All Forum Posts by: Obed Calixte

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. 

You have options, which is a great place to be.

One option to evaluate would be to do the 0% down, keep the funds in a conservative account (CD, high yield savings, wealthfront if it is conservative etc) while you educate yourself. You can then use the gains or more (less taxes) and make additional payments toward your mortgage principal. After educating yourself, you can then make a more informed decision on how you would like to use the funds (pay down loan, BRRR, buy property, syndicate, become private lender etc).

Ultimately, you will have to decide what fits your risk profile and will allow you to sleep easy at night.

Thom Pirone has provided amazing guidance at our brokerage coaching meetings. Very insight, actionable and pragmatic. Also is local to the Tampa Bay area.

How's the PM search going?

@Chris Call  what qualities are you looking for in a property management company?

If you're looking for one that can help you analyze, acquire, update/renovate, reposition and manage professionally -- i have a recommendation.

@Alexander Jivov

how's the estimating journey been going?

what has been most helpful for you in estimating rehab costs thus far?  I'm sure your insight will help others that stumble upon this thread in the future.

Have you run numbers on other deals that would require 3-5% down and you buy down the rate instead?