All Forum Posts by: James Fitzgibbon

You are probably wasting your time on this one. If it is listed on the MLS and overpriced according to your calculations then trying to wholsale it is a waste of time. It could also tarnish your reputation as a wholesaler.

I would not recommend spending any time on the MLS looking for hidden gems you could wholesale. You will not get rich doing this in today's market. You need to spend your time developing a system (PPC, direct mail, cold calling, driving for dollars, etc.) to find off market properties that you can wholesale. If done right, this can lead to consistent leads.

From a brand stand point, it may not matter since on HomeAway you will probably use your name as the owner. From an asset protection standpoint, it does matter. I have placed my rentals in an LLC and placed enough insurance on them to cover the total cost of the asset in order to protect myself against losing the rentals to a lawsuit. This should cover you provided you are not negligent. Please note that I am not a lawyer and thus cannot give legal advice. I am a broker though.

That being said, a good friend of mine who is a lawyer keeps his rentals in his name and just makes sure he has enough insurance to cover any lawsuits.  

Either way you do it, make sure the insurance you have in place (property and umbrella) is sufficient to cover your net worth.

I would also not recommend blending your assets in a company with your sister. It complicates your life for no reason. Let her open her own LLC and you open your own.

Are you doing this remotely from NC?  I am a real estate investor here in Orlando and I looked into the Disney AirBNB/Homeaway market when I moved here 6 years ago.  I found that most of the investors doing this are from overseas and hire local management companies.  I ran the numbers on a bunch of communities and found that most people are just breaking even at best.  I spoke with a real estate agent who specializes in it and he said most of the international investors just want a home near Disney they can stay in when visiting and that they can rent it out when they are not using it to help pay the mortgage.  After looking into it, I found it was more lucrative to invest in long term rentals in Orlando.  I would recommend that if you are looking to do it from NC you may want to consider the Horizon West area.  It is close to Disney. It is mostly newer homes, but has good long term appreciation potential.

I am a real estate investor and broker here in Orlando. I looked into this as a business three years ago and considered purchasing SFR's to rent to vacationers. I talked to a number of brokers who specialize in this and they basically told me it is not an investment, it is an expense. You have a lot of foreign buyers who fall in love with Disney and Orlando and purchase second homes here. Most of them will rent them to minimize their cost, but they do not make money or break even. That was three years ago and the pricing has gone up since then. Make sure you are talking to a broker who does not manage these properties to make sure you are getting a honest opinion. Also make sure the county you are considering purchasing in will allow vacation rental owners, because Orange County does not. They even encourage neighbors to turn in illegal vacation rentals owners. Some parts of Osceola County do allow it. Having owned a mountain home that was supposed to break even (lost a bundle) and condo at the beach (that is paid for and just breaks even), I can honestly say that I have gone down this route and it makes more sense financially to purchase a great cash flowing property in your area and use the cash flow to rent a vacation home from one of the rental companies. You can rent a really nice one for less than it would cost to own it. Plus you would not have to worry about hurricanes like the one that is approaching this weekend. Insurance is expensive in Florida so make sure you get an actual quote to run your numbers.

That being said, my wife would never let me sell our beach condo so it is a lifestyle thing.  You may have to take off your investor lenses to make it really work.  I hope I did not burst your bubble. I just thought you might want an opinion from someone who has traveled a similar path. Good luck.

Can you send me the addresses?

Since I am a broker, I am pulling the comps report straight from the MLS. See below. Once the home has gone through a complete rehab you should be able to get the estimated after repaired value.

My Florida Regional MLS - IMAPPComparable Properties Report - 5261 3RD ST, ORLANDO, FL 32810-5205

Report Prepared By James Fitzgibbon

SUBJECT PROPERTY

PID# 042229261203110

Address:

5261 3RD ST
ORLANDO, FL 32810-5205

Last Sale Price: Last Sale Date: Market Value: Assessed Value: Total Land Area: Waterfront: Total Area: Living Area: Bedrooms: Bathrooms: Year Built: Stories:

Pool: Garage:

$0 08/15/2007 $50,007 $31,931 6,254 sf No 1,540 sf 1,264 sf 3 1.5 1945 1.0 N N

PROJECTED SALE PRICE

Estimated Range Based On Value Ratio $52,300 $67,200 $95,100

Estimated Range Based On Price per SF $119,900 $195,000 $255,600

Sale Price

$259,000 $100,000 $180,000 $181,664

Living Area

1,505 sf 1,052 sf 1,106 sf 1,180 sf

Market Value

$/SF

MV Ratio

1.902 1.046 1.292 1.344

STATISTICS ABOUT COMPARABLE PROPERTIES

High:

