All Forum Posts by: Nicholas Moffett

I am  based out of Tampa Bay FL, and unfortunately we do not have alot of higher end places around here to buy things like vanities, fixtures , good flooring, etc.

Most of the places are bargain basement  99 cents a square foot type of places.

I am wondering, do you use a website to buy your inventory ?  (which website)
How do they deliver big order ? private shipper ? Palatalized ? etc 

its a clean remodel, what did it cost you ( PER UNIT ) to rehab and remodel ?  Taking into account the outisde and grounds and settling as well ? 

Also, where did you buy your stock, the floors look great ? 

Here is a question regarding TITLE SEARCHES and TITLE INSURANCE

I've been checking out alot of auctions on www.auctions.com

I am wondering, is it safe / smart to do a title search with an online website for 40-60 dollars, versus using a local title company ?

1) Will all the searches show tax liens, mortgage info, etc?
2) what about title insurance ? how is that handled ? how much should it be ?
3) What exactly is the difference between a title search and title insurance ?

4) Can you recommend a title website that you have personally used ?

Here is a question regarding TITLE SEARCHES and TITLE INSURANCE

I've been checking out alot of auctions on www.auctions.com

I am wondering, is it safe / smart to do a title search with an online website for 40-60 dollars, versus using a local title company ?

1) Will all the searches show tax liens, mortgage info, etc?
2) what about title insurance ? how is that handled ? how much should it be ?
3) What exactly is the difference between a title search and title insurance ?

4) Can you recommend a title website that you have personally used ?

Here is a question regarding TITLE SEARCHES and TITLE INSURANCE

I've been checking out alot of auctions on www.auctions.com

I am wondering, is it safe / smart to do a title search with an online website for 40-60 dollars, versus using a local title company ?

1) Will all the searches show tax liens, mortgage info, etc?
2) what about title insurance ? how is that handled ? how much should it be ?
3) What exactly is the difference between a title search and title insurance ?

MY MAIN QUESTION IS   -  ( HOW DO YOU FIND YOUR DEALS ? )

I am looking for a single family home to flip , and I am also looking for a Multi Family home to do a buy and hold period on.  

My question is, where do you find your deals ?  
Not all of us have access to the MLS, and I hate being a slave to a realtor who's simply trying to make a quick 3-6% with no regard for me or my cash.

So how do you find deals ?  What website do you use ? 

I am looking to get into multi family investing.  But I've never even owned a single family rental !  HAHA 

I did my first flip and ran the math and fig'd out if I have 10 years, WHICH I DO cause I am 26 years old, then multi family buy/hold is the best over a long period.... HOWEVER, I only have 160K in cash capital.  I cant do much with that ! LoL
But I wanna know how you guys run your numbers. cause the devil is in the details...

PLEASE- ONLY EXPERIENCED MULTI FAMILY INVESTORS SHOULD REPLY

So we can all learn !

QUESTIONS !
1)How do YOU finance your multi family deals? LTV Rate? How much of your own cash?
2)What cap rate is your minimum?  and more importantly, how exactly do you calculate your cap rate?  (Please post the algorithm/math in your response)
3)What percentage rate do you need to make it work?
4)Where is the BEST place to go to get your loan ? broker ? Private ? FHA ?
5) How long before your deal is paid off (average) conservatively estimating. 
6)What size plex do you do ?  2-3-4-5-6-7-8 ? 

Jesus, I really need a mentor in the multi family arena, 
How did you get started ? 

I pose this question to EXPERIENCED multi family unit buyers. 
2-3-4-5-6-7-8- Plex units. 

WHAT ARE THE BARE BONES RETURNS YOU NEED TO INVEST ?

For Example.  Lets say your going to buy a 4-Plex for 120k and it needs 20k in rehab to be market ready.  Total investment 140k.  

What is the MINIMUM return you need to invest and how do you calculate it (I know there is a calculator on here)
-What cap rate do you need to make the deal worthwhile?
-What demographics do you look for and how do you run them?
-What is the rent you look for ?  Does $600/unit attract the wrong kind of tenant?
- Do you pay cash or do you finance?
-Do you carry liability insurance? how much does it cost?

Basically, what's the recipe?

@Eric Thomson

You're absolutely right, everything you said is spot on with what I researched.

The first look period is 20 days, then investors can make bids. 

HELL NO - TILE ALL OF IT 

Laminate , especially snap together or floating  cant be fixed EVER ! you can just wood putty it and that looks jacked up.

TILE IT , buy about 10-15 extra tiles and extra grout.  that way is a tile gets damage you can easily take it out and replace and re grout with matcing grout...

Renters will JACK UP laminate flooring ... much easier to replace 1 tile than it is to replace a laminate floor.   Especially college students. 

That or industrial carpet.  they wont care