All Forum Posts by: Jorge A Amaya

@Salman P.

Hey Salman, how did your move go?

I will also be in the hunt for a multifamily property here in the next couple of months and was wondering how it went for you.

Where you able to connect and get a deal going in tampa?

@Raymond J. Rodrigues Thanks fornthe recommendation!

Hello BP Community! 
My wife and I are currently live in Denver and have several LTR rentals and we are thinking of investing ins St. Pete's area. Either a STR or LTR property in the St. Petes/Clearwater area.

We will be in the St. Pete's/Tampa area this weekend May 1st to the 4th and would like to meet up and invite to lunch a seasoned STR/LTR investor or a RE Agents with STR/LTR so we can pick his/her brain. Does anyone know someone they can recommend? 

Also, any other input regarding the area is greatly appreciated!

Thanks!

Jorge A.

@Bill S. Hey Bill, thanks for the input. I truly appreciate it!

Hello BP!!

I was approached by an Denver RE Broker/Investor asking to partner up on a deal. Here is the info and options he gave me:

Under Contract at $675,000 - Currently a 1 story home w/basement. 

(he's getting a construction/Reno loan @9% int. I believe) There are many things to hammer out still.

Reno Costs: $350,000 - $475,000 (Estimated by Construction Cm.) Estimated completion is 8 to 10 months. Possibly a year.

Estimated Resale: $1,310,000 (confirmed by an appraisal) Could be more/less depending on where market will be in 8 to 10 months.

The project entails remodeling the 1st floor and adding a 2nd floor to increase sq footage. REI showed me comps for similar properties anywhere in the 1.25m to 1.7M. One of reasons why he needs someone is because the lender is asking for more money down/experience than what had originally agreed, neither him or his partner have the additional funds to close and he can tentatively lose his earnest money.

He's asking me to:

Option 1) Lend him 100k HML with a 10% interest plus a 10% of the net profit

Option 2) Partnering up on the deal and investing 50K to 100k and splitting the profits (we have not discussed how to split the profits) 

In either option, I would be the treasurer, keeping the books, writing checks, etc...

Question

1) How can I protect myself (having a second on the property?) if I chose the HML option.

2) If I Chose to partner up, should my name be on the deed? I don't think they need me on the loan note in order to qualify. Again, many things need to be discussed still.

He would oversee the construction, handle contractors, he would also be living in the property while it's being renovated. 

Considering that we have not discussed how we would split the profits, what would be a reasonable amount

Any thoughts or comments are greatly appreciated.

Thanks in advance for your input!!

@Corey Martin Like Danielle says, there is a ton of information and people willing to help in these forums. I am from Denver and feel @Danielle Wolter pain about not finding cash flowing properties. I have a few properties as well and let me know if I can be of some help. Do not get discouraged and keep on trucking!

@Danielle Wolter Do you mind sharing details on your Memphis deal? I am also looking to possibly buy some properties in Memphis/Kansas/New Mexico but the biggest challenge I see is getting a good property manager as I will be investing out of state as well. Do you have any advice? You can DM me if that works better for ya! Thanks!

Hi David, check out rentometer.com and craigslist to see what places like yours are renting for.  I think those are good starting points. You can also call property management companies. They could give you a ball park on what to charge as well. Hope this helps! 

Hi @Jeremy Helsabeck I am also from the Denver area looking at the Kansas city area to invest. May I ask what you do for work in the real estate here in Denver? 

@Nicholas Parish What are some of the areas to invest in KC? I will be in the area next week for the USA vs Panama Soccer match and was thinking about driving around different areas to get an idea of how the neighborhoods are. Can you give us any pointers as to what to avoid/see while there? Ideally I would like to get a multi-unit. I also have around the same amount of equity that Jeremy has to invest. Planning on doing the BRRRR so that my money (or most of it) won't be tied down and pay back the HELOCS on my rentals. Any info is great appreciated.

@Pawel Cwierz You were able to put my feelings into words.

@Michael Bettencourt I saw property taxes decrease in Denver when the hosing bubble popped but not by much.