All Forum Posts by: Manny Del Val

Hello, I been doing my taxes by myself with my wife as she is in the financial industry, but our taxes are becoming very complex. We have 2 companies my real estate agent company and our investment company. We both have w2 and we have multiple properties in our portfolio. I am reaching out to the bigger pocket community and asking for any referrals for CPAs that have experience with real estate investors and also to look over our LLC setup.

If you have someone you personally use and recommend, please reach out to me. 

Thank You,

Manny

Is there another meetup. I am an investor and agent in Satellite Beach area. 

Hi I just purchased a deal all cash and I am looking to get my money out. I have tried reaching out to Credit Unions for HELOC could use some advice as to the best way to get the money back. Really prefer a HELOC as I will only be charged for the money when I use it. I seen that the HELOCS are only giving 50% return I am looking to get 90% of my cash back if possible. If anyone has any advice or recommendations please let me know.

Investment Info:

Condo buy & hold investment in Jensen Beach.

Purchase price: $225,000
Cash invested: $45,000

Short Term Vacation Rental that is rented 6 month out of the year right on the beach in Jensen Beach

What made you interested in investing in this type of deal?

The ROI on this is incredible this property has already appraised to over $350K in little over a year. There was a similar unit that sold for $399K and I am also getting Cash Flow as its paying for itself and leaving me some extra money and I get to enjoy the beach also. Its a win win win situation.

How did you find this deal and how did you negotiate it?

Deal was found on the MLS during the start of the pandemic. People where selling and I was able to negotiate a cash deal on this and lowered the price some 15k From asking.

How did you finance this deal?

I used my IRA to pay for it Cash and then did a 60 day rollover to not be hit by any tax penalties.

How did you add value to the deal?

We updated the Kitchen, Bathrooms and Bedrooms with some new fixtures and accent walls

What was the outcome?

Great Short Term Rental Property

Lessons learned? Challenges?

I would look at restrictions for rentals more closely and get a better idea on these from the HOA. The 30 day minimum rental does restrict my AirBNB type clients as usually they want a week and a 30 day minimum is tough.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I recommend myself I am an agent and would love to help anyone that needs it.

Hello I received an email about TMD Capital and their loan programs. The program seems good for fix and flips 90% Purchase 100% Rehab at 8.75% Rate. They also have 30 year Fixed Rentals at 75% LTV 5.99% Interest Rate.

I wanted to know if anyone has used them in the past and what is your experience. 

Thank You

Hello we are a South Florida based family operated company looking to buy homes/condos/town homes/land in South Florida. We are looking from St Lucie County to Miami Dade County. We buy in A, B, C, class neighborhoods. We stay away from war zones. Typically looking at properties that need rehab work we can handle any type of rehab. We try to buy at 65 - 70% of ARV will go up to 80% if the property is worth it and numbers work, but we typically stay at around 70%.

If you have any properties that match my criteria I can be reach at [email protected] 

Thank You

@Ryan Rudy I bought 2 properties cash recently and I start my negotiations at 10 to 12% below asking price. I won't settle for anything less than 7% below asking price. My last 2 properties was at 8% and 7% below asking and my recent one appraised at 25K above what I paid. Cash is King and it wins out over traditional financing both properties I purchased had traditional buyer who offered more but they saw my proof of funds and knew they had no issues closing with me. You have to pay for that peace of mind. Sone people will do it and some won't and if they don't its not for me.

Hope that helps.

Looking for companies that will help in acquiring unsecured business lines of credit. Does anyone recommend any of these companies that can help me acquire 250K to 500K in unsecured business credit. I would ideally like 0% at 24 Months and nothing hire than 12% after that. If anyone has a suggestion please contact me. 

Thank You

Investment Info:

Single-family residence fix & flip investment in Pembroke Pines.

Purchase price: $210,000
Cash invested: $50,000
Sale price: $325,000

Pembroke Pines Flip as you can see the property was in bad shape. With a lot of hard work, help from our contractors, sweat equity, and tremendous effort and support from our family, business partners, and friends we were able to fix this property and make a nice profit.

What made you interested in investing in this type of deal?

This was an REO that I looked into. The numbers looked good. I checked out the Neighborhood. It was in a good working class area that was not to far from my home. Numbers looked good and decided to pull the trigger.

How did you find this deal and how did you negotiate it?

The deal was found by going to another property that was for sale with another realtor and networking with a realtor who was showing the property to someone else. I got his business card and asked if he had anything that matched my criteria and he showed this to me.

How did you finance this deal?

I used my IRA money with a 60 Day Rollover (then Refinanced it) and Home Equity line to buy this cash.

How did you add value to the deal?

I completely renovated the property.

What was the outcome?

I was able to sell this for a nice profit

Lessons learned? Challenges?

Flipping is not easy. Its Stressful and you need to have patience and have a plan of action. Sometimes its better to pay someone to do the work than you doing it yourself specially when you have high holding costs.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Francisco Ramirez is my agent. I highly recommend him. He understands construction costs and is great with investors.

I am looking at the option of using Hard Money Lender in FL to buy at auctions. Has anyone used this process in FL and have a lender they recommend.