All Forum Posts by: Jaime Penix

@Jean Bolger thank you for your kind words. How is that 29 unit complex working out?

@Paul Timmins thank you. One of my problems with the real estate groups is that I can't consistently make the meetings due my erratic and hectic work schedule. And not to sound pessimistic, my experience with the wholesalers at the meetings I have attended was there their properties were not really wholesales. The margins for profit were all greatly manipulated by fabricated numbers. I will buy from a wholesaler if they had an actual wholesale. Thus, I want to strive to find my own wholesale deals.

@James Wise thank you for the advice. I want to do it all, if possible.

@Bryan L. They do not have to be local. But I guess, I am thinking more of a business partner than a mentor. Central Florida is my home location and I figure it would be easier to find someone there. After developing a working relationship with someone, we can then maybe expand outward. It is easier in my mind to expand outward, than it is to start outward and expand even more outward. Especially when one is new to the game.

Forgive me if it sounds like I am abrasive. I am a science and numbers type of guy, not the poetic word spinning type of person. What I am seeking? I am not sure. I guess a lot of folks here have specific goals and interest. My only goal is to make money. I don't really care what I am doing to make the money, just as long as the financial return is worthwhile then I am interested. Nonetheless,thus far, I have basically have been a buy and holder. I try to buy a home at a good price, usually one that have some problems with it. Then rehab it and gain some equity. After which I rent it out. That has been my pattern thus far. However, I am not limited to this. I want to resale some houses as well. And I will resell some of those properties back, when I feel it is most advantageous to do so. But for right now, I don't need the money recycled just yet. It has been a struggle to find a house priced right for this though. Thus, I am striving to cut out as many middle men as possible (wholesalers/real estate agents/contractors/services) to help improve the margins. It seems step one is to get my realtors license. After which, maybe I will even start my own real estate and property management firm. And my own lawn and handyman business to service it. What would I need 50 properties at least for that? To service my properties and advertise for additional work?

It is difficult to explain what my mind is exactly thinking about real estate because it is dynamic and evolving. I can tell you this. If the situation makes sense to me and the deal makes money; then, I am for it. Ultimately, I must decide on the scope of investing that I want to do. Right now I label myself as a hobby investor. But do I want to make this a full time pursuit? I am not sure. I only got into real estate because there was nothing better to do with the money I earned. It is as simple as that. I have no end point as of yet.

@Ron Stasch Thank you for your response and shared thoughts. I will start out by saying that I am doing all those things you mentioned already. It seems when you go to these meetings and seminars you run into a lot of novice like myself or ********ters. I have met realtors, folks in real estate interest groups, bankers, contractors, friends, family, postmen and the barber; all can provide the most colorful accounts about real estate. There exist not a single question that they can't speak infinitely on, uninterrupted mind you. They have all the answers. But when I really listen to them, all they are doing are reciting what other people say or write. Many times even as a notice, I can pick this up quite early in the conversation. They really don't know real estate, well not to the degree that I will lend a completely unbiased ear.

I am surely not looking for a short cut. At the same time, if there are more efficient ways to do it, I am on it. I am going to make my way regardless. There is no doubt in my mind that I am going to be successful at this, with or without this said person. I figure that I can streamline my thoughts better if I did developed a connection with a likewise person. Helping, possibly to narrow and define my areas of concentration.

And what can I provide to this person? Probably the same thing that person can provide to me; an opportunity to expand my knowledge, my experience, and my finances. It is a two way street, I am not looking to siphon off someone's energy for my sole advantage. This will be more like a mutual interaction; I will not be the lesser participant. I had interviews with several of these internet real estate gurus regarding their mentorship programs, but as soon as they mention me paying some ridiculous start up fee or splitting a 50/50 profit for the work I solely will do; then I am in the wind. No one is going to get rich off my back, we can get rich off each other's back. On second thoughts, I guess I am not looking for a mentor. I will be satisfied to meet someone like me but with a little more time under their belt.

I am just a beginner, but I am averaging a deal every two months for the past year and a half. Thus, I am already practicing. Real-life practicing. All in all, I don't know what I am looking for but I am sure there is someone out. Someone who can benefit from me. Just as I can benefit from them. If there is no one, I will still figure the game out myself.

I will also add, I am not looking for or need anyone to finance my deals. That part I have. I just need someone that I can talk to and devise the best plan to make some money.

As stated before, I am new to the real estate game. I think that I am doing ok thus far, but I want to kick my work into another gear. I will admit to date, I have been a part time investor, somewhat of a hobbyist. And quite possibly this situation maybe mine for foreseeable future. But I am looking some assistance, for the lack of better words. I need someone that knows more than me about real estate, someone that has better connections, someone that maybe has been where I am currently. I need to make a decision to continue my hobbyist path or to make a move. I am looking for someone in the central Florida area, from Tampa to Daytona beach. If there are any interested folks out there, you know where to find me. I am an open book, seeking the best path/paths.

What are the thoughts on a county that has transferred their section 8 program to a neighboring county? This is what has occurred in Sumter County, Florida. I bought a nice home, that I deemed perfect for a section 8 tenant in Wildwood, Florida; the problem that exist however, is that the section 8 program was transferred to Citrus County in 2011. I am not sure why this was done but I can imagine several scenarios: the county ran out of funds, the administration was incapable of operating it, or they are purposely ridding the county of Section 8 tenants. I am sure there are a billion other reasons to explain why this has happened. I kind of believe the third listed reason is the one that has been acted upon. Wildwood encloses part of the The Villages (A massive retirement community). The newest section of The Villages is being constructed very near this home and areas where I believe section 8 tenants would reside. I could be very wrong but it seems that they are clearing the way for this new construction and peri-construction borders. If someone with better knowledge of such things would chime in, I would be much appreciative.

I have lived in Tampa for a number of years previously, but I have not focused on the details of the city in the past few years. But from my recollection that area was known for being a prostitute and destitute hotbed. I don't think the overall crime rate was the highest in the city but you will have a sizable transient type of crime there. I am not sure if the area of the property is just north of there or not. Looking at the map I think it will be included in the above described zone.