All Forum Posts by: Loyd Frazier

Hi BP team,

I have a small 2/2 in Beverly hills Fl with no mortgage. Estimated $85000 retail and rents for 850. I want to use some of the equity for make ready on another property. My silent partner (my wife) doesn't like to have more that %50 of the value mortgaged, its more than enough to cover what i have planned. I like  to deal with local banks when possible . So i have called a few local banks but they want to do a full refinance or nothing and aren't entertaining ideas of a home equity type situation with a rental property. I thinks its probably in the way i am asking and what i am asking for that is more of the problem but figured I'd ask the BP community for a suggestion.

Any suggestions for lenders in the Marion and Citrus counties and what i should be saying?

Hi @Tyson Volpi, its excellent your starting to look into this path so young. Books, podcast, forums are good advise. Also let people know what your interested in real estate is a great way to get knowledge. You will get allot of naysayers but it helps thicken the skin and worth it if you find one good person.

The advise that @Eric Gardiner and @Jody Schnurrenberger give about working in the industry is excellent. I would recommend trying to get some mentoring from someone doing those jobs or from local investors and landlords if you can.  Run errands, answer the phone take notes, pick up trash on a site, what ever. I would avoid kicking in cash to a deal until you get a feel for things, there are some snakes in the grass. Use your age and eagerness when asking what you can do to help and learn. Allot of successful folks are willing to help but dont have the time and many will be impressed at you starting so early. Be respectful and follow through with what ever you said you would help with. Also, if a person turns you down the 1st, 2nd or 3rd time keep trying because the more successful they are, the less available they are. It may not be you, it may be their schedule. 

Ok, now I'm putting on my uncle, father, grandfather hat. You are going to meet allot of types in this business. Most are generally honest, hard working, careful folks but there are a few bad apples that would take advantage. Be open minded but keep an eye out for suspicious or slimy behavior, a good investor will be watching the same thin in you. And for Petes sake, dont sign anything without a full review of what in it. 

Lastly, Investing a slow grind now for a future return in monthly payments and equity. It has more risk for a planned greater return. Being an good agent is a day/night/weekend job that is less risky but capped at a percentage. Both are hard work with similar skills but the mindset is different. I cant give you and advise on actually being a agent because they have to deal with buyers/sellers such as myself. Im a real pain in the butt and i just dont want to deal with customers like me.

Good luck

This has turned out to be an interesting thread.

Thank you @Shiloh Lundahl for the feedback. I will keep plugging away with a goal of being able to contribute to the forums. And I learned how to vote.

Funny post @Michael Gansberg. If I ever come across like Mr. Moocher with my questions i hope someone is available to dope slap the back of my head so i get a little common sense back in me.

Shiloh and Michael, i tried to mention you but it didn't come through and editing doesn't seem to allow a mention edit. Oh well, I will continue to contribute, hope fully the quality will improve with practice.

Loyd

Yes quick books is helpful but i would rather sit in a dentist chair and I'm pretty sure I am not doing it right because its so painful (cant be that bad if people like it).  Anyone got any good bookkeeper recommendations?

Excellent post for a learning investor and newly active in BP. I also struggle with asking and not giving back. I had no idea that voting for a post was so important to folks, i will start doing that. I have also sent a few blank colleague request by pressing buttons or the awkward "can we be friends" request because i didn't really know what to ask. 

I was a long time free member of BP but infrequent user. I have made some changes and use BP for its intended propose and committed to reading forum post 30 minutes a night plus podcast and posting every other night. I even upgraded to Pro because of the value I am getting from BP members. 

Turns out while i have allot to learn, I don't have much of anything to contribute on  forums or to folks that have good info in the forums. Only a few post of "that is great thank you" and i started to feel like no help at all. 

I do search the forums for questions to see if they are covered elsewhere (its not an easy flow for the BP newbie) and have never thought of asking someone for paperwork they have paid for. I also dont want to waste someones time asking questions around info that i never plan to use. Though admittedly most of my questions are pretty bad, poorly worded or just plain dumb.

So fellow investors i ask, what can a BP Newbie do to help show they appreciate the information and contribute to the forums for others?

Hi Kenneth, i have the same need. I'm currently using shoeboxed for receipts and excel AND quick books online. I would love to find someone more qualified to do it for me. Any suggestions would be helpful.

Excellent, thank you for the feed back. i will look very closely at the numbers

Hi BP community, i am looking at several houses in a 55+ HOA controlled neighborhood in central Florida. I have asked for HOA documentation and they seem pretty open to rentals i as long as the people on the lease meet the requirements of a resident and follow the rules.

Other than the typical cost of a rental and adding a level monitoring from the HOA & fee, is there something else i should watch out for as an investor inside a community like this?

Any advise is welcome.

I have shopped central Florida for sometime and been shown a deal that has 4 SFH 2 bed, 2 bath stick built houses in a PUD with HOA fees around $100 per month. I have never delt with an HOA or panned urban development or owning rentals in a 55+ as an owner or landlord.

The numbers work pretty well for cashflow including maint, capx, hoa fees, insurance & property management , im not counting on any appreciation. 

I am requesting the HOA documents to read the rules for long term rentals (they verbally stated they did for year plus leases) and about any delinquent HOA fees on the properties I am looking at.

Is there any other cost, gotchas or things i should consider? Reading BP forums is excellent but reading the HOA opinions has me worried.

Any information would be a big plus. Thanks in advance BP team mates.

Hi folks, its an older post and originally asked about Gainsville and Ocala. How about the other direction from Ocala, anyone have any feedback on Beverly Hills Fl. for single familys?

Loyd