All Forum Posts by: Jonathan Moody

Property Details

• Address: 963 Woodland Estates Ave, Ruskin, FL 33570
• Size: Half-acre
• Zoning: COB -Commercial Class 2
• Use: Previously used for RV/boat storage before the owner passed
• Utilities: City electric, water, and sewer.
• Pictures: https://drive.google.com/drive/folders/1pmM39iTtH5K71FgRbQwydqLlGMk_8isA?usp=sharing

Mobile Unit:

• Year Built: 1979
• Condition: Needs a full rehab or removal. Utilities are on

Storage Capacity and Structures:

• Potential Spaces: Estimated to accommodate 50-60 RV/boat spaces upon relocating the large garage.
• Location / Terrain: Cleared. High and dry although a few spots towards the back get soggy during heavy rain, but dry out fairly quickly. Near main roads and the ocean, but it's on a quiet street. Neighbors to the left keep an eye on the property, and the neighbor to the right might consider letting folks use his boat ramp.
• Storage Fees: The previous owner charged between $60-$75 per spot, but priced based on length so it could be more to match market. There are smaller personal sheds that brought in around $100 per month.
• Large Shed: Previously used for personal storage, but could easily be rented.

Management and Operations:

• Previous Manager: She was paid a $15 flat fee per new contract, handled lawn maintenance (approx. $200/month), collected funds, and performed other necessary tasks. She expressed willingness to return and assist with re-establishing the business.
• Lease Terms for tenants: No liability for owner on tenant damages, prohibitions against living in or extensive work on vehicles within the property, and confidentiality of gate codes.
• Customer Base: The manager had the lot emptied when the owner passed, but said that several customers might be willing to return. The previous owner didn't prioritize advertising, etc., so proper management could make it very profitable.

Security and Neighborhood:

• Features: Fenced all the way around with barbed wire on top facing the road.
• Neighborhood Watch: Reliable surveillance from neighbors, particularly on the left side of the property, ensuring a safe environment.

Asking Price:

$149,000 cash plus all closing costs.

Closing: mid-January.

Access: Message me for access details

Hope this is the right place to post this! 

Contract for sale. Cash only. Property goes as-is. Not looking to JV at this time.

Cool one acre spot in beautiful old FL right on the Withlacoochee River. 

Pictures / Videos: https://drive.google.com/.../1OTAholTv-ehRt7iPERAPxs...

37408 Woodriver Drive, Dade City, FL 33523

1972 Double-wide. 1,152 heated sqft w/ screened in porch A lot of the major systems have been updated already 

The lot is big enough to put in an RV pad and tap into the electric and septic to get double your rent. 

Completed Repairs:

New sleeve on submersible well pump / new drain field 2014

New electrical panel 2014 

Subfloor was replaced with 1in plywood 

New roof was put on a few years ago. 

New ceiling drywall 

Needed Repairs:

Kitchen/bathroom updates 

Misc Cosmetic

Carpet replacement 

Was a 3/2 but the previous owners removed the dividing wall and door between two of the bedrooms to create a big craft room. Wouldn't take much to put it back together

Tree Trimming / Bush Hogging to clear out some of the small trees that block the path to the river. 

Two of the sheds will need to be demolished. --Never had issues with flooding according to the family that had lived here for many decades. 

They used to enjoy tubing the river and spending time at the county park on the opposite side of the river. 

Comps: Not easy to find because of the uniqueness of the property. Had to go out quite a bit. 

5486 Cyril Dr, Dade City, FL 33523: .88 acres. River frontage Fixer upper mobile homeSold for 98k late 2020. https://www.zillow.com/.../5486-Cyril-Dr.../44790965_zpid/?

34076 Hyatt Rd, Dade City, FL 33523 .61 acres. River frontage Teardown w/ garage. Sold for 52k late 2022https://www.zillow.com/.../34076-Hyatt-Rd.../44797239_zpid/

Selling the contract for 110k plus closing costs. Message for walkthrough info. 

This may have already been answered somewhere. If so please refer me to the thread. I'm a wholesaler in Florida and I have several deals under contract, but there are bad tenants living in all of them that obviously aren't paying rent, but they're also violating other portions of the lease agreement; smoking, big dogs, damage, etc. Does the governor's moratorium allow for landlords to kick out tenants that are in violation of these other offenses? I'm hearing mixed messages about being able to file, but the judge isn't actually kicking people out for awhile, etc. Please let me know of any information that may help me get these tenants out and the properties assigned. 

@Joe Procopio Fair concern. As long as you've let the credit card company know that a big transaction is happening and you've spent the time to verify the wire transfer with Plastiq, then you should be fine. Usually you get the clear to close a few days before closing, so to be extra careful I recommend that you wire the Plastiq portion as soon as you get the clear to close, hopefully a day or two before closing. Plus remember that everyone wants the deal to happen.The bank wants to loan you money, Plastiq wants their service to work, and the seller/closing company have been waiting awhile for the deal to be closed. Worst case scenario, the closing gets delayed a few days. That happens all the time, and  shouldn't kill the deal. Make sure to use the wire transfer feature in Plastiq though. A regular bill pay could take several days if not longer. 

