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All Forum Posts by: Neal Coppola

Neal Coppola has started 4 posts and replied 28 times.

Post: Incomplete new builds in Cape Coral FL

Neal Coppola#4 Real Estate Horror Stories ContributorPosted
  • Investor
  • Camas, WA
  • Posts 28
  • Votes 21

As an investor who had been engaged with Rent to Retirement and Delta Build Services for a new build in Cape Coral, I'll share my experience with the hope to add perspective.

I, like many, found Rent to Retirement through Bigger Pockets and as one that sees Bigger Pockets as a reputable company proceeded with reaching out regarding the opportunities that were being offered.  My due diligence on RTR found nothing but positive feedback, an engaged owner, and satisfied investors, mostly here on BP.  The opportunity that was presented was that of a new build, 4 bedroom/2 bathroom single family home to be completed at the time in a 12-18 month time period and at a cost much below market value and at current rates (at the time) would have significant cash flow.  So, to answer some questions - Why RTR?  They provided investors such as myself with an opportunity to own a property at below market value and if I chose to keep it as a LTR, with significant cash flow.  Why Cape Coral?  Frankly it was the location in which the above was presented as being possible.

Moving on to my experience.  From the beginning, most interactions were positive, however being in sales, I always felt like there was a snake in the grass.  I was introduced to a lender, an agent to find the land, and a builder, in this case Delta Build Services. I paid cash for the lot and signed a build contract.  After over a year, I had yet to have an approved building permit and very long story short, hired an attorney to get me out of the build contract.  I have since sold the land.  I consider myself fortunate as all in I only lost $20k.

I applaud Adam Bartomeo (as well as other local agents) as he has provided invaluable timely local market insights and information, both here on the BP forums as well as responded to questions presented to him privately.  

What I am unable to wrap my head around, and Robert you touched on this, is how do companies such as Rent to Retirement, Delta Build Services, and others come out of these situations with their reputations intact/not be in a class action law suit, etc?  RTR continues to have a 5 star rating on BP and is touted throughout the platform.  Ironically there is a sponsored at for RTR within this thread. 

All in all, I learned many very valuable lessons and hope that other investors that are involved in these unfinished builds are able to get to a point where they can put this experience behind them.  All my best. 

Post: What are your thoughts about Prenuptial agreements?

Neal Coppola#4 Real Estate Horror Stories ContributorPosted
  • Investor
  • Camas, WA
  • Posts 28
  • Votes 21

Whether you sign a legal "prenup" document or not, when you get married you agree to either the prenup or the laws in the state where you get divorced...

Post: First time with new construction: Cape Coral, FL

Neal Coppola#4 Real Estate Horror Stories ContributorPosted
  • Investor
  • Camas, WA
  • Posts 28
  • Votes 21
Quote from @Don M.:
Quote from @Neal Coppola:
Quote from @Don M.:
Quote from @Peter Davis:

You're a trooper @Don M. for hanging in there. It hasn't been an easy ride for lots of folks building in Cape Coral over the past several years, but one silver lining is the property values have nearly doubled since Covid, though the market has cooled recently. 


 For sure!  I'm eager to see where the market is when this is done.

 Don -

You've got quite the fan base here on Bigger Pockets all wishing that you have a positive outcome.  Having said that, any updates that you can share?  We're all rooting for you!!!


 Appreciate the good vibes.
We have a driveway, shingles, canal line is cleared and turbidity screen in place.  Home stretch, I hope.


 What's the good word?

Post: New build with delta build services in Cape Coral

Neal Coppola#4 Real Estate Horror Stories ContributorPosted
  • Investor
  • Camas, WA
  • Posts 28
  • Votes 21
Quote from @Huong T Nguyen:
Quote from @Mike Fisher:

I would be happy to share my experience with Delta Build with two words. STAY AWAY!

Thanks Mike. 
We went to Delta Build's office on Monday, left our phone number and was told someone woukd get back to us within 2 days. 4 days have passed and no one has called us back. Definitely not a good 

There are a number of threads here that if you read between the lines you'll find the answer that you're looking for.  As for my personal experience, at one point I was under contract for them to build a house for my portfolio as a LTR.  I was one of the fortunate ones that was able to get out of the contract and after all expenses (forfeited deposit, legal fees, holding costs, etc) lost less than $20k.  

Post: Cape Coral Land Sales

Neal Coppola#4 Real Estate Horror Stories ContributorPosted
  • Investor
  • Camas, WA
  • Posts 28
  • Votes 21
Quote from @Jason Wray:
Quote from @Adam Bartomeo:

@Jason Wray @Neal Coppola

Jason is 100% WRONG! He has no idea what is going on here and should refrain from spreading inaccurate information. I am a local broker, property manager, and investor in Cape Coral. This is the worst sales market we have seen in well over a decade. The median home price has dropped by $80k in 8 months, days on market has gone up by 800% in 2 years. The average home takes 3 price reductions before going under contract. The "storm" has nothing to do with the Cape Coral market as the it impacted us as a tropical storm.

The Facts!

There are 1,085 lots for sale JUST IN the NW Cape

Only 244 sold in the last 4 months

That is 17.8 months of inventory!!! An average market would be at 6 months of inventory. Just based on this number I would tell you it is a terrible market and Jason is completely inaccurate.


