All Forum Posts by: Devin Hughes

Hey BP!

I am wondering if anyone has done a "Subject to" deal in Florida. If so, how did it work? What downsides do you see? Is there a way to access the equity of the home in the future if the first position loan isn't yours? This is a subject in which I have very limited knowledge, and a quick Google search did me little good.

Thank you in advance!

@Kat McReynolds You have a lot of good advice on here! It is fantastic that you have a GC license! As some of the others have mentioned here and from everything I have read on the subject, the BRRRR method works best with a "cash like" transaction. Meaning actual cash, hard money, or private money. This is because the prime candidates for a BRRRRable property will not qualify for a standard owner/occupant bank loan due to their poor condition. That's not to say it hasn't been done, but it definitely reduces your pool of potential properties. Someone with more hands-on experience could probably provide more insight.

Right now in your journey, worrying about a specific number isn't what is most important. I would recommend continuing to save while reading, listening to podcasts, attending webinars, and asking questions here to fill the gaps in knowledge with the subject. 

@Shawn G., Fantastic! I will keep that in mind. I am also looking forward to making it to one of your meetups in Winter Park. It has been on my radar for a while.

@Tom Parris,

That is great to hear. At this point, time is more valuable to us than money. After 6 months of no pay, that might be close to changing, though lol. We have been saving diligently to invest, but this situation came up with my current position, so we may be reallocating that money to supplement my wife's income for us to live off of if we need to until I have reliable income again. After 11 years of being on the extreme side of the "my boss controls my life" spectrum, I am looking to move closer to the other end in my next career move. Thank you again!

@Will Barnard,

Those are some of the same type of expectations I assumed would be involved for a PM. It seems like some pretty extensive experience/training would be needed to make sure the client is happy with the end result. Thank you for taking the time to provide valuable input!

@Chris Salerno, I have not looked into doing any syndications yet, but that does interest me. Where would I find more information on investing in some large multifamily syndications in Orlando?

Thank you!

@Tom Parris

I have considered going for the license in the past, but never really took it further than that since I would need a lot of training to get up to par. However, it is looking like a better and better idea as I continue my research.

Additonally, I considered going the Real Estate Agent route as well. My wife is concerned that if I were to do that, I would never be home (especially in the beginning). What are your thoughts on that since you are in my area?

Thank you for your input!

@Ben Sears That makes a lot of sense. Thank you for the response!

Hey BP community! This question is for the investors with some experience, especially experience working with a Project Manager. 

As I have posted in the past, I am currently an active duty Aircraft Mechanic in the Air Force and have been for 11 years. In that time, I have supervised and managed many projects and programs as well as countless personnel. I am looking at the possibility of separating and working in the Real Estate field in the Tampa, Florida area to increase my education to put toward my own investing career. My wife recently sent me this BP blog on becoming a Project manager as an option at which I would likely excel. It essentially says that you can do it without experience, which I don't have in REI construction specifically. However, I somehow doubt that part of it. This leads me to my question: if/when you hire a project manager, what are your expectations? How do you begin the relationship? Are they responsible for hiring the contractors, or just staying on top of them to ensure the project is done on time and on budget? Would you hire an inexperienced Project Manager? Would you let one work for you at little to no financial cost but help them learn the process and take some of the more tedious tasks off your plate?

Thank you all in advance for your input!

Hey BP! This seems like a really elementary question that I probably learned at some point but, for the life of me, I can't find the answer. When analyzing a potential flip that I intend to use hard money to acquire, how do I determine the payments to that lender for holding costs? Is there a tool/calculator that you use or is it a basic formula? I can find mortgage payment calculators all over the place, but have had zero luck with this.

Thank you!