All Forum Posts by: Devin Collins

Welcome to Florida @Sarah Bridges. It's a wonderful place to be! I PCS'd here May of 2020 and lived in an apartment for a year and bought my first home and found BiggerPockets and caught the Real Estate bug. The posts preceding mine are spot on. Most homes in the area will reach a maximum profit of .8% which is still a reasonable profit if you manage your finances well. But this will not be the case in the near future with the high demand rental market and the rate of appreciation. I would encourage you to consider the mid/long term and the progressive development of the area. In the Crestview area consider a SFR as a buy and hold rental and a Town Home in Fort Walton Beach as a STR . If you have the budget Destin and Santa Rosa are beautiful places to live that will generate great income regardless of the 1% Rule. Renting by the room is my plan for my current property as it will likely be highly profitable. In regards to the market I urge you to move quickly but be cautious. I paid 200,000 for a property currently worth 206,000 at best and needs about 6,000 in repairs to be rent ready so essentially I've built a situation where the only profitable outcome is to hold. I'm looking to purchase a turnkey condo or Town Home in Fort Walton or Destin next year to serve as an STR. Destin is a tourist hotspot with heavy traffic but Fort Walton is closer to Eglin and Hurlburt while still being close to the fun and Crestview is a very practical place to live. Feel free to connect and Happy Investing!

@Matthew Lidberg

Oops. Didnt see this post was from 2018 lol. Glad too hear it worked out well.

What's going on @Matthew Lidberg,

We're pretty much in the same boat at the moment (AD Air Force here). That's my exact plan and it hasn't been shot down by any of the other investors I know. Just be sure to build a solid Core Four network out there. Also, using OPM (Other Peoples Money) can get you some serious traction if you can convince a group of people to go in with you. Check out:

The Ultimate Guide to Grading Cleveland Neighborhoods

and James Wise who made the map if you haven't gotten around to it already. 

Give me a shout if you're interested in any investments in the Florida Panhandle as well. Currently stationed here and prices are through the roof but could be very profitable if you have the capital to break in.

Happy Investing!

Awesome input @Willie Alexander James III.

I've been contacted by a few 100% financers and all I could think was too good to be true. No savvy businessman would hand over a couple hundred thousand to a stranger risk free. This would be my first deal coming up so I expected a steep interest rate and ideally make interest only payments until the refinance occurs. I'll be on the look out for those "deposit" inquirers. Also, thanks for the insight to the lending process. This is difficult information to find unless you were already "in the trenches" with a deal so to speak. I'm eager to get started but not desperate so the unrealistic interest rates and financing just seem suspicious to me. 

Hey BP Community!

It's been sometime since I've posted on here so I'd thought I'd strike up another conversation around some questions I've had and where I've gotten so far.

So my local market in Florida is still booming and finding anything under market value to BRRRRR seemed to be causing more work than results so I decided to adjust my strategy and find more stable markets via long distance investing primarily in Cleveland, Ohio with the help of this guide:

The Ultimate Guide to Grading Cleveland Neighborhoods

So rather than strictly BRRRRR in Florida I am also interested in Turn Key and BRRRRR projects in Cleveland with its very welcoming prices. My previous partner was mainly interested in finding a huge flip project in Florida so I am still on the hunt for an equity partner and building my Core 4. I am primarily interested in buy and holds in B and C+ neighborhoods to create enough income to do REI full-time (currently in the Air Force). I've gotten pretty good at running comps and numbers and learned to spot a bad deal when I see one. Currently waiting to HELOC my primary residence to get started unless I can find an investor interested in taking the profit from a BRRRRR or share the cashflow from a Turn Key property.

A few questions that have been on my mind:

JV or LLC? I am wondering if a JV is enough to cover any concerns relating to partnership strategies or if I should be concerned with an LLC. I am familiar with the land trust method to put a property under LLC protection which seems to have a level of risk. And as far as ownership goes, whose name should be on the title?

Building relationships: I know the real estate game is all about relationships and while we are all here to help each other become more successful how do you maintain relationships out side of making each other money? How do you guys consistently make good impressions?

Loans: As far as private lending and hard money loans go how do you spot a bad deal? I know a 10-15% interest rate is average here and costly up front fees are a red flag and always do your due diligence. What are some other things that point out that a lender is less than trust worthy?

Anyways just looking to strike up some interesting conversation around Real Estate Investing. Feel free to follow or contact me.

Happy Investing!

Hey BP Community!

It's been sometime since I've posted on here so I'd thought I'd strike up another conversation around some questions I've had and where I've gotten so far.

