All Forum Posts by: John O'Leary

Hey John! Welcome to BP. I live in Florida but my family is from Portsmouth and I just there for Labor Day. I'd be happy to connect and see if I can help add any value. Partnerships equal rocket ships. Good Luck!

Welcome to BP! Lets Go!

I'm not an Attorney but you could set up an LLC (Parent Company) that is owned 50/50 by each of your own respective LLCs (You own 100%). One of the LLCs the own 50% of the parent company can take out the mortgage and that LLC owner would be the one who signs on behalf of his LLC. Hope that makes sense.

1.) There are a ton of CRMs out there but we use Zoho for its ease of customization and integrations.

2.) Propsteam, SynergyData, and Batchleads. 

3.) All the above but the cold calling is outsourced to Lamassu. That is a full-time business in itself so we simply pay to skip the line there. 

4.) Build out a nurture campaign in the CRM that will automate tasks and tracking. 

Lenders do this all the time. It's called a YSP instead. 

Welcome Paul. If you need any help feel free to shoot me a DM. 

Munson Heating and Air. 

Jason Goldfarb is a legend from that neck of the woods. 

1.) This has nothing to do with no fee's. Rehabbed comps, are rehabbed comps. As-Is comps are AS-IS comps. They shouldn't need to drive anywhere. BPOs for "Most" lenders have no fee's. If you have a rehab project and your lender is doing a full appraisal you're wasting time. If you plan to keep it, and your seeking long term debt the lender will require a full appraisal.

2.) No lender offers 100% for everyone so there would be major caveat to that. 100% of rehab costs are normal. If they are giving you 100% of rehab costs why do they encourage you to use private money in #3. Is the rehab dutch or non dutch?

3.) Why? In #2 they give you 100% rehab financing. 

4.) As should be with all lenders.

5.) This makes no sense at all. Lenders take back properties when the borrower doesn't pay.

6.) Insurance typically covers the loan amount and the lender will have specific guidelines. Sounds like you got the wrong policy and the correct one was more expensive. The lender isn't making money on insurance. 

It really depends on your strategy. If you're looking to buy turnkey, you might find a property that was previously used as a short-term rental (STR) but underperformed due to poor management or only seasonal use. This could be an opportunity to step in and optimize the property. If your goal is to scale while minimizing your initial out-of-pocket expenses, consider searching for off-market value-add opportunities via investor lift, or local wholesalers. These are properties you can rehab and furnish yourself, with the potential to refinance and pull out some or all of your initial investment. In Florida, coastal areas tend to offer the best opportunities for STRs, especially given the saturation in the theme park areas of Central Florida but I'll let the full time operators chime in. This is what I see on the lending side.