All Forum Posts by: Account Closed

 "Facts are facts" Yeah when they support the narrative and are funded by the narrative that has goals they want to accomplish. I heard the "facts are facts" saying all though out covid too from my colleagues, and my dissenting colleagues were called "conspiracy theorists". 

Anyway, I digress.

The real fact is no one knows and the data all depends on which time frame you're looking at. I'm based in Tampa so i'll be bias towards the area, I'm bullish on it and I'll put it in the same category as some other people have as well. Not likely happening in our lifetimes. 

Hey Joey, something to think about when the time comes in regard to your first option. You can pay off the property and get a construction loan for building two homes on the double lot. Construction loans can use the equity in your land value as a down payment for the homes, if you're looking to scale your real estate this would be a good place to start and rent out both properties. You'd have tenants paying down two loans and cash flowing on the properties, additionally from what you've described -it'd likely be probably to get top dollar rental on new construction vs current situation. 

Hey all, I have this question that pops into my head every so often about the big RE Investors.

A little background - I currently have 6 SFH's and somedays I feel like I'm swimming upstream with them, I don't have particularly difficult tenants or anything and knock on wood everyone has paid since I started, but I feel like I'm small potatoes always fighting for small deals when I really want to know how to get into bigger deals (20+ doors, 2-10$ million apartments).

I have a decent team i've assembled that can repair and install anything from plumbing to roof and electrical etc. I am wondering - how does someone like Grant Cardone, or big real estate investors scale to the point of having multi million dollar deals and cash flow of 20-50K +. I understand it's a longer road in real estate, I just wonder if I'm even on the right path or not.



Additionally, if anyone has any rec's for good books to read that are more for the intermediate to advanced RE investor I'm all ears. Thanks all for the help. 

No, you can only have 1 FHA as far as I know. You can refinance the first FHA into a conventional then use another FHA to buy the second, then rinse and repeat. FHA's aren't ideal, typically you carry MI through the life of the loan if you put less than 20% down. Conventional is the way to go in my experience.

 Custom, I own the lot so it would just be construction costs. 600K

Hello all, I'm looking for some recommendations for new construction builders in Tampa, Florida. Does anyone have any recommendation and anyone I should stay away from? 

Hello all, I purchased an off market property into my LLC's name. I initially had the intent to flip the home, but I am now thinking about living in there and eventually renting it out after a year. My renovations are around 80% completed at this point. The LLC is owned only by me and I'm looking for what is the best route to take to pull cash out of the property and make it my primary residence. I assume that it needs to be appraised for any option I can go with.

My questions are:

Can I purchase the property off of myself with 5% down and make it a primary residence? If this option is available I would prefer it, because I only use 5% of my money.

Can I do a cash out refinance of the property and take 80% equity out of the property and still make it my primary with 20% in equity?

Do I need to first Quit Claim into my name before I do any refinancing if that's the route that I go?


*The house does not have financing on it currently.

Thanks in advance for everyone's help.

Hello all, I purchased an off market property into my LLC's name. I initially had the intent to flip the home, but I am now thinking about living in there and eventually renting it out after a year. My renovations are around 80% completed at this point. The LLC is owned only by me and I'm looking for what is the best route to take to pull cash out of the property and make it my primary residence. I assume that it needs to be appraised for any option I can go with.

My questions are:  

Can I purchase the property off of myself with 5% down and make it a primary residence? If this option is available I would prefer it, because I only use 5% of my money. 

Can I do a cash out refinance of the property and take 80% equity out of the property and still make it my primary with 20% in equity?

Do I need to first Quit Claim into my name before I do any refinancing if that's the route that I go? 


*The house does not have financing on it currently. 

Thanks in advance for everyones help. 

Good Info from everyone. Thanks all. 

@Edgar Rodriguez buy and hold is what I'm leaning towards. I can rent it out for a fair price and I don't see the area value dropping in the near future. What are you seeing in terms of trends and values in the south Tampa area, especially south of gandy? Thanks 

Hello all, I scan this forum every so often and there's so much good information on here I figured I would throw my situation out there and maybe someone with more experience can give me advice. 

I just purchased an off market home for approximately 30% less than market value in South Tampa, Florida. I had to use all cash due to the appraisal - it showed there is significant damage to the home (non-inhabitable) so I couldn't get a loan on it. I found this deal because I own the property right next door that I currently rent out. I cash flow CAP rate 10% on it. The home I just paid all cash for is a mess, it will take 15-20k to make it livable, it also doesn't have a W&D inside or any hook up for it, it also has mold damage, termite damage and needs a new roof. The lot has value and I've already received an offer from a builder for 10K over what I purchased for it. I was wondering
what every one would recommend in this situation. For the record, I do not need the money at the moment. 

Here are my options: 

1) Renovate it, put 20K in and rent it out. (hopefully CAP 10% that matches my next door lot)
2) Sell it to a developer for 10-20k more than I paid for it and just quick cash it and leave the headache behind.
3) Sell both lots together to a developer and be done with the neighborhood all together
4) Knock down the current home and build something on it (have no experience with this)
5) Renovate the current home (make it habitable) and put it on the market for possibly 30% profit 
6) Make it habitable, pull cash out and get a mortgage on it, then rent it out. 

This is a desirable neighborhood and I paid under cost for both homes. I'm not sure what is the best route to take to make as much money as possible, while avoiding a lot of headache and extra expense. To give some more information, both homes are old (1950s). My first one that's rented out is in great shape, and is easy as hell to maintain. 
The new one (uninhabitable) is in very bad shape, and it has a few more variables that make it less desirable, (no W&D hook up, yard is in shambles and has a lot of fallen trees and debris) in addition to the home that is a complete POS.

If any one has any advice or experience in this situation please chime in. Thanks for looking.