All Forum Posts by: Jeff Morelock

It pretty much comes down to buyers having to come up with cash if the appraisals, or sellers coming down on there price like yours did. This does not happen as much as it used to be cause sellers have three or four back up offers they can go to if needed. 

Originally posted by @Imran Ahmed:

@Jeff Morelock inventory is generally low everywhere. Did you mean in Pensacola extra low now? Is that because more demand there from new people coming in? Why Pensacola then? 

I read somewhere recently that approximately 1000 people per day move to Florida. I am seeing a lot of buyers moving here from Texas and California. Maybe the people from Texas don't want too far from Texas don't want to be too far from Texas so they stop in the Pensacola area. There are also several military bases in the area so the rental market is good too.

Multiple offers and highest and best offer deadlines are normal in the Pensacola Florida market, and have been for the last several months. But now, investor-buyers not only need to worry about out-bidding competition on price, sellers are also demanding that inspection periods be waived for fixer-uppers.

I guess it’s not all bad. Investors with the ability and confidence to walk into a property and accurately estimate rehab costs have a huge advantage in this market, but it looks like inspections periods are becoming deal killers – at least in hot markets.

Are inspection periods killing deals in your area?

I moved up to the Pensacola area last October (actually Milton) from the Tampa Bay area and am amazed by the lack of inventory in this area. Most houses I offer on for my clients have multiple offers, and the list price is often just a starting price. If you want to invest up here I can offer these tips...

1. Have your money ready to go - verifiable proof of funds letters and be really able to close in two weeks
2. Be able to estimate rehab costs when you look at the property because offers with inspection contingencies waived have  a better chance of getting accepted - yes you read that correctly... be ok with waiving inspection contingencies.
3. Make the contract non-assignable.

The good news is that if you do a good rehab job and price your property correctly, you should be able to sell it quickly. Bidding wars are driving up prices and comps, so your property might sell for more than you thought it would once it hits the market.

Hope this helps

Hello Justin. That's a good strategy for sure, but a dulpex or triplex in Old NE that does not need major work will be $400k - $800k range. The Gateway area is nice and "do-able" for your price range. I've lived here since 73 and was a police officer for 15 years so I know the good from the bad areas for sure. I don't want to bore everyone by breaking do each area of St Pete and/or Pinellas County, so message me if there's a neighborhood you want to know about.

Are you looking to do it on your own or do you want to work for a company? I've seen a lot of "wholesale" real estate companies in Tampa Bay advertising for agents.

Absolutely. You can either make (or sometimes better - roll your commission back into deals) commissions on deals. You can also list and help people buy properties. You can gain access to MLS and other real estate data platforms like Remine. (should be called Goldmine)

Hope this helps

Your next step would be to research your state's laws on assisted living facilities (as their called here in Florida) to find out the requirements and regulations. I'd suggest taking your state's administrator course next. 

Even if you don't plan to be involved in the day to day business, you better know what your administrator or manager needs to know. 

Also consider buying an up and running ALF to get into the business, and then looking converting other homes into ALFs. Let me know if you have any more questions.

I'd get the degree. I have seen many six figure jobs advertised that required a real estate bachlor's degree. That being said, I've never been asked if I had a degree by any of the brokers I worked for. Nothing says you can't get licensed when your 18 and then go for your degree.

Hello

Welcome. Congrats on deciding to get off the sidelines and into the game. Let me know if I can answer any questions.