All Forum Posts by: Neil Goradia

Where are all the FL investors at??

Sorry to hear @Wagner Alcivar. Please reach out to me if you need to meet in Indy - I can walk you through what needs to be done.

Hey BP Nation! I'm visiting Fort Lauderdale in a few weeks with the family and wanted to meet up with some like minded individuals while I'm in the area. Not sure where I'm staying yet but will let you guys know when the time gets closer. (Any recommendations for AirBNB's would be appreciated). Most likely it'll be going out for drinks after I put the kids to bed.

I'd be interested to learn about investing in buy and holds here, as well as maybe forming some partnerships to replicate an out of state wholesaling investment model I've started to use with success here in Indianapolis. Looking forward to it!

I agree with @Josh C., many neighborhoods are gentrifying right now and there are too many flips for any investor to handle. I recently had a conversation with a friend who flips quite a few per year and he said he doesn't take jobs for other people anymore because he's making so much money flipping for himself. So right now it's tough in Indy to find what you're looking for. If you do find someone - they're going to charge a lot.

@Jonah Wilson How much is the asking price for the house? Are the current owners going to let the house go to tax sale if the taxes aren't paid? If they are, then you can offer them 8k (the 1k extra is just a bonus for them that they wouldn't have gotten otherwise), and they sign the deed over to you. 

@Ryan Biankowski, The master bath would be a huge difference when getting a property appraised. Is it gutted or is it funcitonal but just out-dated? If it is just outdated you could try the refi now, but just know that you are short changing yourself thousands. Personally I'd just wait to finish the bath and then start the refi. Painting the outside shouldn't affect the value much unless it looks really bad.

@Bablu Gupta, I have never developed land in California, but in Indiana the site approval would entail getting the property re-zoned for the type of building you'd like to build on it. In order to get it re-zoned, you need to approach the city council and ask what it takes to submit a development for approval. They will have their own time lines for when the presentations will be, how the voting works, and when you have to hold the public hearings. In my experience I have seen projects that take 2+ years for approval, but it only took me about 6 months to get approval on a residential neighborhood I did here in Indiana. Also, you should try and find a real estate attorney that specializes in land development - they are usually the ones that prepare all the materials for approaching the city council for rezoning. Good luck! Hopefully someone on BP can elaborate more for a Santa Clara county project.

I'd like to know these answers as well. My thoughts would be that on a lease you just write off the percent of business use. So if you use your car 90% for business and 10% for personal, you just write off 90% of your lease payments. On a purchase I know if it meets certain requirements you can write off of big chunk of the initial purchase in the first year that you buy a car for business purposes (it needs to meet a certain size/weight). In addition you can deduct .55 cents per mile (or whatever the current value is set at for 2018). 

@Jared Baker, unfortunately a lot of it is trial and error. I spent about a year learning before I bought my first house, and even then I later realized it wasn't a good deal at all. I still have that house 11 years later because I'm still upside down on it...haha. But you get better with time, and you absolutely have to start at some point if you're going to achieve your goals. 

There are some ways to limit your risk, such as partnering with someone so even if it ends up being a bad deal your out of pocket risk is cut in half. Or, try to ask a mentor on BP or in person to double check your deal before you buy just to make sure you've thought of everything. Good luck and let me know if I can help.

@Lalit K., funny you should ask. Indy just made the top 10! I personally think its great for rentals - Eagledale, Lawrence, Beech Grove are good middle-priced areas just to name a few.

This was published last May: https://www.cnbc.com/2017/05/05/how-to-be-a-landlo...