All Forum Posts by: Devon Garbus

You can IN Florida... sorry :p

 This is where you need to educate yourself more. If the property was in good condition 4400/month on 300k is definitely worth considering. It's the whole "the building was so bad my inspector didn't even want to get paid to inspect it" thing that we are telling you to avoid.

no problem.  Let me know if I can help with anything else

Hi Devon, I just want to point out you managed to spell your name incorrectly. Obviously the correct spelling is with an "o" not an "I."

Add a management fee back in to your calculation for two reasons

1-Your time is worth money.

2-If you needed to liquidate the property the potential buyers would be adding it in.

3-Property management is an expense that devalues the property and the seller needs to accept that fact.

4-The fact that you do not need property management is not an added value by the seller, it is an added value to you specifically.

I'd also set it up so tenants pay for utilities, always. As long as their are two meters for everything all ready on the duplex you should be fine. If not investigate the cost of doing that during your D.D. period.

If I were your agent I'd tell you to make an offer where you are comfortable with your ROI adding those expenses back in. 

Work it up in a small spreadsheet and send it in with your offer. I.e. Here is our offer, this is why it is our max price. Comps+ analysis.
Also- My mortgage partner may have a loan program you'd like. he can calculate the projected future income of the property as your current income when buying rentals. 

In general this looks like a decent deal. In that area keeping it occupied won't be an issue, and in 5-6 years you can probably turn it over to a new home builder to knock it down and put up luxury townhomes.

Hi Jose. What will your capital be for future investments if you purchase the duplex right now? It's a great way to get your feet wet but if it ties up all your funds it may not be the best way to start.

To my newer investors I recommend at least 2 flips two a rental if acquiring rentals on 'limited' funds. If you can do 1 duplex a year on your current income and are happy with your growth rate that way then go for it.

I also have some loan programs that you might like (a loan that calculates the future expected rent as your current income) I can refer you tot he mortgage broker.

As a RE agent myself-

Talk to them about what you are looking for.

I wouldn't stress the 'arv' side too much. I use the 70% rule myself when considering for my client (can rehab and acquisition be under or at least close to 70% of ARV?). That is easy to teach and understand.

Mostly you will want to explain to them- You don't want a list of what's on MLS. They will make a lot of money if they pull tax records and find lies pendens and get them to you. Talk to them about probate leads and how to handle them. Get them to grow some balls and knock on doors.

But it in a dollars sense. "There are 40 of you here. I have the capital to buy X homes per month. I don't care if one of you gets it all or all of you share it. If 1 person gets all X of my budget tahts Y dollars to them in buyer commissions. It's Z dollars in rental commissions. It's W dollars in listing commisions on fix and flip. Who wants to make Y+Z+W dollars every month for the next year?"

As an agent it's ncie seeing investors telling you to go with a good guy.

My tip for you is to get recomendations from other investors in the area and interview at least 3.

Also Century 21 is the best company ;)

Hey man.

There are a lot of bad wholesalers here in Tampa. If you want to meet a few of teh good ones feel free to contact me. I know a few... just dont steal all the good stuff

Hi Guys!

I just found the site and I thought it was great to see all of the "New in Tampa' investors. Rather than spam posts in all threads I'd like to make a request-

Any of you Tampa area investors who are wholesalers. Please contact me! I have lots of investor clients purchasing in Tampa. In particular I would *love* to meet a good wholesaler in the Bradenton/Sarasota area. If you have lots/tear downs in South Tampa and don't know how to approach builders I can get your property to all of them.

My profile says more, feel free to reach out to me.