Low: Median: Average:

$209,347 $202.19 $95,613 $94.88 $122,578 $154.84 $137,384 $154.26

EXPLANATION OF CALCULATIONS

The Projected Sales Price section applies these statistics to determine the most likely sales price based on existing market conditions. Calculations are done using two methods, Value Ratio and Price Per Square Foot. The Price Per Square Foot is the last sale price divided by total building square footage. The Value Ratio is the last sales price divided by the market value. A Value Ratio below 0.950 signifies that the property sold for less than the Market Value. It might be a quit claim that does not reflect the true property value. A very high Value Ratio may indicate a property that has been split, or improved since the County Assessor's office assigned the market value.

COMPARISON CRITERIA

- Lot SF +/- 50% - Ignore Year Built - Ignore Stories

- Bldg SF +/- 20% - Ignore Bathrooms - Ignore Garage

- Located within 1 mile - Ignore Bedrooms
- Ignore Pool

- Sold in Last Year - Ignore Waterfront - Use All Sales

Note: only properties with similar property use classifications will be considered as potential matches.

1. 4724 GODDARD AVE
ORLANDO, FL 32804-1142Last Sale: $180,900 on 08/15/2018 ($163.56/SF)

Parcel ID #

03 22 29 2628 08 080Bedrooms: 3 Baths: 1.0Distance: 0.68 milesParcel ID #

04 22 29 8764 06 150Bedrooms: 3 Baths: 2.0Distance: 0.25 milesParcel ID #

03 22 29 2628 08 090Bedrooms: 3 Baths: 2.0Distance: 0.68 milesParcel ID #

34 21 29 4206 00 330Bedrooms: 3 Baths: 1.5Distance: 1 milesParcel ID #

03 22 29 2628 10 110Bedrooms: 3 Baths: 2.0Distance: 0.56 milesParcel ID #

33 21 29 0899 01 000Bedrooms: 3 Baths: 1.5Distance: 0.94 milesParcel ID #

03 22 29 9136 00 011Bedrooms: 2 Baths: 1.0Distance: 0.78 milesParcel ID #

03 22 29 1180 02 012Bedrooms: 2 Baths: 1.0Distance: 0.74 milesParcel ID #

03 22 29 8810 00 261Bedrooms: 4 Baths: 4.0Distance: 0.93 milesParcel ID #

03 22 29 8810 00 221Bedrooms: 2 Baths: 2.0Distance: 0.91 milesParcel ID #

34 21 29 7271 01 100Bedrooms: 3 Baths: 2.0Distance: 0.61 milesParcel ID #

03 22 29 2628 13 160Bedrooms: 3 Baths: 2.0Distance: 0.5 milesParcel ID #

03 22 29 4198 06 160Bedrooms: 3 Baths: 1.0Distance: 0.61 milesParcel ID #

03 22 29 4198 03 370Bedrooms: 3 Baths: 1.5Distance: 0.47 miles

Lot Size: Total Area: Living Area: Year Built: Lot Size: Total Area: Living Area: Year Built: Lot Size: Total Area: Living Area: Year Built: Lot Size: Total Area: Living Area: Year Built: Lot Size: Total Area: Living Area: Year Built: Lot Size: Total Area: Living Area: Year Built: Lot Size: Total Area: Living Area: Year Built: Lot Size: Total Area: Living Area: Year Built: Lot Size: Total Area: Living Area: Year Built: Lot Size: Total Area: Living Area: Year Built: Lot Size: Total Area: Living Area: Year Built: Lot Size: Total Area: Living Area: Year Built: Lot Size: Total Area: Living Area: Year Built: Lot Size: Total Area: Living Area: Year Built:

7,431 sf 1,358 sf 1,106 sf 1945 7,238 sf 1,425 sf 1,127 sf 2009 7,431 sf 1,504 sf 1,281 sf 2014 8,673 sf 1,346 sf 1,052 sf 1971 7,430 sf 1,562 sf 1,215 sf 1988 9,365 sf 1,377 sf 1,053 sf 1978 8,032 sf 1,364 sf 1,072 sf 1962 8,159 sf 1,404 sf 1,107 sf 1956 5,173 sf 1,395 sf 1,054 sf 1983 5,120 sf 1,395 sf 1,054 sf 1983 8,249 sf 1,824 sf 1,384 sf 1981 7,530 sf 1,920 sf 1,505 sf 2004 9,239 sf 2,153 sf 1,053 sf 1959 9,060 sf 2,152 sf 1,459 sf 1963

