All Forum Posts by: Account Closed

There is a great pod cast here on BP covering most of your questions .. but , if it were easy and without risks then everyone would be doing it .. you can win big but in my experiance the bigger the win the bigger the risk .. I wish you all the very best ..

God Speed, 

Michael Short 

@Adam L. hello and congratulations on deciding to invest .. It is not a easy decision to make . There should be no reason to take out a loan on your first flip if you have $150k to work with .. most of the properties I look at are under that amount including rehab .. I just missed one last week .. I and my one partner offered exactly their asking price of $45k but they pay closing ..they got another offer and accepted before offering us to go higher .. I found out their other offer was full ask plus closing costs .. that one stung a little .. it was listed buy a wholesaler right here on BP .. Im not sure why it was handled that way but it was .. anyway my point is though .. it was a 3/2 1600 sqft pool home in Inverness, Fl ( about 50 miles north of Tampa ) and it needed every bit of $40k rehab for a flip but the Arv and Bpo was $140k to sell quickly .. the rehab should have only taken 5-6 weeks and est TOM was 30-60 days. Somebody else got that one but those deals are out here .. but , you may have to step outside of Tampa to find them .. I do work with a few out if state investors and I am willing to talk with you about partnering up if you would consider it .. I already have somewhat of a system in place but can adjust it accordingly to your needs . 

I will send you a request .. either way I wish you and your wife the very best and Thank you not only for the opportunity but also for your service to this nation and the people who enjoy its freedom . 

God Speed, 

Michael Short 

Congratulations ! .. it is a very difficult thing to over come the fear of possible failure and decide to invest in real estate . Just make sure you dont get in a rush.. If you buy correctly your you should fine .. i wish you the very best ..

God Speed, 

Michael Short     

@Britton Durbin hello and welcome to BP, Im sure someone will chime in and give you a bunch of hyperlinks and book recommendations soon . I would but i onoy have a few mins .. I just wanted to say thank you for your service to our nation , ni matter in what manner you did .. fact is you did so , Thank you again ! .. 

Congratulations of deciding to invest in real estate and fir finding BP.  I hope it changes your life like it has mine ..  

I also wanted to suggest you get you bum to MCRIEA .. if you havent already , they meet every 2nd tues of the month at the Comfort Inn on 200 near I-75 at 6:30 .. there is no charge for the first first and a lot of people get together afterwards for coffee and conversation at Denny's .. I hope to finally make it again to the next meeting so, i hope to see you there ! 

I wish you the very best...

God Speed, 

Michael Short 

It will change .. just wait it out .. also have you considered partnering with a wholesaler or someone who might have a property available but not the funds to fix it up .. got to get creative sometimes .. i wish you the very best ..

God Speed, 

Michael Short  

@Hannah Hammond I look everyday .. and sometimes i get lucky .. just the same thing you hear from everyone .. network , look, be aware of your market ..that way you can recognize a deal when you come across one .. For example .. I have had my eye on a property for a few months .. noticed it was all over grown and not being lived in .. so as I was sending letters to the owner hoping to get their attention , i just looked at it everytime i drove by .. one day not to long ago .. bam .. i saw a van parked there and someone was mowing the lawn and the trees were cut and being cleaned up .. I figured thats why i never heard back .. someone already bought it .. so .. i kept driving .. then i thought .. what the heck , and i turned around . Come to find out the address the letters were going to was the owners northern property and he was down here in Fl for the winter .. when i asked him if he wanted to sell , he said .. i might but I'll need top dollar for it .. I asked .. what do you think that is ? .. he replied , oh..$35k .. my eyeballs almost popped out but, I kept my cool and said .. can I look at it ? .. long story short ..I looked at it ran home and printed a contract , took it to him and he told me his wife refussed to sell. I sent the contract home with him .. hoping he could talk his wife into selling .. Im still waiting and asked him if his wife was looking for more money ..which he replied yes , so.. I told him to give me a number and maybe I can work with it .. he has not yet .. I know this is a example of one i have not put under contract yet but it still is how I find properties sometimes .. I just hussle the best I can .. by the way, that house was a 4/2/2 2600sqft on a 1.3 acre lot that needed about $50k worth of rehab .. the Arv was around $200-220k .. would be nice if i heard back from him .. I was willing to go much higher .. might still make another offer .. just giving him time .. 

best of luck .. 

God Speed, 

Michael 

@Robert Aurie .. nice Robert .. I would vote on your post but i dont know how .. 

Although , i do look at all properties in Central Fl.. I wish you were up nearer me .. up here in cow town Bushnell area ..lol.. like i said though .. Ill drive to Tampa for the right deal .. Just wanted to say that I enjoyed you ad .. hope it brings in more business

God Speed , 

Michael .... 

@Dmitry Shyshkin i agree with @Brandon M. .. you need to vet your realtor just as you would any other person you deal wth in real estate .. them being investors helps them understand more clearly the ideal situations .. the best realtor for investors are one's who invest themselves's and attend investor meetings .. one's who keep a eye on the market and know the area .. ask them anout cap rates and if they go crosseyed then RUN away .. lol.. i would suggest you attend some Reia meetings also before you buy unless you come across a no brainer .. which i doubt you will find through a realtor who doesn't have pocket listings or off market properties at their disposal ..If i was buying a hold property .. I would find a wholesale or off market one that needs a bit or work .. not to much but enough .. you can get a bridge loan or even hard or private money if funds are a issue .. the money you spend on loads will hurt the Roi value some but if you buy right ( which is the number one key to this business ) you should still be well ahead of the curve. 

Another thing I aways think about .. why buy one when you can buy three or four or six .. I admit I dont know the Tampa market very well but I do know it just makes sense to try to by multi family when buying a rental .. I have seen 2-3  .. 6-7 unit properties come avalible in the last week .. all priced around $250-330k .. of course they were not in Tampa .. Im not sure of the price range you and your wife were thinking and its smart not to disclose that online ..We get newbie's on here sometimes that post ... hey! I have $250k in my bank .. It's never smart .. lol.. I would like to take a moment and congratulate you and your wife on a few things .. one, deciding to invest in real estate .. it is a big deal and can be scary so you two deserve a congratulations.. and two .. finding BiggerPockets .. this is by far the best real estate website out there .. yes, they are still improving it but, it has literately changed my life for the better and excellerated my real estate investing career.. Just being able to get advice from seasoned proffesionals is priceless ( well im sure we can put a price on it ..lol. ) sometimes .. 

I hope my 2 cents helps .. and i wish you and your wife the very best of success ..

God Speed,

Michael Short  

What @Adrian Smude said .. do your due dil carfully as the neighborhoods seem to change very rapidly in Lakeland .. that being said I have seen what seems to be pretty good deals pop up there .. I have not invested there yet though .. keep us informed on how it goes ..

I wish you the very best .. 

God Speed, 

Michael Short 

@Hannah Hammond Hello.. 

As to your question about if anyone is doing better than 20% ..Well ..the golden rule is 70% puchase price after rehab and fees . so if you have a property thats worth $150k arv but the rehab and fees is $50k then you need to purchase it for a maximum of $70k which will net you 30% .. I will not even consider anything under this figure .. maybe I have to many to choose from but my flip in am doing now has a projected profit of 65% roi .. and i am putting in a offer, hopefully by tomorrow for another one that has around 50% roi .. 

The only way i would consider anything less is if it was a turn key quick flip .. 

hope this helps .. i wish you all the very best luck ..

God Speed, 

Michael Short