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All Forum Posts by: Jimmy Epolito

Jimmy Epolito has started 12 posts and replied 54 times.

Post: My 1st BRRRR in Birmingham

Jimmy EpolitoPosted
  • Real Estate Agent
  • Clermont Florida
  • Posts 55
  • Votes 83

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $65,000
Cash invested: $65,000

Off Market deal. House has been rehabbed but still needed siding. Purchase Price of $65k $5k for siding. ARV of $95k. I plan to cash out refi or complete a delayed finance loan ASAP.

Post: Best Multi-Family Market

Jimmy EpolitoPosted
  • Real Estate Agent
  • Clermont Florida
  • Posts 55
  • Votes 83
Quote from @Amy Shutes:

I live in the Charlotte Metro area and can definitely confirm that this is a great are to buy investment property. 

Are you stating that it is great for multi family?  I am looking to acquire some multi family units>

Post: Looking for Boots on the Ground in Birmingham

Jimmy EpolitoPosted
  • Real Estate Agent
  • Clermont Florida
  • Posts 55
  • Votes 83

Thanks @Brian Tunnell!!  I appreciate the offer.  We will be there on the 28th and 29th with hopes of connecting with the right team members!

Post: Looking for Boots on the Ground in Birmingham

Jimmy EpolitoPosted
  • Real Estate Agent
  • Clermont Florida
  • Posts 55
  • Votes 83

We visited Birmingham last Friday and met some great people. We plan to revisit on the 28th and hope to connect with more great resources. Please DM me or comment on this thread if you will have time to meet up on the 28th or 29th. We are motivated to grow a sizable portfolio, we are serious, we are capable. You must have verifiable references showing a track record of success. We prefer the BRRRR strategy so you must have knowledge of the ratios needed to succeed. We are also open to flips but that is not our primary focus. Aaaaand,,,,,,,Go!

Post: Help! I am tired from treading water! LOL

Jimmy EpolitoPosted
  • Real Estate Agent
  • Clermont Florida
  • Posts 55
  • Votes 83

I feel like I am treading water. I am eager to do my first BRRRR but have not landed any properties. Maybe I am looking at the wrong price point or something. I accidentally BRRRR'd a property I bought in 2019. I bought it for $67500 and it recently appraised for $110. I did a cash out refi and pulled out my original down payment while lowering my monthly payment and I also switched it out of my personal name and into my LLC. So here is my current position and I would love some guidance or even to partner up with someone to learn: I live in Central Florida. I have $100k in capital. I have 800ish credit score with zero debt. I have a busy job making low 6 figures working Mon-Thurs. I am very handy and can do most of the work myself on weekends. I also have many good friends who are GC's and other tradesmen. I have 4 little kids so I do need to maintain a balance of work/life but I am willing to put in the effort. So far I have been looking at houses at $150k and under needing light to med rehab. I am finding the numbers to not line up with the BRRRR formula in that price point. I have received leads from wholesalers but so far their numbers are very skewed. I also hold a real estate license so I have access to the MLS. When I check their numbers I often roll my eyes. I have flipped a house out of state earlier in the year and have access to Hard Money Lenders. I am sure I could also qualify for a line of credit. What would you do in my position? Does anyone feel like partnering to help me grow? I want to build this up to become financially free and to have something to leave my 4 kiddos. I am open to any and all suggestions. Thank you in advance!

Post: Anyone used Roofstock?

Jimmy EpolitoPosted
  • Real Estate Agent
  • Clermont Florida
  • Posts 55
  • Votes 83

I bought one off roofstock in 2019.  The seller actually owned a property managment company so I hired him.  He has been great and it is cash flowing well. This month we raised rent by $100 per month and the existing tenant prepaid the full year!  

Post: Closing on my 1st SFR next week and ready to pursue more deals

Jimmy EpolitoPosted
  • Real Estate Agent
  • Clermont Florida
  • Posts 55
  • Votes 83

Hello @Maggie Shadburn! Sorry I missed your reply! I ended up using a HML to purchase another unit in Columbus with the intent to BRRRRR. The house ended up having more issues than I anticipated and life was too busy for me to handle a rehab out of state. I ended up doing just a little work to it and sold it to another investor for a minimal loss. I am now pursuing properties closer to home hear in Florida to utilize the BRRRR strategy. I have found a few lenders that have fix to rent programs. One of them has a single close option!

Post: Family vs GC. PLEASE ADVISE

Jimmy EpolitoPosted
  • Real Estate Agent
  • Clermont Florida
  • Posts 55
  • Votes 83

WHAT WOULD YOU DO?

Hey everybody! I would greatly appreciate your professional opinion on the following scenario. After closing on this house I had some contractor drama and decided to reach out to a different contractor who my realtor had vouched for. Below I will paste the scope of work which was sent to me and it seems a bit high and is not broken down between labor and materials. They've been difficult to communicate with so again I am frustrated and started talking to my family members about this. One of my family members has offered to round up a couple others who have experience with doing the type of cosmetics needed at this flip and will not charge me any labor whatsoever. Now here is the conflict: the contractor who has quoted me to do this rehab can start tomorrow and be finished within one month. I think for the scope of work this is really a couple weeks job. Their scope of work does not include appliances which I do need and that would be a stainless steel refrigerator, dishwasher, and stove. It also does not include an undermount sink with the granite in does not include a back splash. I have a hard money loan on this property so the fact they can start tomorrow is appealing however if I utilized my family I will save a tremendous amount just on the total job. And that includes the holding costs involved in waiting a little longer because my family would not be able to start this job till the second week of March. They could handle a lot of the initial aspects of it between now and then such as measuring, ordering all of the supplies, and putting together an effective game plan. I would also be able to have more control over this project. The scope of work below is quoted at $19,000. I know you need to know the condition of the house to help me decide on which path to take so I'll do my best to give you a brief description. The interior upstairs has hardwoods which are poor cosmetically but do not need to be ripped up. The walls are in pretty good condition and only have a couple of minor cracks and typical flaws you would see in a home built in the 60's. Upstairs square footage is approximately 1150 sq ft. the basement will have approximately 8-900 finished sq ft. Downstairs is all concrete floors so there would not be very much prep to lay down either laminate or LVP. Here is the scope of work which they are proposing for $19000

Scope of Work

Paint throughout including trim, doors, and windows.

