All Forum Posts by: Nick Florio

My 2020 rehab was in the Vero Beach area (treasure coast) of Florida. It was far more than cosmetic as it needed a new roof, all new windows, new doors, rebuilt balconies but turned out to be a home run. My 2nd out of state is a STR in Blue Ridge, GA and I have one under contract in St Pete beach.

Hi Danica, in 2020 I did my first BRRRR and as a fellow CA resident in decided to do it out of state. I purchased a triplex in Florida and I did not have a team in the area prior to purchasing the property. Once I purchased the property I interviewed and hired the workers. I took several "vacations" to check on the property. The project had a few minor delays and did have to replace the original contractor but it was well worth the trouble.

Based on my experience I would totally recommend it. My 2nd out of state deal closed in November and I have my 3rd out of state deal under contract set to close in Jan. All while using the same money I started with. Do your homework but I say you go for it! 

Congratulations on taking the first steps Alex. You are way ahead of where I was at 24. If I were in your position I’d probably try to stay at home for a long as I could and keep stacking more cash up. Get a w2 job that you enjoy that pays well and teaches you some useful skills - like a sales position.

When you are realty to invest don’t worry about buying yourself a house. Look for a cash flowing property outside of CA and especially out of Los Angeles. Look in investor friendly states with low taxes. Florida, Tennessee, GA, the Carolina’s etc. 

learn as much as you can from books, forums, podcasts etc but most importantly from experience. Don’t be afraid to make mistakes. It’s better to take action, even if you fail, than to sit on the sidelines. At least with each setback there is a lesson you can learn. 

Good luck with your journey.

I love Robert Kiyosaki. Like a lot of people (especially on here) my life wouldn’t have turned out the way it did without Rich Dad but he has been predicting a crash for a decade. I guess if you predict something enough, in time you will be correct. I trust real estate more than saving, government spending and inflation. Crash or no crash I’ll buy in each part of the cycle.

Psalm, congratulations for perusing your financial independence. You already possess the most important component of any successful endeavor.  If your burning desire is strong enough it simply becomes a meter if time. Now if you have the capital to purchase your own place as well then go for it. If you are in Atlanta you might want to check out Blue Ridge. Affordable market and great returns. 

Wishing will not bring riches. But desiring riches with a state of mind that becomes an obsession, then planning definite ways and means to acquire riches, and backing those plans with persistence which does not recognize failure will bring riches

Jessica and Melissa are both correct. I Cash out refi while the rates are low, get your cash and keep the asset. You’ll have the best of both. Good luck. 

Thanks for the feedback. There is no time limit needed to get a new appraisal with a different lender. In fact a new appraisal is required since the appraisals are not portable and are done contracted by the lender. I was hoping to avoid paying the second appraisal fee but it’s probably much less than bridging the first appraisal. I guess I’ll find out once the new appraisal comes back.   

They have several back up offers and I don’t want to lose the deal.

Not at all. I actually offered full price and the bank came in under the list price. I agree with the seller on the price but I don’t want to bridge the appraisal. I’m working with a new lender now so we’ll see what the second appraisal says. Either way I’m buying the property.

I’ve checked Airbnb and VRBO. I was looking for local investors who might have some insights regarding occupancy trends and feedback with their experiences.