All Forum Posts by: David Ramirez

Hey Garrett, 

I would try to get the monthly payment on that seller finance loan lower than 50% of the gross monthly rent that way you can get private or hard money on top of the loan and still be cash-flowing after renovating the property. Since it would not make sense to refinance after renovating I would ask around for money and give out a little bit of equity or set up a repayment plan due in a span of 5 years where it would make sense to refinance. 

Hope this was helpful. Good luck!

David

Hey Austin, 

For area demographics, I would recommend using https://www.areavibes.com/. Since I have access to the multiple listing service I get my comps through there but you can get comps from an IDX website like Redfin and Zillow. For Market trends, I go by supply and demand by checking available properties and sold ones. 

Hope this was helpful. 

Regards, 

David 

Hey John, 

I'm not familiar with the Philly market but with my experience, I would definitely recommend looking for a fixer-upper. We are entering a buyer's market right now so I think you can find a good value fixer-upper by sending several offers a week. 

Always estimate the worst when flipping. 

Good luck, 

David

Here is the link to our next meetup https://www.biggerpockets.com/... see you there!!

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