All Forum Posts by: Nick Johnson

@Trevor Fleck Both deals were in Ormond Beach last year. It's going really well. The market is *still* currently a seller's market, but the deals I found made since and things just worked.

Hi all,

I live in MA and bought 2 rentals in FL last year. How should I think about filing taxes to make sure I am getting the best bang for my buck?

I’ve been using a CPA here in MA to do my taxes for the past 5 years or so, but he doesn’t specialize in real estate investment and I’m certain has no clue about FL. 

Any advice would be appreciated. 

Thanks!

Investment Info:

Single-family residence buy & hold investment in Ormond Beach.

Purchase price: $170,000
Cash invested: $45,000

Off-market (right before it was to go to MLS) deal via my realtor.

What made you interested in investing in this type of deal?

Been looking in this area (where I grew up) for years. Quickly growing, affluent town.

How did you find this deal and how did you negotiate it?

Off-market (right before it was to go to MLS) deal via my realtor.

How did you finance this deal?

Conventional financing, 20% down

How did you add value to the deal?

No roof and electrical

What was the outcome?

Cash flow positive, tenant in place already.

Lessons learned? Challenges?

TBD

Thanks @David Pierce I should be down again in December... will ping you.

Hi guys and gals. I am looking for some BRRRR properties in the Ormond Beach, Holly Hill and Port Orange areas. I live in the Boston, MA area, but I am from Ormond and PO originally.

Here's what I'm looking for:

• SFH or Duplex
• B or C neighborhoods
• No HOA's
• Concrete block construction

I am in town frequently, so happy to meet in person at some point as well.

Thanks!

@Don Montgomery are you not able to find enough deals from your current contacts? I am asking because I am looking to form some relationships with wholesalers in Orange/Volusia who can bring me deals and I'm curious if there just aren't that many out there right now.

Thoughts?

Will do! Thanks @Paul Timmins

Hi all,

I'm looking for an investor-friendly lender (preferably direct) that will finance SFH properties in the Port Orange, Daytona Beach, Ormond Beach area for me.

By investor-friendly, I mean they are ok with the title being in my LLC's name to protect me. I have no problem, of course, personally guaranteeing the mortgage on the property.

It would be a conventional 80/20 fixed 30 year loan on properties that pass all inspections and standard requirements... no rehabs or anything like that.

Anyone had good experiences in that area?

Confirmation! Thanks!

Hi all, quick question... I live in Massachusetts and will be investing in Florida. I have an agent, lawyer and property manager in FL, but I can't figure out if it makes sense to have a CPA in MA or in FL since my LLC is registered in FL.

I am thinking MA is the right place since I have state taxes to consider, but I wanted to get feedback from people who have experience doing this.

Thoughts?