All Forum Posts by: Josh P.

Hey @Carl Talley - I received your request to join the group on Facebook and have approved you. We look forward to meeting you and getting to know your goals & helping you achieve them! 

@Daniel Fazio - what would you think would make a property not be able to be rented?  

I'd never considered that as a possibility even, until reading it here in your post.  

As the others have said, you should be able to rent just about anything (and in any condition, for that matter), so long as the price is accurate for the area/condition. 

The rental market in Spring Hill is still very strong.  Especially if you are willing to get approved to take Section 8 vouchers.  We had a ton of interest on the last handful of rentals that we worked when I was at Skyline, even with trying to slightly stretch the market rents. 

@Bret N. are you purchasing in the area of Terra Alta, WV? I have a seller direct lead there.

@Account Closed , are you buying in Terra Alta, WV by chance? Have a seller direct lead there.

Do any of you guys purchase in Terra Alta, WV? I have a seller direct lead there.

And as a Side Note - does anyone buy in the Terra Alta, WV area?? I have a seller direct lead in that area, which is why I was searching BP for WV threads :) LOL

@Connie Bhimireddy, I used www.meetup.com to start a local REI meetup group in my market. It's affordable, user friendly, and seems to have "done the trick" for me. We average about 30 investors at each monthly meetup. We'd started in our small conference room at our own office with about 6 people the first couple of meetups. As we've grown, we've connected w/other small businesses in the area, and we've grown into several different meeting locations. Now we're meeting at the country club here locally in exchange for them to pitch our investors for a 2 minute intro to the country club and a $99/month membership for the summer :-) Here's a link to my meetup if you want to kind of model behind it: https://www.meetup.com/Spring-Hill-Real-Estate-Inv...

I hope this helps!

Why is the property in Tampa not bringing you positive cash flow?  

Leveraged too high? Rent too low? 

Don't worry about Spring Hill or New Port Richey "having sinkholes" - everywhere has sinkholes. This area just got targeted by sinkhole companies back when there was a loophole in the insurance policy(ies) that allowed them to get FILTHY RICH by door knocking every home owner who had a single crack in their stucco or walkways. The reality is that the majority of "sinkhole" homes are not even close to having been sinkholes. There are great properties to buy & hold in both markets, just ensure you're doing your diligence through the process - that's all. Hell, a repaired sinkhole home is better than one that isn't tagged as a sinkhole, IMO. 

As for the multi-family market in Tampa; I'm not overly familiar w/the MF sector. And I do know that the Tampa market is saturated with investors, wholesalers, etc. so you may want to link up with some of those folks to see if they can bring you an off-market property. 

You can definitely out-achieve the 1% rule in NPR. 

You're essentially paying a premium for a "turnkey" property, in my opinion, for this particular deal.  To confirm or deny that, we'd need a physical address to review the specific comps/neighborhood/rental comps.

@Account Closed - that's a Lease Option Seller's dream come true bro! Your buddy just needs to gain the appropriate perspective of such :)

Think about a Buy Here, Pay Here Car Lot.

They make so much money because they make it on the *same inventory* over, and over, and over again.

This is essentially what your friend is doing on his L/O house here in Spring Hill, FL! He may not know it, but he's really winning at the L/O game!

It's been my experience that 90% of L/O fail. Which means 90% of the time we retain their "Option Fee" (not a down payment). This also means we're able to retain their "principal balance payments" (the amount over and above standard local rent rates). Because they default on the Option, all advance payments, etc. default to back the Owner. 

Example:

We purchased a project 'subject to' and acquired it for $17k.  The home is an '05 4/2/2 block on quarter acre lot.  I wound up renting it out because we had an amazingly qualified tenant approach us, but originally my goal was to L/O this property for $10k-$20k Option Fee, and play the numbers that they'd fail, and I'd get to do it again.  By doing that I'd be at an INFINITE return on investment as soon as I collected $17k in Option Fees on the property.