All Forum Posts by: David Ramirez

Hey Sterling, 

My partners and I host a real estate meetup once a month here in Tampa. Here is the link to our last one https://www.biggerpockets.com/...

We are posting our next one soon!! 

Regards,

David

Hey Makeda, 

I would recommend speaking with a lawyer and analyzing your options based on that. 

Hey Robb,

I would recommend coming here and creating a team before trying to do it virtually. The Tampa Bay market is very hot right now and homeowners are overwhelmed with the amount of marketing they are getting so it has been very difficult for investors in general to get a good deal. I have been doing my own marketing for my flips and rentals and it took me close to 8 months to get two good deals. With that said, I don't think it would be impossible to do it virtually but it would be way more challenging. 

Whenever you come please let me know, I would love to meet and talk real estate. 

Good Luck!

Hey Michelle, 

I have not invested in those areas yet, but since you mentioned you wanted to look more outside Tampa, I recommend the Lakeland / Winter Haven area. I see much growth coming to the east of Tampa Bay because of low inventory and high prices. Developers are planting their seeds in those areas, which is always a good sign for small investors. 

Good Luck!

David

Hey Mishelle, I hope you are doing well!

What my team and I are doing is that we are running our numbers taking into account a downturn of the market of around 15% that way we know we are safe if we have to sell for some reason. I would recommend sticking with the 70% rule or less just to have a good amount of equity as soon as you buy and be safe from any downturn in the market. 

Best of luck!

David 

Hey Greta, 

You could try getting a personal loan to cover the downpayment. Be careful and don't over-leverage, especially during this period of uncertainty in the market. 

Best of luck!

David

Hey Emilio, 

I agree 100% with @Nathan Gesner Hard money lenders that I have worked with only send an appraisal to evaluate the after-repair value. If you think about it, it makes more sense than getting an as-is value because of the comps you can get. With that said, when buying a property from a wholesaler I would recommend always running your numbers twice and never going above your MAO because of fear of losing the property.

Feel free to DM in case you need anything else!

Regards,

David 

Hey Thomas, 

Great question! Markets are difficult to predict because of the number of factors that come into place. I would not concentrate my efforts on predicting when the next recession would be but I will re-evaluate my strategy to mitigate the most amount of risk possible during times of uncertainty. 

If I were you I would keep looking for opportunities, I would analyze them with a higher safety margin and offer only when your numbers make sense. 

Best of luck!

David 

Hey Marcos, 

Congrats on your acquisition! If I look at it from a financial point of view, for me it would not make sense to go with the private money unless you think your flip is going to take a year or more. Without experience, hard money will charge you around 13% annually including origination fees but it would be paid by the month of use, so if your flip takes 3 months you would be paying a maximum of  5%. But knowing that is your first flip, I can see how you would want to opt to go with the private money. I did my first flip with private money and for me it was more about the relationship I built with him than how much I paid in comparison with hard money. 

To answer your question, yes. Private money is going to be the easier way to go because you can get all the money upfront instead of asking for draws. 

Good luck!!

David

Hey Yehuda, 

Thanks for posting this prompt.  I have not seen any indicator in our market that could lead to a cool-off. We still have little to no inventory to accommodate this huge demand that we are seeing. , I would love to discuss more it and have different points of view. 

Best of luck!

David