All Forum Posts by: Honore Ware

Thanks Bonnie. I am looking for commercial property in Florida. I will take the tax advantages you mentioned into consideration.

/ r

Hello All,

My nephew back home in Florida has an auto detailing company and the demand for his services increasingly peaks. My goal is to help his business grow to scale by going into business with him by purchasing a commercial property in a good location. I would like to purchase a derelict gas station or something similar in a good location to launch an auto detailing enterprise in the city of Gainesville. Can someone point me in the right direction identifying resources to find commercial property that fits my model? Tips, consulting, and possibly investors welcomed.

/ r

Mike

Kevin,

Thanks for your insight. My team (legal, real estate agent, lender, contractors, titling company) is specialized. The property manager will not be on-sight, but he has a foreman on location. So in a way, I guess this person would be the project manager in reference to managing contractors, materials, and meeting deadlines. I really like your suggestion of dating “the process” a few projects and propose a partnership that can benefit the team.

Thanks again for everyone’s’ comments and happy holidays! 

I appreciate the insight. I do plan on travelling to property location within the week to do a meet and greet and ultimately place eyes on the property.

First Fix and Flip Out of State, But Project Manager Lives Out of State. Is This Common?

Hello BP,

I am preparing to invest in my first F&F property out of state. The entire rehab team is onsite, but the project manager is not. My research proves this is a pretty reliable team. From all the correspondence I covered (books, podcasts, forums), the project manager should be onsite overseeing the rehab team and making sure everything is flowing according to the rehab timeline. Is this common or am I the only one this sounds suspect? This will be my first investment property and any help would be appreciated.

Additionally, I am looking for a partner on this deal to help navigate these murky waters. If interested, I can send you the numbers.

Thanks for your time,

Honore

Hello BP,

I am pursuing my first deal. This is an out of state fix and flip property. I shopped a couple rates from hard money lenders in my home state and selected the best rates for this pending deal. I established a team at location and would like to bounce my numbers off the BP community and would like to know if I am leaving anything out.

PURCHASE PRICE: $195,000

PURCHASE CLOSING COSTS $3,000

ESTIMATED REPAIRS $50,000

TOTAL PROJECT COSTS $248,000

AFTER REPAIR VALUE $373,968

DOWN PAYMENT $19,500

LOAN AMOUNT $225,000

LOAN POINTS 2%

AMORTIZED OVER 1YR

LOAN INTEREST RATE 12%

NEEDED FOR CLOSING $25,000

/ r

Hello,

Thanks for taking the time to read my posting.

I am offering free “grunt work” to seasoned investors experienced in single-family homes and multiplexes. I can consistently donate hours every week if needed. I am a combat veteran with international experience and a master’s degree from the University of Denver. Have my own transportation and consider myself a humble person. Do not mind menial work. My goal is to leverage experience by helping successful investors become more successful.

My investment goals are to ultimately buy and hold single-family homes and multiplexes. I plan on purchasing and holding two properties this year. Any experience shared and mentorship in this genre are appreciated. I look forward to hearing from you and thank you for your time.

V/ r

Honore