All Forum Posts by: Jason Medina

@Valentina Naumenko I agree I've ran into great people in Orlando.  I used to invest in Columbus Ohio and had extreme challenges there.  I'm very happy to be back on track.

Thank you Arturo!  I have an "original" goal of 30 properties but of course I'd like to get there sooner rather than later and then snowball payoff every property and live off the cashflow.

That's a great idea to reverse engineer my team I figured it's a good problem to have when I get to that point.  I can comfortably process one at a time but I also want to make sure I can safely handle those surprise expenses like a new roof or maybe not having a tenant for a month or two.

I'd love to reach out and pick your brain sometime.  Thanks again Arturo!

Hi Everyone, 

I've been investing around the Orlando area for the last 1.5 years and so far up I'm up to 5 SFR properties. I've been implementing the BRRRR strategy and it's working great. My only issue is that it's just too slow! I can comfortably do 1 property at a time but I feel like it takes 3-6 months just to process a property. I've been working with my favorite wholesaler, who started around the same time as me, but I'm only able to pick up 1 out of the 5 deals they offer me due to timing. I'd love some ideas on how to scale up quicker.

Thanks!

Jason
 

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Really interested into moving into larger properties and I found a property that is slightly under market with rents.   Looks like I get another $450 mo bringing all 9 units to market.  There's also a gutted former 10th unit that could be a laundry/storage.  It's about 600 sq' and could easily be turned into 3 storage units at $100 mo each and room for laundry that could bring in another $150 mo.  

What do you guys think?

- Jason

Took me a while but 6 months after my initial post I finally completed my first transaction since my 3 year hiatus. 

I wanted to originally invest in Jacksonville but found an opportunity in Orlando. 

3+2 SFR

Purchased for $75K

Reno $18K

ARV $150K

Rent $1300

I'm currently in process to refi the property and looking to cash out $112K (75% LTV) to use on the next deal.

Things I learned:

1) Hire someone to inspect the property frequently DURING reno.  The property manager contracted out work and some of that work was done incomplete or there was miscommunication.   Some kind of facetime to walk through and using painters tape to have the incomplete area marked for the sub-contractors before they leave.   Property Manager is not a contractor.

2)  Get insurance right away.  I was in a catch 22 where I couldn't get regular insurance until a tenant was in and if too much time passes, from the purchase, the insurance company wont insure you (at least the 3 I tried).  I had to get vacant property insurance first for 3 months min and then get my final regular insurance.  If anyone has a better suggestion I'd like to hear how to approach getting insurance on a property that will be renovated. 

Feels like I shook a lot of rust off.  I'm hoping to get this streamlined and process 3-5 per year.  As for the virtual wholesaler I couldn't quite get that to work.  I spent about $5000 in advertising (not including other expenses) and was only able to close one deal in the past 7 months that made me pretty much break even.  It was a learning experience but I don't think that's for me.  I've been having a bit more luck with wholesellers.  

That's it.  Let me know what you guys think of my first deal.

Hi Everyone, 

Still new to Jacksonville area and have 2 properties I'm currently working on.  I see one block to the left prices are 100K lower then one block to the right.  Would like to work with a real estate agent to get a proper pricing for the 2 properties.

Thanks, 

Jason

@Joshua Mayo

This is like waiting for your show to come back after the season finale.

@Joshua Mayo

Did they mention how long the seasoning is?

@Jorge Diaz

Here's something that might interest you. There's called an All-In-One Loan where you turn your loan into one big HELOC. It essentially becomes your bank account. If you have rentals or W2 pay you can directly deposit it into it and pull what you need. As long as you don't use more than you make you pay it off significantly faster than a conventional loan. I'm doing it personally and should pay off my 30 years in 10 years as long as the wife doesn't use it...

Thank you all for the response.  I'm working with someone now.