So my local market in Florida is still booming and finding anything under market value to BRRRRR seemed to be causing more work than results so I decided to adjust my strategy and find more stable markets via long distance investing primarily in Cleveland, Ohio with the help of this guide:

The Ultimate Guide to Grading Cleveland Neighborhoods

So rather than strictly BRRRRR in Florida I am also interested in Turn Key and BRRRRR projects in Cleveland with its very welcoming prices. My previous partner was mainly interested in finding a huge flip project in Florida so I am still on the hunt for an equity partner and building my Core 4. I am primarily interested in buy and holds in B and C+ neighborhoods to create enough income to do REI full-time (currently in the Air Force). I've gotten pretty good at running comps and numbers and learned to spot a bad deal when I see one. Currently waiting to HELOC my primary residence to get started unless I can find an investor interested in taking the profit from a BRRRRR or share the cashflow from a Turn Key property.

A few questions that have been on my mind:

JV or LLC? I am wondering if a JV is enough to cover any concerns relating to partnership strategies or if I should be concerned with an LLC. I am familiar with the land trust method to put a property under LLC protection which seems to have a level of risk. And as far as ownership goes, whose name should be on the title?

Building relationships: I know the real estate game is all about relationships and while we are all here to help each other become more successful how do you maintain relationships out side of making each other money? How do you guys consistently make good impressions?

Loans: As far as private lending and hard money loans go how do you spot a bad deal? I know a 10-15% interest rate is average here and costly up front fees are a red flag and always do your due diligence. What are some other things that point out that a lender is less than trust worthy?

Anyways just looking to strike up some interesting conversation around Real Estate Investing. Feel free to follow or contact me.

Happy Investing!

Hey BP Community!

It's been sometime since I've posted on here so I'd thought I'd strike up another conversation around some questions I've had and where I've gotten so far. 

So my local market in Florida is still booming and finding anything under market value to BRRRRR seemed to be causing more work than results so I decided to adjust my strategy and find more stable markets via long distance investing primarily in Cleveland, Ohio with the help of this guide:

The Ultimate Guide to Grading Cleveland Neighborhoods

So rather than strictly BRRRRR in Florida I am also interested in Turn Key and BRRRRR projects in Cleveland with its very welcoming prices. My previous partner was mainly interested in finding a huge flip project in Florida so I am still on the hunt for an equity partner and building my Core 4. I am primarily interested in buy and holds in B and C+ neighborhoods to create enough income to do REI full-time (currently in the Air Force). I've gotten pretty good at running comps and numbers and learned to spot a bad deal when I see one. Currently waiting to HELOC my primary residence to get started unless I can find an investor interested in taking the profit from a BRRRRR or share the cashflow from a Turn Key property.

A few questions that have been on my mind:

JV or LLC? I am wondering if a JV is enough to cover any concerns relating to partnership strategies or if I should be concerned with an LLC. I am familiar with the land trust method to put a property under LLC protection which seems to have a level of risk. And as far as ownership goes, whose name should be on the title?

Building relationships: I know the real estate game is all about relationships and while we are all here to help each other become more successful how do you maintain relationships out side of making each other money? How do you guys consistently make good impressions? 

Loans: As far as private lending and hard money loans go how do you spot a bad deal? I know a 10-15% interest rate is average here and costly up front fees are a red flag and always do your due diligence. What are some other things that point out that a lender is less than trust worthy?

Anyways just looking to strike up some interesting conversation around Real Estate Investing. Feel free to follow or contact me. 

Happy Investing!

@Anthony Jeffers

Hey,

Thanks for the insight! I am definitely planning on going with a large multi-family in time once I am able to raise the capital or find a lender that is willing to take on the risk. This hits the nail in the head in terms of scalability. A multi-unit complex is a sure fire way to build and retain large amounts of wealth quickly. Its just a matter of opportunity at this point. Thanks for the help! 👍

@Michelle Harrington

Awesome! Everyone learns differently and I find that podcasts/webinars are great ways to slide info when things get busy. I wish the best for you and your investing!

@Douglas Spence

Thank you for the encouragement Mr. Spence. Yes my current home is a SFH. A knowledgeable friend of mine recommended pretty much exactly what you are explaining. Not into the renting out spare rooms in my own home at the moment but refinancing and reusing my VA loan sounds like the action plan for the time being. I've also considered living in my next home and renting out the rooms individually in my current one to capitalize on the income if I can find the right blend of personalities. Its is difficult to find practical MFHs in my qrea but we'll see what sorts of opportunities present themselves in time.

Happy investing!