votes 7
I will bring cash to the table. I currently own a mixed use property. This property is a retail plaza located in Sebastian, Fl.
No work will be needed on our end. I’ve flipped 16 homes within the last 2 years. I’ve used private and hard money lenders in the past.
The price I’m paying couldn’t replace the building never mind buying the land.
It’s a great deal.
Post: Raising money to purchase commercial property
- Investor
- Sebastian, Fl
- Posts 33
- Votes 7
Could be passive investors or even and equity partnership.
Would need to move on this property quickly so I don’t lose it. So I’m looking for help in the best way possible.