All Forum Posts by: Daryl Correia

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.

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.

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

It’s owned under my corporation. Looking for $100k to start then once lot is purchased I will open that up for additional funds. I can do a loan/mortgage as a second, passive or equity based investment. 

Looking for investor on my quad plex and free standing commercial building. Converting quad plex from annual rentals to vacation rentals. Currently have 1 unit renovated, it's been active on airbnb and vrbo since August 2022, I have great bookings and reviews from past guest on both platforms and it's booked through May 2023. Another unit is just about completed and have bookings Mid March through April from past guest. Free standing commercial building is leased. Property located in Sebastian, Fl 32958 on Indian River Dr (intercoastal waterway). It's located in the middle of all the restaurants, bars and 2 public marinas. Everything is walking distance from my property. With an investment I will finish remaining 2 units, update roof top deck. I'm going to add golf cart rentals and electric bike rentals which will add to the cashflow. Their isn't a golf cart rental in the area and will be the first.

Sometime in the 3rd quarter I will be purchasing the lot next door from the city to expand property 1 whole block and will build a mix use building.

Here is the link to my Airbnb listing so you can see photos and aerial shots of the area.

https://www.airbnb.com/rooms/681719937146949387?adults=1&children=0&infants=0&check_in=2023-06-16&check_out=2023-06-23&federated_search_id=0cebae0d-30b6-4f76-a8cb-4dde21707dbe&source_impression_id=p3_1660233653_Y95g5hLlbXxx4FuV

Thank you for looking,

Daryl Correia

I currently have a 4 plex, I’m converting them over to vacation/short term. I actively have 1 unit done. It’s been doing great and have bookings into April. 
Im looking for passive or equity investor to finish the other units, 1 is almost done.

Property is located in Sebastian Florida on the Indian River Dr (intercoastal water way). It’s in the heart of dining, shopping and local bars. All within walking distance from the Quadplex.

Please reach out for more info information.

Daryl Correia

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $145,000
Cash invested: $20,000
Sale price: $300,000

House had Chinese drywall, updated bathrooms and kitchen, great flip!

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

Great spread

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

Pocket listing from real estate agent, she told me about this house when I went to see another house she had listed which I did not buy

How did you finance this deal?

Hard money loan with rehab loan

How did you add value to the deal?

replaced drywall and updated kitchen and baths, painted exterior and added some landscape

What was the outcome?

Made a great profit approx. $80K

Lessons learned? Challenges?

Had issue with appraisal since the appraiser thought he would do me a favor and make the as is value way less than house was actually worth, so I had to JV with another investor since down payment was alot more than I intended

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $155,000
Cash invested: $15,700

Great Duplex in Downtown Vero Beach, Fl

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

I am looking to build my portfolio in residential and commercial property. When I saw this deal I knew the area and was listed under market value. I monitor a lot of properties and know of a few properties that haven't closed yet which will help with my refinance later.

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

Zillow, I dealt directly with the listing agent. I offer $5K over asking price and was able to get it under contract. After property inspection I was able to negotiate $15K off.

How did you finance this deal?

Hard Money Loan with a 2 year term. Will refinance within the year.

How did you add value to the deal?

I had planned to update the empty unit, but the day I closed I found a tenant that would move right in without doing anything. SCORE!!!! Previous tenant was paying $700.00 and I rented it for $950.00

What was the outcome?

CASHFLOW

Lessons learned? Challenges?

I only had $20K cash to purchase this property. I spoke with a lot of lenders and everyone said I needed over $30K to make it happen. I never gave up and ended closing on the property under $16K in cash
So, when someone tells you NO don't give up. I know the market and what the duplex was worth. i just kept calling till I found a lender that was willing to trust me. The BPO came in exactly where I needed it to be to make this happen.

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

My hard money lender did a great job for me. I would recommend them and will continue to use him. I have 2 deals working at the moment and they are busy at work. Bobby Ash at Optimus Capital

Hi all, just wondering if anyone out their has a JV Partner Agreement they could share. Thanks