All Forum Posts by: Lance Gordon

To Potential Investor,

This 5/3 single family home has amazing AirBNB revenue potential based off of AirDNA analysis or for a fix and flip. Located in a prime tourist location with a sunset lake view. The house is currently under contract since yesterday but need to secure funding for renos before closing. Amazing upside with this property based on comps as well. We are working full time and have workers ready to get this up and running. I am a former dentist and now have dedicated my time to contract work and real estate.   Let me know asap if interested.

Thank you!

Lance Gordon DMD

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I guess I didn’t describe it clearly.  My friend would only provide 50% of costs but I’m holding title, note, I have and will do all work. How would it be split in that scenario?  

I have been searching for 6 months and finally wasn’t beat out by a cash buyer! I would like to rent the property out with mid and/or short term rentals.
I’m excited but also very hesitant to take the financial risk and make the decisions alone as this is my first house.

My friend is willing to JV with me by going in 50/50 for closing costs, down payment, monthly mortgage, fees, etc.

My friend will be willing to do very minimal
work like phone calls and be a sounding board for our venture. He has a full time job that keeps him busy. I however have made the move to do REI full time now.

Considering the following what’s the best way to structure our JV:
I have been looking for a deal for 6 months, traveled, put in offers, and found this one finally. (Might have had analysis paralysis since it was my first time)
The note is under my name.
I will cosmetic rehab it myself (I plan on doing most of it myself as I like DIY despite my inexperience) bathroom and all the floors to start.

I usually see deals where investor puts up all the money and the other person does all the work and they split 50/50 but I had trouble finding this scenario.

What would be the best way to split equity, profits, etc?

Thank you!

Lance

Thank you Kristina!  I would be open to connecting with your lender.  I'll send you a PM. 

@Henry Clark I have taken a while to get back to you because I just don't have those numbers yet. I understand they are necessary as a serious investor so I will do it and get back to you. Thank you for challenging me :) Long term REI goal is to own multiple properties, which are single and multi family currently unless that expands in the future, and receive enough passive income from them to retire. We can get in to specific numbers. Your guidance is appreciated!

@Luis Somoza thank you so much for that feedback. It was very informative and insightful!  It makes sense

Hi All,

My situation: First time home buyer. I was approved for $320K by a lender. I am located in Florida but I am open to relocating anywhere in the US for the right opportunity. My plan before I knew anything, was to buy a tri or quadplex with an FHA loan, house hack, and STR or MTR out the other units.

A few weeks ago I was looking at a Quadplex 2/1 in North Tampa listed at $749K.  My lender couldn't make the numbers work using the rents from the two units that were already rented out.  He also said, in general, he could not include rents for prospective future tenants in his calculations.  He said the other units would have to already be rented bringing in rental income for him to include them and qualify me for a higher purchase price.  I hadn't heard that before.  His advice was to look at single families in the range I was approved for.  I spent a lot of time looking at multis that I couldn't get approved for and now have shifted to looking at single families.

I have heard FHA and house hacking a multifamily pushed so many times on the BP podcasts as a first time home buyer so I was convinced that that was my best route.

Do I just accept that I will be buying a single family for my first property, find another lender, and/or move to another state where multi families are more affordable?

Also, because I am open to relocating, does anyone have any advice of where in the US I could qualify for a multifamily and is a good area for STR?

Any advice or guidance is appreciated.

Thank you!

Sincerely,

Lance aka Overwhelmed and confused

@Jordan Ray @Alissa Kronovet @Desiree L. @Rob Glasser

According to some articles I found on Google delray limits Airbnb to 3 times a year.

Here are the articles 

https://thecoastalstar.com/pro...

https://www.wptv.com/news/regi...

@Danny Polanski oh I understand. Yes that could be a feasible idea.  I guess I would have to get a big loan or investors to finance that. I’ll look in to it as an option. Thank you.

@Lawrence Potts thank you! Great advice 😊

@Jordan Moorhead yes! I have some meetings set up with realtors in different cities in Florida to look at tri and quadplexes for house hacking. Thank you for confirming I might be doing the right thing to start 🙏🏼

@Scott Mac 
thank you! I could potentially teach but then I’m trading all of my time for money and the goal is financial freedom.  My disability income is not fully taxed so my income would actually be somewhere around $65k. Not sure it’s worth the trade off for $100k working as a teacher full time

@Danny Polanski
Thank you! I guess in that case I'm not choosing one or the other. I just know that building and running a dental practice takes a lot of time, money, and effort to grow and make profitable. I'm not sure I could do REI at the same time.

Thank you for the advice! Having dentist classmate/friends who have good income are great sources to finance these deals. I'm not as familiar with DSCR but will look more deeply in to it.

Hi BP family,

Full disclosure: I'm a single 40yr old dentist, have no home, and have $100k to my name (half in an IRA) and make $56,000/yr passively through long term disability income.

I enjoyed the freedom of not having to work for a few years now, as I worked on reducing my back issues.  However, I am ready for the next moves.  I need to make more money to set myself up for myself and a potential family.

The complicating factor is that if I go back to work and make over $1,300/month through work income, I will lose my $56k in disability income.  Hence, my interest in investing as it is not considered work income. 

Now for the actual question:

With all this free time, I have immersed myself in learning all about REI for the past 3 months and find it exciting.

I am currently deciding between RE investing and dental practice investing (I have never owned/run a practice) as a way to creat more passive cash flow.  I’m looking at house hacking a Tri or quadplex, flipping, and the other 10,000 ways to invest.

Could anyone, especially experienced investors or people with dental office investment knowledge share their insight and guidance?

Should I pursue REI or dental investing? More specifically, which could provide more passive cash flow, which is faster/less difficult to scale?

If I do REI what would be the best way to do it considering I have a lot of time and my financial situation?

Thank you for hearing me out.

Lance