All Forum Posts by: Kevin Kohler

Hi,

I have a client that bought a home a year or so ago to hit and renovate to a great quality SFH to be used for STR revenue. After the initial contractor scammed my client for some big deposits, they were able to get things moving in the right direction. They have since finished all structural and most framing and my client is coming up short to finish the project. We are seeking the remaining 130-145k as an interest only loan for a few months to install finishes/punch list and then my client wishes to re-sell the property to recoup her losses and pay back the debt.

I'm looking for someone interested in offering a short term hard money loan to complete the Reno and allow us to market the property at its ARV value in the $900k range versus selling it as-is, which would be a precarious position selling a half-renovated house.

Location: West Palm Beach

Purchase price: $400s

Seeking: $145k

Credit: 720+

ARV: $900k+

If you would be interested in discussing a private note for this, please message me, call, text, etc.

Each municipality has its own requirements.  Dade is the most tricky and that is why many of the new condo towers being built are being built and marketed as "airbnb friendly."  After underwriting a lot of properties across FL, I would lean towards PB as well.  margins get tight in the FLL metro.  

I don't want to get too generalized in the forums and overall there is a lot of difference.  

Are you going to House hack the multifamily by buying a duplex with FHA and living on one side?

Are you practicing real estate full time or did you get your license to save a buck on the commissions?  Happy to give some pointers if you want, thought the message leaves a lot of ambiguity so let me know what info you want to tackle first...

@Jorge Armas I think you are already seeing the gambit of proposals and negotiations JUST FROM posting the screenshot on BP.  The facts are very simple:

-Some agents will say and do anything to "earn" your business/trust

-At the end of the day, the SELLER should be paying 100% of the costs associated with the purchase on residential property.  
-You aren't required to sign a home warranty agreement
-You aren't required to sign a BUYER agreement
-Remember who the real estate broker works for...YOU!

-Even if a seller is paying the cost, you still end up covering it when you buy the property...SO - interview the agent, make sure you like the way they speak and act.  Make sure they know their stuff.  Depending on the type of asset you want to find, maybe I am the right choice, or maybe Adam or Jay or someone else is a better fit for you.  

A real estate agent has a fiduciary duty to protect you with real estate.  Your lender has a duty regarding the financing.  Attorney for title/protections, etc.  

All my team and I ask of our buyer clients is to understand we can only take a limited number of buyers at a time and that we Value our weekends and afternoons as much as any other person, therefore if we find you a deal, we would expect a fair compensation for the value we provide.  

-Target Cost/door?
-Target CoC yr 1?
-Target Cap @ Acquisition?
-CapEx Appetite?

I am in discussions with several properties that meet the criteria you have outlined. 

My team and I are happy to help and we have an agent that lives in Delray to be your local expert and point person.  

Welcome and enjoy the resource!  I run a meetup as well in the South FL area, so let me know when your coming around!  You can see our calendar of events at www.gridfortlauderdale.com (free and safe place to network and learn more about REI)

My clients have been enjoying the properties in SFL they we have found with them.  Demand has remained high while you need to always dig deeper on the data points and see several scenarios for the investment.  Do you use a paid version of airDNA or only the rentalyzer?

Where do you find these deals?

It's the first question most folks ask us when discussing real estate investing and for good reason: the best deals aren't just sitting out in the open—you have to work for them.

At this month’s meeting, we'll talk about how to choose an area, how to "brand" your message, how to get that message out to the public, how to manage your marketing, and much, much, more.

Hint, hint: It's all about getting the phone to ring.

Come for the training, stay for the networking!

We are not selling any product here.  We are only discussing and networking.  If you end up working with us, than great!  If not, we hope to network and help each other grow in other ways!  Come by and share your experiences, knowledge, and pitfalls, along with other local investors!