All Forum Posts by: Obed Calixte

Np! It’s just a suggestion to have another tool in your toolbox. Seller finance does allow for alot more flexibility in negotiating than a 3rd party originated loan would— as you said, it will require work. I’m sure you’ll find the right individual(s) in this community to help guide you find what it is looking for however!

Have you taken a look at DSCR loans? I've seen a number of seller finance deals offered in my area and they are no better than hard money terms.

That is a suggestion if you are looking to get the ball rolling sooner than later. Finding seller finance deals will require you doing meaningful work to find them -- whether directly or through your network.

What drew you to those areas to begin with? 

From my knowledge, Seminole Heights and (possibly limited areas nearby) are where new ADUs are currently allowed in the City of Tampa proper. However please visit the City Planning link Brandon Peery shared above to contact the proper city officials.

The ADU discussion in Tampa is still very much fluid. St. Pete is more flexible and just across the bridge from South Tampa.

https://www.stpete.org/residen...

-Are the retail storefronts desirable? that will also impact valuation, in addition to the comment made above. 

- what is the exit strategy for this property? 

I don't fit into either of the questions you asked, but I am surely interested in following the progress of these projects over time if you're willing to share/post. 

Hello Randy - 

Did you find your property mgmt company?  If not I have a recommendation (biased of course)

if this is a solid deal and you have the assets, you should have no trouble finding a hard money lender. 

the contract you are using will let you know what contingencies you have (if any) and timelines. if none, you will need to negotiate with the seller asap to keep the deal alive or look to wholesale it if you have an assignment clause. 

what are all the expenses that you are including in your proforma? (ie, CAPEX, Mgmt Fees, owner paid utilities, lawn care, vacancy, taxes, insurance etc)

Also have you considered all of your income opportunities? (is the area viable as a MTR, can a shed be rented out for additional storage, etc)

In general you want it to cashflow as an LTR but asking as there may be other items that should be included, removed or changed that can help you make a more concrete decision. 

are there any local brokerages with a property management arm? that is a hint that the brokerage (or atleast the broker) has experience working with investors.