All Forum Posts by: Michael Mims

Hi,

The issue with reselling is the selling costs. If you sell the home for 265k with 6% commission plus closing costs you are going to net around 243k. 

 Hi,

Check out https://www.mcreia.net/ Link is to the Marion County REIA. We meet on the second tuesday of the month. Let me know if you have any questions.

Hi,

Sorry just replying now, not on BP that often. Ocala is crazy tight right now. Builder are selling homes before ground is even broken. We have numerous investors building SFR to use as rentals. Not a lot comes on the market in the multi family space and if it does way over priced for the roi that i would want. Let me know if you have other questions.

Congrats on your sell. That is a great outcome. On to the next one. 

How did the deal end up. Did you list the house for sale, keep it as a rental?

Hi,

$1,000,000.00 seems very high to build to a couple of duplexes here in Ocala. They are selling brand new quads for $419K. The new quads seem to be renting for $950 - $1050 a month. 

Hi,

A few things, first not a bad looking house. Second I think an arv of 285 is not unreasonable. Now I think you will be closer to 50-60k for the rehab if not more. House was built in 1981 and nothing has been updated. Roof 13k, ac 4k, paint inside and out 6k, kitchen 5k, appliances 3k, 3 bathrooms 5k, flooring 4k, fixtures , misc and overages 5k. That is 45k. Now if you have to update the windows add that on top. For a 285-300k house people are going to want nice. 

For a rental I think it would be tough. Your heloc is around 1200 a month rent for a lake house is tough to guess 2000 a month. Maybe Airbnb would be better for that.

Flip sell for 285 - closing costs 24k net 260k. Purchase plus rehab 224k net 36k.

I think flip is your best bet. You are coming up on swim and ski time, if you can get the house done quick. Could be a winner.

Good luck with your deal. Please update as you go along.

Hi,

I have worked with a contractor to do new construction spec builds. Depending on land costs you can be all in at 120-125k for a house worth 158-165k depending on location.

Hi,

You have to take into account three items when trying to gauge vacancy. Location, Rent amount, and condition of property. Under say $700/month price might be all that matters. $1400/month location and condition are going to play huge factors. Also pet policy and credit worthiness issues could affect time on market.