All Forum Posts by: Josh Stanley

@Ashley Lewis, did you ever get an answer to this?  I downloaded 3 books, and in total its over 40 files.  Trying to figure out a way to listen while mobile without important each file into itunes.

I've had a rental and a flip in Florida in my own personal name.  Does that technically mean I am already operating as a Sole Proprietorship in Florida?  I am a bit confused, as I have read contrary statements as to what is required to be a sole proprietor in FL.

Next step for me is to register a business name. I don't think I do enough yet to warrant the move to LLC, but I would like to build a website and start doing business under a business name....instead of my own personal name.

Whats required to start a Sole Proprietorship in FL?  

In order to have a website with a business name, do I need to register that business name somehow?

Anything I may be missing?

Interesting @Joshua Schoer... I had not thought of the weekend because we always seem to have something going on with two kids (and its usually unpredictable), but I am not opposed to try.  I am starting to realize why all the other meetings are on the weekday evenings.

Great....Southside area OK.  I dont have a problem driving if there is a place more central, but lots of folks work on the southside already.  Thinking Coffee/Breakfast around 8am? 

Would anyone be interested in a Real Estate meetup during the day in Jacksonville? I have 2 kids (6 & 10) and it’s tough to get to all the local REIA meetings at night (there is always something going on with softball, tennis, dance, etc...) but I can make time during the day. I am thinking 1-2 times a month for either coffee, lunch or happy hour to network with other investors, talk local markets & perhaps start a mastermind lite group over time.

@Brandon Ellis...how did the move go? Are you actively investing?

@Gary Lawson....I think you are doing it right.  It just varies greatly.  

For example, the deal we are working on right now we are replacing nearly everything (flooring, Air Conditioner, Electrical, Plumbing, windows, drywall, kitchen cabinets, full bathroom & the room has 20 years left). There is just not a lot left that could go wrong in the near term. I may only use 5% CapEx savings in this scenario because the bulk of large costs should be delayed.

Without knowing your deal, I think 10% is fair. It could even be higher if you know the roof only has ~5 years left but you are not interested in replacing it right away.

@Gary Lawson... John Leavelle makes a great point about Maximum Allowable Offer. He wouldnt do the deal at $90 a month in cash flow, but that doesnt mean he wouldnt do the deal. Understand what that MAO is and make the offer that gets you to a point of healthy returns & cashflow. Or see if there are ways you can improve expenses since Cashflow can be improved by lowering costs or increasing revenue.

Personally, I dont have enough experience to guess. I have to either get quotes or over estimate (which is a risk of losing a deal). Looking at your numbers the only one that jumped out at me was 10% for Capex. That may be high, but you know the property bette than I do. If there is some larger projects that are not a part of your $20,000 rehab budget, then thats probably right. If you are knocking out all the major capital costs up front before renting that number of $120 per month may be higher than what you need (not the end of the world...I find it better to be safe than sorry). I would strongly urge you to use the BRRRR Calculator in Bigger Pockets. Its change the way I think of REI strategy.

On the surface, it appears you are doing everything right.  Make the offer that works for you.  Expect most of them to be declined so no hard feelings.  Move on to the next one.

@Gary Lawson ...these numbers are extremely close to nearly everything I look at as well. I look for $200 or more cash flow, but the fact is, the difference between your $90 cash flow and a $200 cash flow goal are some estimates. Estimate on repairs, estimate on rent, estimate on vacancy, estimate on capex, etc.... Estimates are the difference of this being a good or just ok deal! If you are very confident in your estimates, then you may try to recalculate with a lower purchase price. If your estimates are conservative you may have a decent deal.

Do you base this 1% test on ARV or total amount invested (Purchase Price + Rehab Costs)? I find that I can rarely make the numbers work in my area based on ARV but If i use total amount invested (Purchase Price + Rehab Costs) I can usually be 1% or more.