All Forum Posts by: Obed Calixte

Local REALTOR boards tend to release periodic market statistics (daily, monthly, quarterly etc). You can use those reports as reference. 

Below is an example of market statistic report from my local board.

https://pinellasrealtor.org/wp...

In general with large data dumps you'll need to do data cleansing to gain clarity into what is being measured.

If you do decide to forgo hiring your father in law as your GC, what is your plan for finding, evaluating and managing an "investor friendly" GC from afar?

Getting multiple bids is best practice--from what I read, the concern here really seems to be based on rehab cost. Which to me seems to be a bit unfounded at this point. You have a wealth of knowledge available with just a phone call. 

Run an exercise: Find a property that fits your buy criteria (could be currently available property or a recently completed fix and flip*), send him the pictures plus SOW and ask him what he would actually bid for that work. Use that number for your underwriting to see if it would still allow you to hit your objectives. If yes, you have your answer. If it's far off, you now have a breakdown in hand to share with him why it wouldnt work. 

*A recently completed fix and flip would work best for the exercise as you would likely be able to source purchase and sale price, plus before and after pictures.

Congrats on the deal and thank you for sharing that lesson learned!

This is awesome, glad to see folks involved in this deal. From Pace's videos and hearing Veena speak on multifamily during he early days of Clubhouse, I can tell you're going to be in great hands. 

I'll be interested to hear your perspective in 1-2 years time about how the deal is going. 

The Florida Housing site has the below additional key notes about the program— with the second sentence being key. Gathering additional details around that would be critical (if you have not already).

“Down payment and closing cost assistance is available in the form of a 0%, non-amortizing, 30-year deferred second mortgage. This second mortgage becomes due and payable, in full, upon sale of the property, refinancing of the first mortgage, transfer of deed or if the homeowner no longer occupies the property as his/her primary residence. The Florida Hometown Heroes loan is not forgivable.”

To your question— some ideas would be considering house-hacking, live in flip, small multifamily with FHA or a home that has potential to add an ADU.

They say what comes after the “but” in a sentence is usually what matters most. Sounds like you want to convince yourself to buy something you know you wouldn’t otherwise. 

Great right up and insights.

In regards to subdividing the 2 bedroom units, do you have a rough idea on how long it would take to breakeven on the rehab costs?

Live like a broke college student, even when you get that first job out of college.. ie, live well below your means. Find actionable methods to monetize your current skillset. Best will always be subjetive and unfortunately you won’t find a definitive answer here. Set a $ goal and track your progress weekly. The fact you are asking this 1-2 years out however, you are on the right path!

Talking with the City of Tampa zoning department has been helpful for all my zoning questions in the past. Mind you I have not subdivided lots, but reaching out to them may be a start if you haven’t already. If for at minimum having a papertrail of documentation for future reference.

 Always, no. The BP calculators give you a strong basis to start with and to share results however. Overtime, you make create your own tools but the math is essentially the same.