 Adam,

Please refrain from saying things that insult other people especially since I am an FDIC Banker and close deals Nationwide and in Cape Coral for my investors every month. I have worked with Mike Darda and George Patton over the years to help buyers find good deals but "Not land". Most of my buyers are in states like CA, NY, CT, MA, UT and buy homes every month in Florida.

The short term rental market is alive and well and to say I do not know the market because you feel its become cold is more of opposing opinions. Cape Coral has 425 Homes that closed in September alone and homes only sit on the market for 62 days on average.

My advice was to use the land to build a home to increase the potential profit and speed up the sale time.


 Jason - 

The reason I own a parcel is because my initial intent was to build a single family LTR and unfortunately I signed a build contract with a builder that I relied on a turnkey provider to vet.  After 18 months I still didn't have a building permit and decided to cut ties with the builder and forfeit my deposit.  While this decision cost me some money, based on others experiences expressed here on BP with this and other builders, I have no regrets.   At this point in time while I appreciate your recommendation to build,  I have no interest in continuing to be invested in Cape Coral and was simply inquiring about local retail market conditions. 

Post: Cape Coral Land Sales

Neal Coppola#4 Real Estate Horror Stories ContributorPosted
  • Investor
  • Camas, WA
  • Posts 28
  • Votes 21
Quote from @Jason Wray:

Neal,

Cape Coral is still a very hot market and land is always being searched for by Primary and Investment home buyers.  The hurricane will cause a little delay and its year end so its not the best time but land always has interested buyers.  It does depend on a few things as you know like price, location, and the extra's like what's there like water. septic, electric etc.

Do you have it posted on Facebook Marketplace and offered it to any agents or are you selling it solo? I am here in Florida just North of Cape Coral if you have any questions about the market or want to talk REI let me know.

Have you thought about building on the land because you can build a Vacation home and use the land as equity. Then when its done you can use it as a STR, vacation home, or transition into a long term rental.


Jason - Thank you for the insight. I ask because it has been listed on the MLS for over a year with two different realtors and I'm coming up on the end of my listing agreement with the second realtor and I'm trying to decide how to proceed. It is currently the lowest priced waterfront lot in NW Cape and has been for some time.

Then the question is, if Cape Coral is a very hot market, why am I unable to sell the lot?

Post: Cape Coral Land Sales

Neal Coppola#4 Real Estate Horror Stories ContributorPosted
  • Investor
  • Camas, WA
  • Posts 28
  • Votes 21

Long story short, I have a water front piece of land in NW Cape Coral that I have been trying to sell for nearly a year without success.  Being an out of state owner, I don't know the dynamics of the market.  Have things come to that much of a halt?  Is land still trading?  Any local input would be appreciated.

Post: is now a good time to buy investment real estate?

Neal Coppola#4 Real Estate Horror Stories ContributorPosted
  • Investor
  • Camas, WA
  • Posts 28
  • Votes 21
Quote from @Marc Shin:

With all the uncertainty going on with the world, with the wars in the middle east, longshoremen strikes, election in November, and potential for stock market and housing market crashes, should I hold off on purchasing real estate until the world is more "stable"?


 Two life lessons that I've taken to heart:

"If not now, when?"

"What is the worst thing that could happen?"

Respectfully, you're asking a real estate community if it's a good idea to invest in real estate.  That answer in this community will always be "yes".  Ask a naysayer and that answer will always be "no".  Ask yourself the two questions above and you will come to the conclusion that is best for YOU.

Post: First time with new construction: Cape Coral, FL

Neal Coppola#4 Real Estate Horror Stories ContributorPosted
  • Investor
  • Camas, WA
  • Posts 28
  • Votes 21
Quote from @Don M.:
Quote from @Peter Davis:

You're a trooper @Don M. for hanging in there. It hasn't been an easy ride for lots of folks building in Cape Coral over the past several years, but one silver lining is the property values have nearly doubled since Covid, though the market has cooled recently. 


 For sure!  I'm eager to see where the market is when this is done.

 Don -

You've got quite the fan base here on Bigger Pockets all wishing that you have a positive outcome.  Having said that, any updates that you can share?  We're all rooting for you!!!

Post: Blacktip Construction Group / Jeff Beach / Scam Artist

Neal Coppola#4 Real Estate Horror Stories ContributorPosted
  • Investor
  • Camas, WA
  • Posts 28
  • Votes 21
Quote from @Kyle Wegg:

I thought to open a new thread about Blacktip Construction Group who has taken peoples deposits. Many people were recommended to Blacktip Construction by RTR and SWFL Advisors. More of more people have been bringing up the fact that Jeff Beach has taken money from them. There was a investment that was advertised by RTR and SWFL Advisors and they referred us over to Blacktip Construction Group. We were told to buy lots and then sign contracts to build with Blacktip. Jeff Beach the owner has taken deposits for over 2 years from clients. He is known not to answer his phone, rarely respond to email and has multiple litigation's against him. If you have had problems or been a victim of his company this would be a great opportunity to share your story and come together. He took 56k from us, justified it and only pulled permits.

https://www.linkedin.com/in/jeffery-beach-3bbbb1170/

https://twitter.com/jeffbeach75?lang=en

https://blacktipgroup.com/

https://www.fastpeoplesearch.com/name/jeffery-beach_fort-mye...

https://www.facebook.com/blacktipconstruction/

I too had a RTR build to through a different contractor that after 16 months wasn't permitted.  Fortunately I was able to get out of my contract with comparatively minimal loss.  Curious to know, do investors have any claims/rights with RTR?