I’ll wrote about this extensively in a post awhile back. Used Fund and Grow and Plastiq to find a duplex purchase. https://www.biggerpockets.com/...

I just closed on a duplex with a conventional mortgage loan, and I used Fund & Grow and Plastiq to wire part of the downpayment. This was the process for me: 

1.   Secure sufficient business lines of credit through Fund & Grow. I received about 60k of available credit in less than 30 days. (16k within the first week). I have a great credit score, good stated income, and about 50k worth of personal credit to my name already, so it was relatively easy to get approved. Just be sure to be available while they're talking with the reps at the credit card companies because sometimes they'll send you a string of numbers to confirm your phone number etc. 
2.   Set up a Plastiq account. Once you have the desired amount of business credit for the downpayment and have activated the cards, upload the card(s) that you'll be using to Plastiq, ( preferably Visa for real estate from what I'm told ). Next, set up the ability to send wire transfers. This is important since you'll want to wire the funds to the title company instead of the tradition check in the mail which can take 2-3 business days. They'll require that you fill out a bit more information, and even ask for a picture of you holding your driver's license next to your face to confirm your identity. It took a few days for me to be confirmed, so knock it out early.
3.   Wire everything over early. As soon as you know your final funds to close and the closing date, call whichever credit card company(s) that you'll be using and let them know that you'll be making a pretty significant purchase within the next few days. Then send the funds to the title company through the wire transfer feature in Plastiq. Obviously take into account the 2.5% fee and the $30 wire fee. I have a Capital City Visa card with an 18k credit limit, so to be safe I only put $17,400 as the amount to wire. After the fees and such it bumped up to $17,865. 
4.   Jump through their hoops. Plastiq asked me to send them the title company's contact info, and upload the final closing docs and the purchase and sale agreement with any addendums. Once submitted they said it was under review. After a few hours they asked me for a screenshot from the credit card account showing the pending amount. I sent everything over promptly and got an email the same day saying that the wire was approved and sent. I confirmed with title and sure enough, everything was there!

NOTES:

Ask Questions. I was very skeptical and cautious because I was relying on these business lines of credit to make this deal possible. I asked a ton of questions of both Fund and Grow and Plastiq, and I highly recommend you do the same because every deal and financial situation can look different. 

Get the Clear to Close. Cash deals are obviously different, but this was a traditional mortgage through a bank so I had to show sufficient funds to close between all the personal and business accounts* along with every other mortgage requirement. Business lines of credit don't count as funds to close, so you'll need to show and source sufficient funds before they give the go-ahead. From what I've heard, banks just need plausible deniability as far as funds go, so once you have the "clear to close", you can theoretically wire funds from somewhere else without issue. I'm not an attorney, not a mortgage broker, not a bank, etc., etc. 

*make sure that your name is on all the business accounts that you use and get written permission from the other members to use the funds. 

Have good credit. Fund and Grow does ding your personal credit, and those inquiries will be asked about by the mortgage underwriter. Tell the truth. Your company is applying for business lines of credit through your credit score, but you are not personally liable for those accounts. If your credit score is high enough, you shouldn't have any issues. 

This is information I wish I had before doing this deal, so hopefully it's helpful! Good luck and God Bless! 

Thank you all for the input. Now that I have the numbers down I just have to get in front of people with money. Any advice on that? I've already spoken with a few attorneys and sent this out to half a dozens people in my warm network. I may pull all the small mobile home parks from county record and start cold calling asking for investment criteria. 

Hey Brandon, 

Thanks for the input. I redid the math, and I think 9% is doable without overpromising. Do you think a lender would be more willing to fund 100% of the purchase price with that kind of return, or does it really come down to a better LTV? I'd be covering closing costs, any updates/repairs, and obviously managing the property.

Hi all,

I have a contract on a duplex in Tampa, FL in an up and coming part of town. Usually I would just wholesale this out, but I own a similar duplex about ten minutes away and would like to keep this one as well. I'm trying to find a private lender to hold paper until I can refinance with a traditional bank. My credit and income are excellent, so I just need to finish saving the 25% downpayment before refinancing with a traditional loan. Duplexes are a huge commodity in Tampa right now, especially in this area, so I'm confident in the ARV.

Here are the terms and I'd like some feedback on whether or not this is an attractive structure to a private lender.

Quick Overview: 

Construction: Block, 2/1 both sides
Property Zip: 33610, FL
Estimated ARV: $130,000-$140,000
Contract Price: $107,000
Estimated Market Rent: $750-$800 per side
Current Rent: $688 per side. One side is section 8. Tenants have been there for several years, and the owners haven't increased the rent for awhile. 
-------------------------
Borrowed amount: $107,000
Investment Term: 8 Months ( I could probably get the refi within 6 months)
Loan Type: Interest Only
Interest Rate: 7% per annum
Monthly Interest Payment: $624.17
Estimated Total Return: $4,993.36
Remaining Principle: $107,000.00

Any feedback would be appreciated!