All Forum Posts by: Drew Simpson

@Share Ross Ah Okay! I would love to do that but l don’t think Sarasota is a touristy enough town to do Airbnbs. Maybe siesta key or St Armands (the beach towns) but it’s pretty pricey over there. I’ll look into it.

@Jonathan Greene I kinda understand. I’d like to focus on single family homes to begin with.. I’ve found 2 smaller properties that’s intrigued me in Sarasota around UTC mall which in my opinion is a good market with all the retail being built on every corner. Also it’s bit more affordable then closer to downtown sarasota but l’ll save showing it till l finish some books and learn up some more. I just want to get my feet wet.

I guess l won’t look at Foreclosed houses and what do you mean by oversight? If l start out with one or two properties l can’t do all the work?

@Share Ross Looks like i'm staying away from Hubzu. I'll look into that. STR is on street parking?

@Andrew Goodwin How did you find the house l was talking about? Did l give to many details? But thanks for the feedback

@Jonathan Greene Just seems to me like the better deals or most profit are on bigger real estate properties. I know i’m a complete novice. That’s why l came on here to ask. Should you not look into foreclosed houses when trying to flip? What’s wrong with 3 hrs though? I drive to the east coast at least 2 times a month for other work. I did find this on Hubzu but it was listed on realtor.com also. Do you have a website you use to find houses? Or do you use the common ones like zillow and realtor?

Everyone asks that “ what are you looking for” but l don’t understand this. Isn’t everyone really looking to have the same thing? Own a bunch of real estate to have passive income from it? If l could just own some property’s while l run my food truck and have income from renters that would be AMAZING..

I just want to say i’m a complete novice and new to this. I’m expecting some type of criticism for not understanding or maybe l do. I’ve always heard of people flipping houses & know of family friends who own a decent amount of real estate. Now lm looking into this one property and maybe totally confused but it seems like such a win win.

I found this Forclosed property on Hubzu.com for $549,000 asking price.

5 bedroom/4 bath

5,450sqft

.5 Acres

Backyard lake

Located in South Florida. Looks gorgeous. May need some work looking at pictures not much.

Anyhow I was looking at homes renting in the area for an idea and found a 4 bedroom/5 bath 3,500 sqft renting for $11,000 that last sold for $780,000.. The general renting price in the area is around $7,000-12,000.

So let’s say l put 20% down on this house for $110,000 with a 30 year fixed mortgage. Paying around $4,000 a month knowing obviously i’m not gonna mortgage it that long. Put around $20,000 into it. Rent it out for a minimum of $9,000. That is $108,000 a year. It take around 4 years to pay off the remaining $450,000 of the house or not? I could then sell it or now rent it out for profit?

So l invested $130,000 +/- for a return in 4 years.

I know that doesn’t include other small fees & factors but it’s just a rough estimate..

Again if l sound like a complete idiot i’ll go ahead and delete it but if so someone please explain what i’m missing?

@Odie Ayaga oh sorry i thought he was referring to having a rich dad vs poor dad. I’ll look into it.

@Ryan Hill Honestly it’s more of a pain in the *** but i’m learning everyday. I do find some good times in it. However I don’t fully understand how i’m going to invest with 3-10k per rental? Do you mean doing a few house’s on a mortgage? I’ll look into the book and check out the podcast. Thanks

@Charles Carillo Much appreciated l’ll look into some of these books.

@Scott Mac Sounds like an excuse