All Forum Posts by: Lloyd Silver

I recently watched a video that David Greene produced. He talked about how in our current environment it's not easy to just go out and find great deals. Instead, we need to make great deals. 

A couple of great examples are adding additional square footage or turning space into an extra bathroom. 

What are some other ways of taking a decent deal and turning it into a great one by doing something others aren't likely doing? 

Any tips or suggestions for filtering through MLS Listings to find SFHs worthy of furrher research as rental properties?

Obviously,  the specifics like listing price will vary based upon the area and individual preferences.

10% has been my number as well although not sure if that's high enough in this environment. On the other hand, almost every offer price I see brings a cash on cash return in the 6 to 8 percent range. 

As the title asks, what kind of cash on cash return are you looking for in the Fort Myers / Cape Coral areas these days? For SFRs and Duplexes? 

With what's happened in the stock market coupled with an increase in mortgage rates, what kind of cash on cash ROI are you looking for these days on long term rental properties?

@Ashley Simonelli Thanks. I'll reach out.

I'm looking to acquire properties in the Fort Myers / Cape Coral area and am beginning to search for a good, investor friendly lender or mortgage broker. 

My plan is to call credit unions and small banks (maybe less than 10 branches) in the area. I'll gather info on rates, criteria, seasoning periods, LTV, etc. But what are other questions that would make it clear a lender was or was not going to be a good fit.

Anything in particular I should look out for as it pertains to the local area? 

@Joseph Cacciapaglia thanks for those insights. Great points about using it to become established and start building a team that knows I'm legit.

After much consideration, I decided that using a BRRRR strategy was best for my goals and skill set. Good deals aren't obviously easy to find.

I'm trying to decide if I should :

a) just be patient in my chosen market and wait for the right BRRRR deal even if it takes months

b) also look for a small MFR (my #2 strategy choice) so I can start investing while waiting for the right BRRRR deal

c) expand my market into a 2nd location (I'm out of state and like my initial market as it's backed by good metrics and I have family in the area which can help mitigate some of the risks of out of state investing).

I'm leaning towards looking for a duplex as it won't prevent me from buying a good BRRRR. But there's a good argument to staying focused on BRRRR to hone my skills in a single strategy. I'm just concerned I wake up several months from now and still haven't found a good deal.

Thoughts?

Ha ha. Would love to. I'm having a hard enough time finding a SFR BRRRR. But yes, if I found an MFR BRRRR I'd jump on it.