Luxury vinyl floor and carpet on lower level

Granite countertops - total of 26 sq ft

Install new vanity

Remove old tile/clean tub and replace shower door - retro wall tile the color of Pepto bismal

Replace 2 doors

Install drywall @ bedroom with brick wall and fireplace whitewash - drywall would only be installed on 1 wall

Run AC ducts in basement rooms - tie into existing trunk lines

Trim roof of storage shed and add support posts to deck above

Replace broken glass in two windows - 2 single pain sections

Check all outlets/change light switches

Touch up exterior

Trim bushes

Paint kitchen cabinets and change hardware

Remove the wall light fixtures

Cover up pipe in basement bathroom

Replace toilets and light fixtures in bathrooms

Change all doorknobs for new ones

Replace doorbell

Replace thermostat

Remove storm door

Cover up expose electric wires in bedroom closet

Caulk all exterior windows and doors

Repair retaining wall

Pressure wash the exterior

Clear all debris of the house roof and replace any damage shingles

Replace all tiles in drop ceiling

Remove iron railing and construct 4ft wall around stairwell

Installed handrail

Lay pine straw

Repair door to carport - door is sticking

Post: Closed on my first flip and now my stomach is in knots! Help!

Jimmy EpolitoPosted
  • Real Estate Agent
  • Clermont Florida
  • Posts 55
  • Votes 83

WHAT WOULD YOU DO?

Hey everybody! I would greatly appreciate your professional opinion on the following scenario. After closing on this house I had some contractor drama and decided to reach out to a different contractor who my realtor had vouched for. Below I will paste the scope of work which was sent to me and it seems a bit high and is not broken down between labor and materials. They've been difficult to communicate with so again I am frustrated and started talking to my family members about this. One of my family members has offered to round up a couple others who have experience with doing the type of cosmetics needed at this flip and will not charge me any labor whatsoever. Now here is the conflict: the contractor who has quoted me to do this rehab can start tomorrow and be finished within one month. I think for the scope of work this is really a couple weeks job. Their scope of work does not include appliances which I do need and that would be a stainless steel refrigerator, dishwasher, and stove. It also does not include an undermount sink with the granite in does not include a back splash. I have a hard money loan on this property so the fact they can start tomorrow is appealing however if I utilized my family I will save a tremendous amount just on the total job. And that includes the holding costs involved in waiting a little longer because my family would not be able to start this job till the second week of March. They could handle a lot of the initial aspects of it between now and then such as measuring, ordering all of the supplies, and putting together an effective game plan. I would also be able to have more control over this project. The scope of work below is quoted at $19,000. I know you need to know the condition of the house to help me decide on which path to take so I'll do my best to give you a brief description. The interior upstairs has hardwoods which are poor cosmetically but do not need to be ripped up.  The walls are in pretty good condition and only have a couple of minor cracks and typical flaws you would see in a home built in the 60's.  Upstairs square footage is approximately 1150 sq ft. the basement will have approximately 8-900 finished sq ft.  Downstairs is all concrete floors so there would not be very much prep to lay down either laminate or LVP.  Here is the scope of work which they are proposing for $19000

Scope of Work

Paint throughout including trim, doors, and windows.

Luxury vinyl floor and carpet on lower level

Granite countertops - total of 26 sq ft

Install new vanity

Remove old tile/clean tub and replace shower door - retro wall tile the color of Pepto bismal

Replace 2 doors

Install drywall @ bedroom with brick wall and fireplace whitewash - drywall would only be installed on 1 wall

Run AC ducts in basement rooms - tie into existing trunk lines 

Trim roof of storage shed and add support posts to deck above

Replace broken glass in two windows - 2 single pain sections

Check all outlets/change light switches

Touch up exterior

Trim bushes

Paint kitchen cabinets and change hardware

Remove the wall light fixtures

Cover up pipe in basement bathroom

Replace toilets and light fixtures in bathrooms

Change all doorknobs for new ones

Replace doorbell

Replace thermostat

Remove storm door

Cover up expose electric wires in bedroom closet

Caulk all exterior windows and doors

Repair retaining wall

Pressure wash the exterior

Clear all debris of the house roof and replace any damage shingles

Replace all tiles in drop ceiling

Remove iron railing and construct 4ft wall around stairwell

Installed handrail

Lay pine straw

Repair door to carport - door is sticking

Post: Closed on my first flip and now my stomach is in knots! Help!

Jimmy EpolitoPosted
  • Real Estate Agent
  • Clermont Florida
  • Posts 55
  • Votes 83
Originally posted by @Ola Dantis:

@Jimmy Epolito 

Good you are feeling something because it will keep you on your toes and hopefully your project to stay on time and on budget. These are the two things you want to stay on top of!

Most projects take longer and cost more than anticipated. So, focus your energy on those two elements and you will be just fine.  

Good luck on your first flip!!!

Thanks a million!! That is what the HML told me! She told me that the fact that I am a bit stressed shows I will pay attention to details.