All Forum Posts by: Account Closed

I bought a foreclosure in a million dollar neighborhood.  I live there and rent out the guest apartments and part of the main house.  In the next few months, we're going to start the process of renovating the place so we can sell it for top dollar.  I've always been a rather frugal person, and all of our renovations so far have been BRRRs.  My point being that I'm sort of a fish out of water when it comes to high end finishes and what people who buy million dollar homes look for.  I'm in Northeast Florida in a beach community if that helps.  

For anyone whose niche is flipping higher end properties like this, what do buyers look for?  What are absolute must haves?  To give you some basics, the main house has 4 bedrooms with a really nice sized master suite (1000sqft) - has its own florida room overlooking the pool and its own office.  Main house is 4000sqft.  Guest house is 900sqft and has 2 one bedroom apartments.  Total land is about 1.25 acres.  One mile from the ocean.  

Thanks!

...Generally speaking, what is a "distressed" house? Whenever I hear this term I think of something that sells for around $30k and needs about as much in repairs (if not more) just to be rent ready...

What would be the best or more efficient  steps to follow after you find a vacant house to find the owners?

I'm a new member in the Jacksonville area. I was an investment analyst for two years for the Blackstone Group so I have the analytical side down pretty well. What I'm not well versed in is hands on entreprenurial experience. I've read through numerous threads regarding LLC vs none and just wanted to refresh this debate to see if anyone had any experience with positives or negatives that don't seem obvious. By the way, episode 60 of the podcast is great!

Thanks

I only posting this for general thoughts and hope there is something I haven't thought of. I am not asking for legal advice just opinions if you were me. Any feedback would be appreciated. 

Ok here's my little situation. In 2007 purchased an 7.7 acre "estate lot" in the new Jacksonville Ranch Club equestrian community. Like most people I didn't realize the real estate bubble would pop and thought it would be a great investment. I financed the lot with a conventional loan thinking I would be easy to resell. 

Paid 175,000.00   Its on a 10 year loan at 6.5 interest.   I still owe 110,000 today with a 1,700 monthly payment. 

A lot of investors purchased land there and are in the same situation. A few families have build homes but its mostly a nicely planned out ghost community. 

I had it for sale since I purchased it. It is only worth maybe 40k. I could keep paying and hope for the best. I could reach out to builders and try and negotiate a deal for a spec home (risky). I have offered owner financing but that difficult on a lot.

How would a savvy investor turn this sinking ship around?

Hey Guys, 

My girlfriend and I are looking to move to Florida. The question is we are looking to buy our first property. As i see most people doing is buying a multifamily and renting out one level. Thats exactly what we want to do. Here is the question, I was looking to get my brokers license in IL in order to have access to the mls. Would I have to redo everything once we move and another question, any recomendations on where in florida to move to where the real estate market is good for rentals and rehabs. I know its a little broad of a statement but im giving it a shot. Thanks

I am interested in hearing from others how they started to invest in other cities/states. Who does your walk through? Do you have to hop on a plane for every closing? It seems like something that would be very difficult to do through just phone calls and emails but it seems like many people have managed to pull it off with the assistance of local PMs and contractors that can do repairs.

I live in Miami and I am interested in investing in Jacksonville, so worse case scenario if I need to be present at the property for anything it'll be a 5 hour drive.

Thanks!

i have 100k and i have my eyes on these 2 triplex on the west side of Jacksonville Florida one for 39k and another for 49k both needs about 5k in repairs. i thinking of buying them out right.  My main focus is cash flow I'm trying to work my way out of the military so monthly income is king to me. Does anyone else have any better suggestion on how to invest my 100k?

I am in a very hot market, and properties are hard to find and when you do find them there are a lot of other people looking at the same properties.  I found one today on a site and the price went up 25k before I jumped out.  It got passed my numbers, and it doesn't make sense.  Many of the leads that I have gotten from wholesalers don't have enough left to make a profit on.  

In a market that is rising and hot, flipping is difficult.  I know that many are buying and holding for long enough for the property to appreciate then they can sell.  That is just not something that I have really considered before.  If the property appreciates that is a bonus, but I have no control over that so it seems to be very risky.  

Any others using that formula in hot markets?