All Forum Posts by: Daryl Correia

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

0 Votes

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.

Where was this deal located?

0 Votes

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.

1 Vote

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.

I haven’t done that before

0 Votes

Miami, Florida

Not under contract at this time. Will have my commercial broker manage the property

0 Votes

Miami, Florida

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.

0 Votes

Miami, Florida

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.

0 Votes

Miami, Florida

Looking for help on raising capital to purchase commercial property that is under valued with huge upside potential.

Any suggestions and help is greatly appreciated.

The building alone couldn't be replaced for what I can purchase the property for.

0 Votes

Miami, Florida

Quote from @Eve Zaher:

We are about to buy a lot to build on a 6-bedroom house with a pool in a gated upscale golf and waterpark community. We plan to have a management company manage it for 20%. Other similar 6-bedroom houses in that community are bringing in a total of about 190k income a year, expenses are estimated at 168K a year. Cash out of pocket with furniture and theme around 550K. Total debt after 20 percent down 1.4M over 30 years.

We have smaller rental homes in other area but this is a much bigger investment and our first in STR industry. Granted this property is 15 minutes from Disney I have also heard Disney is slowing down. I would love to know your insight into this deal and the region. Is high-end STR projected to be strong in the area? Someone mentioned if Disney moves because of issues with the city Orlando is doomed financially. Any insight on this would be great, is the COC investment good? Any advice or suggestion you have would be very much appreciated. STR and this area as well as high-end STR are new to us.

First Disney isn't going anywhere. As far as this investment, I think it's a lot of money for a rental property. Did you check with the community to see if vacation rentals are allowed, I see you stated houses are bringing in income, but I would still make sure.

0 Votes

Orlando, Florida

Hi all,

I'm currently converting my quadplex to vacation rentals. I currently have 2 units completed and booking on Airbnb and VRBO.

The property also has a freestanding retail building, it's small at 654 sq ft.

I'm looking for a lender to either refi or second mortgage so I can finish the other 2 units. Having a hard time since the income is light with only 2 units currently on the market.

Thanks

2 Votes

Miami, Florida

All Forum Posts by: Daryl Correia

Daryl Correia has started 15 posts and replied 26 times.

Post: Quadplex conversion to vacation rental

Post: What are the best ways to find cash buyers/investors?

Post: Looking for help with Dispo...

Post: Raising money to purchase commercial property

Post: Raising money to purchase commercial property

Post: Raising money to purchase commercial property

Post: Raising money to purchase commercial property

Post: Raising money to purchase commercial property

Post: New Construction High End Vacation Rental Near Disney

Post: looking for lender for multi use property