All Forum Posts by: Erica Osborn

Hey Drew! I am also a long distance landlord and I totally agree with Bill, PM is everything. Really take your time and find the right fit for you and your communication style. As for moving to Pensacola from RI, it will be a change, but in the winter you will be kicking back in your flip flops where those at home might get frostbite if they were to do the same!

As for finding a cheap SFR, start scrubbing! Since your girlfriend lives here, she should have an idea of where you want to be, I would engage a real estate agent (seller pays the commission and your butt gets covered) in the area and be honest that you are looking for something cheap, something that is going to take some work, but is livable. I am a fan of foreclosures and if you are going to live in it you will have a lot more options for financing. The investing scene is fun down here, so if you are interesting in investing here get involved in whatever you can when you get into town and hit the ground running. Good luck on your move, being closer to your girlfriend will be amazing :) and this Florida sunshine doesn't hurt either!

Thank you guys for your responses, sometimes I are too close to see things straight. Even when they appear simple!

Hello! I have a house that I was rehabbing for sale. My repairs far exceeded my budget on this one.

With this sale at market value I am loosing 4,000. I need to do a 2,200 additional repair on the house in order for my current buyer to place FHA financing on the house, getting me up to losing 6,200.

With keeping this project as a rental I would place financing on it and get 75% of the value out, place property management on it, and net 200/month.

I own the house free and clear, I used all my own cash for the property and am anxious to get my $ out and get started on my next 2 projects (since I will be leveraging my cash in the future instead of having it all in one project).

Re-reading this makes it seem like a no brainer to keep as a rental......are you reading the same thing? Please make my brain work....help me think it through.

Thank you!

Thanks for the details Jay, I love seeing those and congrats again!

@Kyle McGee; are you bad at golf? You are neighbors with a golf course and you live in Florida, I think that golf is a prereq for being a resident..... :), keep up the awesome work!

Hey Jay! Can you share any details about the deal and how you guys made it happen? Nice to know deals like that exist in the area. Congrats!

Hey Devan! Great project. I lived in College Park on Harvard Street for many years. That is a great neighborhood and your finished product is beautiful. I like that you didn't change the exterior look of the home too much, like so many do when going into the older areas, keeping its cottagey classic style!!! :)

I would get yourself some education on alternative methods of finding deals, it's fun and from what you mentioned it appears you like rolling your sleeves up, researching, etc. I have recently gotten very into the County auctions and there is a lot of information on the process online, since everything has to be public. If you know your areas very well that you are farming, get signed up with the County and start looking at who's buying, where are they buying, maybe team up with someone with a great deal of expertise in your area and learn how they are snatching up the deals. I am in a smaller market, but there are only about 5 main players (one very dominant) in our County auctions....you'll get to know your competition right away. I joke that I am waiting on him to go on vacation so I can get the deal that he missed :) When you are comfortable with your area as well and get some more deals under your belt, you may be more confident to go after those non-conventional deals.

It can be overwhelming the options of ways you can make these deals happen, choose one at a time and research it until know it front to back, once done, move onto the next. Get comfortable with these ideas and processes, then practice! You obviously have the talent, now go out and learn about some funky ways to make the next deal happen!

Hey William and Edwin! Thank you for the welcome :)

William, I have 5 different zip codes that I farm in this area (2 in Santa Rosa County, and 3 in Escambia County) with a simple model that I use for quick decisions. If it doesn't fit my model, then I move on, someone else will grab it up! I am currently working on a project in the Northpointe area. I only do 1 project at a time, due to the time constraints of working full time as well. I look forward to hearing what you have going on.

Edwin, I have only just started hearing about that group, on this website (which is awesome). I am going to have to check it out one of these Tuesdays. I am a few weeks out from finishing my current project, so this fall you should see me pop in! 

Thanks again guys for the warm welcome!

Hey everyone, what a great community of supporters. Real Estate is an amazing industry, I am so blessed to have stumbled upon it over 10 years ago. I am an investor and rehabber, I have personal investments in residential, but I currently work and have worked in corporate America for 10+ years in commercial real estate (I am currently the Controller for a pretty well known Brokerage/Property Management/Insurance group in Pensacola) and I love my "day job", but rehabbing commercials properties is where I am headed. I wish everyone great success, there is plenty to go around!

Jason!

I have very strict guidelines for projects that I take on, I hunt for specific criteria that fits into my model that I am working right now, I'll work this model until I am ready for something different. Right now my model is buy cash under 75k (keeps holding costs low), rehab estimates around 20k all in assuming worst case, in markets that handle 130k resale. My rehabs are mostly forecasted to take 3 months, but are usually finished a couple weeks early. I do one flip at a time, I know my mental limits and I like to enjoy the process and not resent it out of obligation! $ is not my priority in life, it's time spent doing the things I love and with those I love ($ helps do that though!), and I love this process :). Eventually rehabbing residential will lead to rehabbing commercial then I'll be ready to leave my day job and work full time in this arena. I love my day job too, so it just takes balance!!! Good luck man!!!

Hey Jason! Don't be discouraged. It's done all the time. I currently work a 40+ hour/week job, but rehabbing is a life style choice, almost like a fun hobby that can be financially rewarding as well! 

1. On lunch, I work on what I need to away from the property, i.e. accounting items, calls to contractors, emails, budgeting items, planning the weekend. 

2. I only work on my rehabs on Saturdays, but I have that in all my financials forecasts, the holding costs associated with taking a little longer. 

3. I allow myself time to regroup before heading back into full work week! For me, it keeps me pumped about a project. 

4. I also have the most amazing handyman that ever existed that keeps my projects cruising forward on little things I can do myself, but don't have the time to over the week.

You can do this!!!

Erica