All Forum Posts by: Matt Nico

@Ben Morand

You dont even need to network to get the first one. Thats an excuse 99 out of 100 people make that they need to “network” or “study the market”.

Thats what a realtor is for. Since you are one you should have this ability already. IF you have no contacts or market research in the area you live in then id question your ability as a realtor to be brutally honest (unless you are super new). Id suggest you hire a different realtor for the first one and lean on their knowledge, contacts, and overall skill. Or lean on your broker. As a buyer its not like you are paying them anyway. Don’t worry about 1-2 commissions you miss out on. Experience is more valuable.

Hope this helps,

Matt

P.S. sorry for being so up-front and blunt...I dont like talking fluff.

Hey Ben,

It sounds like you are too far in to studying without having a property in hand. That 75 unit total and 5 units this year is not a very good goal at all in my opinion. I'd strongly consider throwing that in the trash and starting over.... 

Here is why: In the beginning (and also in general) you should focus on your base and acquire quality properties over quantity of properties. I see a lot of what kinds of cash flow and appreciation other investors are doing on here, and I'd much rather buy 1 property that cash flows $1,500 in year 1 than 5 properties that cash flow $300 each. Your investment will be much safer, you will have less maintenance issues on 1 house than 5, and when you go to get that 2nd property that $1,500 cash flow helps your Debt ratio so much you can go bigger if you want fairly easily. 

My advice to you if you live up near Gainesville is to find a property near campus and house-hack it. Buy a 4-5 bedroom or something similar and rent the other rooms out to friends or other college students. You should be able to live for free and cash flow a bit at the same time. Then when you move into the next property that 1st one will cash flow even better. I'm no expert in the Gainesville area by any means but I have a lot of experience in the college environment and this should work wonders for you.

Happy Housing,

Matt

 Dustin,

Have you found any good local options for lending and banking? I am currently looking as well. I cannot stand BOA anymore....haha. Time to give my business to one of the little guys.

Justin,
Sorry to give you some tough love here, but if you have been researching and "thinking" about getting into real estate for a couple years, you don't need a meetup or a mastermind or more material to consume. You need to buy a frickin house. Forget about building a multiunit on a piece of land you will never find. Get a realtor, have them send you some houses, and find one that cashflows even $100 and go for it. 

I recommend a house-hack in the Disney area. I have been doing them for years and my cashflow on every one of them is $1,000+

Happy housing,

-Matt

Clay,

Shoot me a picture of what you have and what you want done and I can let you know if I can help. I have a lot of contacts in the area as well that do different remodeling projects.

-Matt

Hey Josh,

Sure. Feel free to message me with any questions.

-Matt

@Ryan Moyer

When i read the $50 for staying in your own home i had the same reaction as you. I actually laughed out loud. How a LM company could charge the hand that feeds them is absurd.

@Kristine Eickman

I literally could not have said this any better. Bravo for your comment.

Most of the management companies in Central Florida are pretty bad in my opinion. My plan is to bring it in-house.

Cooper, 

Yes I put $15,000 down on a $280,000 purchase price. Seller carried $265,000 note. And I personally put $0 in for vacancy. I have never had a room or home open in the entire 5 years I have had rentals. I fix up the entire house top to bottom when I first buy it and get a hundred messages a day on a home I post for rent. I really don't have any capx in any property I own either so my repairs and maintenance are also $0. Worst I have had is a jammed garbage disposal or a leaking toilet.

And I set this deal up in a way that I will not have to put any cash in at refi. It should be clean at the end. I'll have about $65,000 in equity and a cash flowing rental in place when finished with the refi. 

@Alice Horn

This is great news, and thank you for the reply!!! Yeah i figured my numbers were a bit low but id rather be conservative. Even with those numbers i plugged in it looks like ill be at over $1,000/month in cash flow after everything.

What are the averages you are getting per night? I am fully remodeling this place to look like a farmhouse style so im hoping i could go over $150 once i establish the home. Ill message you personally when i have some photos

-Matt