Waterfront: NoGarage: NoPool: NoStories: 1.0Waterfront: NoGarage: YesPool: NoStories: 1.0Waterfront: NoGarage: NoPool: NoStories: 1.0Waterfront: NoGarage: NoPool: NoStories: 1.0Waterfront: NoGarage: YesPool: NoStories: 1.0Waterfront: NoGarage: YesPool: NoStories: 1.0Waterfront: NoGarage: NoPool: NoStories: 1.0Waterfront: NoGarage: NoPool: NoStories: 1.0Waterfront: NoGarage: YesPool: NoStories: 1.0Waterfront: NoGarage: YesPool: NoStories: 1.0Waterfront: NoGarage: YesPool: NoStories: 1.0Waterfront: NoGarage: YesPool: NoStories: 1.0Waterfront: NoGarage: NoPool: NoStories: 1.0Waterfront: NoGarage: YesPool: NoStories: 1.0

MVR: 1.559 Market Value:2. 2915 SIDNEY AVE

$116,056Last Sale: $180,000 on 09/28/2017 ($159.72/SF)

COMPARABLE PROPERTIES

ORLANDO, FL 32810-5135MVR: 1.27 Market Value:

$141,720Last Sale: $259,000 on 06/08/2018 ($202.19/SF)

3. 4722 GODDARD AVE ORLANDO, FL 32804-1142

MVR: 1.362 Market Value:4. 5612 STULL AVE

$190,217Last Sale: $180,000 on 07/02/2018 ($171.10/SF)

ORLANDO, FL 32810-4531MVR: 1.579 Market Value:

$113,985Last Sale: $179,000 on 12/21/2017 ($147.33/SF)

5. 4716 DAVISSON AVE ORLANDO, FL 32804-1116

MVR: 1.063 Market Value:6. 2747 ELMHURST CIR

$168,403Last Sale: $148,000 on 03/09/2018 ($140.55/SF)

ORLANDO, FL 32810-3815MVR: 1.313 Market Value:

$112,695Last Sale: $159,000 on 06/18/2018 ($148.32/SF)

7. 4504 EDGEWATER DR ORLANDO, FL 32804-1120

MVR: 1.496 Market Value:8. 1516 CARLSON DR

$106,298Last Sale: $197,000 on 05/17/2018 ($177.96/SF)

ORLANDO, FL 32804-1214MVR: 1.262 Market Value:

$156,061Last Sale: $100,000 on 12/21/2017 ($94.88/SF)

9. 1303 PLEASANT OAK LN ORLANDO, FL 32804-1238

MVR: 1.046 Market Value:10. 4507 ELMCREST CT

$95,613Last Sale: $145,000 on 10/20/2017 ($137.57/SF)

ORLANDO, FL 32804-1236MVR: 1.319 Market Value:

$109,942Last Sale: $207,900 on 08/10/2018 ($150.22/SF)

11. 1825 KNAVE DR ORLANDO, FL 32810-4933

MVR: 1.261 Market Value:12. 1833 COURTLAND ST

$164,870Last Sale: $240,000 on 02/01/2018 ($159.47/SF)

ORLANDO, FL 32804-1109MVR: 1.146 Market Value:

$209,347Last Sale: $207,500 on 03/27/2018 ($197.06/SF)

13. 1609 BEATRICE DR ORLANDO, FL 32810-4909

MVR: 1.902 Market Value:14. 5334 NEWHALL AVE

$109,075Last Sale: $160,000 on 10/09/2017 ($109.66/SF)

ORLANDO, FL 32810-4948

MVR: 1.239 Market Value: $129,100© PropertyKey.com, Inc., 2018 | Information is believed accurate but not guaranteed and should be independently verified.

Opportunity to buy in Fairview Gardens at great price. House could be turned into a rental or flipped for maximum profit. The house will need a complete gut and is priced accordingly. 

Price: $75,000 

ARV: $150,000 - $160,000

Rehab: $30,000 to $45,000 

Total Area: 1,540 sf 

Taxes: $315.85 per year 

For more information contact, James Fitzgibbon with LEDGE Real Estate Solutions, LLC at 407-630-3201 or [email protected].

Hello Juan,  

You do not need an attorney to set up your company. You can set up an LLC with the state at sun biz.org on your own. You will need an attorney if you have a deal that has specifics that are not covered in the FAR BAR real estate contract. If you are trying to do creative financing, no money down (Good Luck) then you may need a real estate attorney to draft it.

Private message me if you want the contact information for the professionals I use.

Hope this helps.

Jim

Interested in Florida properties.  [email protected].

Southeast Professional Title in Maitland