All Forum Posts by: Kevin Mika

@Mark Dutton

I would say location is a biggie. I also look for properties that have a bigger buyer pool. A 3/2 is better then a 2/1 for most buyers. I wouldn't worry to much about the rehab cost unless your inexperienced. Then it's just a matter of learning and estimating your rehab. A little leg works and a few sheets of paper but nothing that can't be done. And for the Capex items I just budget them in my rehab budget. If I need a roof I just budget a roof, same with AC ect. A roof is easy to put on if you just call around and network with other investors. Plus having those big ticket items already replaced and new is a big appeal to the new buyers. Most 1st rehabs should be simple where you just do a cosmetic update. If you start moving walls or doing bed/bath build outs and don't know what your doing your rehab budget can get away from you. Also network with other investors that are actually doing rehabs and have them walk the property with you. Their knowledge will help greatly.

@Angel Bermudez

I also use Barbie at Greenleaf Title in St. Pete. Very investor friendly and knowledgeable in all area especially Land Trusts and creative deals. She has closed 15-20 deals for me in the past few years. She works with a lot of other big time investors in the area.

Also Gulfside Title is recommend by a lot of my investor friends.

@Michael Frattallone

I wouldn’t call Lima a private lender at all

The private money lenders I use won't loan to anyone they have a vetting process or need to know you in person. That being said there is nothing stopping you from attending IRA meet ups that deal with self directing IRA/401k account. These are private lenders that are have money and need to invest it to gain a return. Also RE meetups have a lot of investors that use private money.

It’s not hard to find them but you will have to do the leg work. Also the lender I use the most at first wouldn’t lend to me because I hadn’t meet him yet. So I used another investor “say investor b” that wrapped the loan for a 1% spread. I paid investor b and they paid investor A until I refined out and paid investor a his money back. Now investor A deals with me direct and cash comes in a under a week. Most of the time it’s full purchase and rehab money for that deal. This just being straight interest only loans

Have you used any private money to take the deal down? that should give you a sometime to refi it at rate and term with a lender.  If it cash flows $1500 I’m sure a deal could be worked 

@Wayne Fung

If you are just planning on holding this property then the additional cash flow from another unit is most likely going to cover the cost of the buildout. Depending on the extent of the rehab that is needed. I have a few crews that I use to handle my flips and I have a few good GC’s that could pull permits and can get the job done correct. I’m local in Clearwater and can drive by and take a look and give you my estimate on a buildout Mother in law suite

Have you ever thought about buying in a trust with the LLC as beneficiary? This way your trustee is local and can sign and except notices. I do multi flips at a time and always buy in a trust and have not experienced any issues. I also am a local agent flipper investor that could serve as your premise agent but I believe land trusts protect you more and is the better route. I have a local title company / trustee company I can share their contact info if you wish to have It.

I’m in the St Pete/Clearwater area and know the area really well out here.  I know some of West Tampa areas as well if your looking at investing let me know and I’m on the ground everyday driving, looking and working on my rehabs.  Let me know. 

Did you buy this property using your VA benefits? If so once you move are you planning on using the VA to buy the property? You can only have one at a time. That being said you could you could refi the loan at cash value and gain a smaller monthly payment putting more cash flow in your pocket. I would personally hold the property. If you need help with management of your property while your away I can handle that for you also.

@Evan Jones

I am in St. Pete/Clearwater area and just I have used a lender now that has just closed 2 refi’s for me in the last few months. He would be able to help you out and has shown he can close the deal. If interested send me a PM and I’ll send you his info

@Madhavi Othuluru

I have had this happened on a condo I manage and the eviction company told me that since no money changed hands just to walk away instead of trying to get her to paying and moving in. At this point if your force her to move in you have a disgruntled tenant and maybe this is just the start of things that could come your way

I wouldn’t waste my time and start advertising the unit today. I since have stopped signing a lease without the move in funds being paid in full. Call evictions plus in Tampa and I’m sure they will set you straight.