All Forum Posts by: Ace Goodrich

 And definitely consider getting familiar with a property manager.  Their perspective and knowledge are invaluable.  I 2nd Hamp Lee's take on this. 

Hi Amit congratulations on your milestone! 

In answer to your questions

1. I use rentdata.com for every property because it is quick and free.  It also shows rental rates for different sizes studio, 1br, 2br, etc. 

Plus, there's a note on the page showing how the rent in that ZIP code market compares to the rest of the USA.

Why not structure this so the loan income is considered capital gains?

I'm getting way ahead of my self here though I know from your posts you're well  versed in these types of arrangements?

Thx in advance

Congratulations @Christina Tsutsui-Tharp on the successful investment.  Cheers to you and your team!

 Hi Stephanie, good suggestion. What would you say makes for a great investor-friendly agent in Orlando are (focus in multifamily, although of course in that market Short term rentals are also good)?

Thank you in advance

 Congratulations @Vicente Terán on successfully converting and upgrading this!

what's your tenant mix and how did you find them?

What are your 5year goals for the property?

cheers

Hi BP community! 

This is the first investment I've done and it's currently pending offer acceptance.  Although I would love to handle the management on this (the cash flow alone is nearly $50K a year) and  the property is recently renovated and in very good shape, the right buyer will come along.

My question is: What questions would a buy&hold and-or BRRRR buyer ask to make sure this is a good deal for them?

Property Info:

Single-family residence buy & hold, long-term month to month tenants investment.

Purchase price: $590,000

Duplex 2/1 + 2/1  1500+ sq ft. Single story, parking for up to 6.

What made you interested in investing in this type of deal?

Cashflowing first investment in a neighborhood poised to appreciate.  

How did you find this deal and how did you negotiate it?

Thru a local agent who uses OneHome portal.

How did you finance this deal?

Private lender

Thank you in advance!

Kudos @Alex Bekeza for providing the space heaters quickly and building that goodwill with tenants.

As you mentioned, there are various programs and approaches to the weatherization services to consider. Have you taken a look at the EnergyStar program https://www.energystar.gov/partner_resources/nationwide_incentives which also provides resources on where to find contractors/partners.

Reaching out to them with your plan to update your units would help them get a clear sense of how they could provide value to you -- or if they won't more than likely they can put you in touch with someone who can.

There's also a product list which would help with sourcing replacement appliances, etc.

Good luck, would love to see how you roll this out.

Cheers

Hi all,

I sourced a property through an investor/broker/former GC in the Miami area and the property looks good on pretty much everything.  

Originally, the contract I sent my agent contact (who actually found the property for us) was a 3-4pager, slightly edited from one of the well-known assignment/wholesaleing teams.  

When I sent the 3-4pager over to ask for suggestions, The agent sent me a much more extensive contract, which is the standard contract for their deals (they are in a large, national brokerage).

The capital partner requires us to have the property under contract before they will put the money up., so there's a bit of pressure to get this contract approved by the seller and all parties involved so I can see what the moneyguys say.

Here's my question: How far should/do I as a first-time investor -- who wants this relationship to be a long-term, fruitful, mutually-beneficial relationship -- push to change the "standard contract" so that it only includes the wording that makes sense for an assignment? 

There's nothing wrong per se with the standard contract, but it seems like a bit of overkill and more for someone buying a home, although we have included specific assignment-friendly wording so that it's inline with legal, etc.

Or should I let it play out and then hope that the multiple riders and references in the standard contract will work with the objective?

Thank you in advance for the considerate responses.  Good day

Howdy to all, 

the Biggerpockets community continues to be a resource and destination for improving and honing my real estate and personal finance education.

Today I've brought a few potential acquisitions that have been evaluated conservatively with an eye to solve for cash flow, equity increase, and possibility to refinance within 2-3 years once that equity has built up.

Please tell me where I can improve these. Thank you in advance!

In a good/high cashflow location (based on the spreadsheet shared by Kailyn Bennett and formulated by Dave Meyer bp cash flow xls) https://biggerpockets.com/files/user/kailynb1/file/2022-cashflow-markets

• Rentable even at 85% vacancy
• Location expected to grow in upcoming year(s)
• Ability to handle deferred maintenance ($25K - $100K)
• Affordability of professional property management
• Refinancing 18-24 months out makes sense (BRRRR-type model)

Also important are the relationships surrounding the deal. These properties are sourced from a local property manager who also actively invests nearby. 

One of the properties which really stood out also showed up in a separate comp search and worked out to a very good comparison. So, they know the market and what types of deals to expect.

Ok, thank you. Look forward to hearing experienced professional weigh-in and evaluate. Always learning. Cheers.