All Forum Posts by: Brandon Henderson

Hey guys, I am a real estate agent currently living in Denver CO, and plan on moving to Florida, (Sarasota area), early next year to start flipping houses. In a couple months I will be flying out to Florida to visit family. I plan on hitting the ground running as soon as I make the move, so I am curious as to what I can do to get a head start? Should I already be talking to brokers, lenders, wholesalers, etc. or is it too early for that kind of interaction? I want to be as prepared as possible however I don't want to be the boy who cried wolf, so to speak.

Darius Falahkhir first I want to say thanks for posting this deal, it gave me the opportunity to practice analyzing real world deals. Using J Scott's flip formula, and being conservative, I came up with a MPP of $64,000 MPP= sales price - fixed cost - profit - rehab Sales price = 180K Fixed = 41k Profit = 15K Rehab = 60K Fixed cost was derived from the following: -$871pm X12 (interest payments) -$9,676 (down payment) -$450 (appraisal) -$3,096 (broker fee) -$16,000 (selling cost) I hope all goes well, I look forward to joining you in Florida in the near future.

@Account Closed That's great to hear, I am excited to get down there and try those beaches out for myself. How have you been able to determine what areas are good for buy and holds vs fix and flips?

Yanier Au I will be moving to Sarasota, however I am unsure of what area I will be investing in. In two months I plan on flying out there to try and meet with other investors, agents, banks, & hard money lenders. I am hoping this will shed some like on where I should start my journey. Would you happen to have any insight you could share? Thanks for your inquiry.

@Ralph R. @Luke Miller @Bill S. @Matt M. Great insight guys. I don't have any plans to move back to Denver any time soon, and with all of information I have now I can defiantly see the benefit to selling. I can see many issues arising with tenants and such renting in this area.

@Jake Adams I appreciate that, I will defiantly reach out if I have any questions.  

@Ben Wilkins Thanks Ben!

@Christopher Brainard I have been living here for 3 years, and will be able to capitalize on that tax exclusion. I appreciate your advice.  

@Ralph R. It sounds like you are familiar with the area. The property is in Northglenn, right off I-25 & 104th. Even with the exponential growth the Denver area is seeing, I certainly don't want to take any appreciation into account when making this decision. The property is worth $300,000 to $320,000. The estimated rent rate was derived from a few property managers I called. I certainly appreciate your analytical outlook.

Hey guys,

I currently own a rental property I live in, and will be moving to Florida in the near future. At that time I will transition into a full time flipper, and accrue rentals along the way. My current predicament is weather I should sell or rent my property.

Property info:

4 bed 4 bath

1,700 Sq ft

9 miles north of Denver Colorado

150,000 in Equity

.45 acers

corner lot

mortgage is 1,150 per month

would rent for 2,100-2,400 per month

Holding and renting real estate can provide a great opportunity for cash flow, however being in another state has me worried about issues that could arise. Also if I dont sell I wont be able to get all the equity out of the property. If I were to rent the home out, what would be the best way to take some equity out of the house, a home equity line of credit or refinance?

This decision is a crutial one for me as it could set me up to succeed, or it could be a huge hindrance. Any insite would be greatly appriciated. If I havent provided enough information please let me know and I would be happy to give you the necessary information.