All Forum Posts by: David Ramirez

Yes, they look about right. 

If you want an opinion on the deal you could send it over. 

Yeah, but they hold the contract and there is nothing you can do about it. If they are good wholesalers, they will get it sold no matter what, or they will close on it themselves.

If they can't perform on the contract then you will probably see it active again after a while and then you can act on it if you want. 

We don't do on-market wholesalers but I do know of people doing several deals a month here in Tampa. They do get the property under contract and sometimes you do see it for sale still because the agent has 72 hours to change the status of the listing. 

If the numbers work as a flip with the negotiated price the wholesaler got, why would you go behind and offer directly to the listing agent?  The property is usually sold within 2 days if it's a good on-market wholesaler. 

We have a VA calling buyers, and we are adding a minimum of 10 buyers per week. I would do something similar, but it might take longer to see results since you are in so many markets.

You might want to consider using Investorlyft to dispo those deals since you are working in several markets.

It depends on the condition, but if it passes a 4-point inspection, I would definitely go for a novation first because they need help with bills, so you could probably support them with that while getting a retail buyer. I would just make sure the $254k is conservative and below any other active property in the area.

Even if it doesn't pass a 4-point inspection, you could still make it work depending on what needs to be replaced.

This highly depends on your financial situation.

My opinion is that you should always have an active income to be able to invest passively. Now, an active income could be in the real estate space too, such as flipping properties, working as a real estate agent, appraising, lending, among other things.

Hey Jesse, 

Just like @Tony Savage said, wholesaling is a whole different game. 

Wholesaling is not a business to quickly jump into, build capital, and exit. It takes a lot of time to get systems and processes in place. If you are not thinking of building a wholesaling business, I wouldn't go that route.

Reach out if you have any questions. 

Hey @Noah Yashinsky, 

South Florida is more of an appreciating market rather than a cash flow market for long-term rentals. We are seeing opportunities for positive cash flow with creative acquisitions, but if you are looking to purchase conventionally, it would be really tough to make it work with the average prices versus rents that we are seeing in South Florida.

Hey Charles,

In my opinion, not owning the land is just like buying a car. Each year, the value depreciates, but you still need to pay for the land rent increase. You might be able to make money, but you have to factor in how fast that trailer will depreciate in value over the long term.

I would go for a post-1976 manufactured home where you own the land and can get financing in place since it's insurable. Pre-1976 mobile homes are rarely financeable because they cannot be insured.

I saw that you are also based out of Tampa. My partners and I have been running a real estate meetup for the past two years, and you are more than welcome to attend. If you wish, send me your contact info (number and email), and I can add you to the list of attendees so you get notified when the next one is coming.

Best of luck! 

Yes, you have more than one option: 

You could definitely look for private money, but if you are planning on keeping it as a STR, you might want to make them your partners in the deal. If you are able to find someone willing to lend you money long-term with a fair interest rate, that might be doable. However, if you have to pay them back in a short period of time and make high interest-only payments monthly, that might work against you.

Have you tried asking for owner financing terms for the $230k? That would be ideal, as it would give you some time to cash them out and negotiate favorable terms. I would aim for long amortization and a balloon payment of at least 5 years so you have time to get your finances in place.

I don't know if you own a house, but you could use a HELOC to cash out the sellers.