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All Forum Posts by: Obed Calixte

Obed Calixte has started 0 posts and replied 234 times.

Post: Hard Money Loan Estimate

Obed CalixtePosted
  • Realtor
  • St Petersburg, FL
  • Posts 247
  • Votes 132

It looks like they are funding 70% of purchase and 100% of construction, which isn't atypical for first timers. Hard money loans do come with a number of fees and they can often be between 1-5 points, so it's your job to get direct answers from the lender on what those fees are for, when are they paid etc. 

The interest rate falls right within the ranges I've been quoted in the past couple weeks so that piece does not seem out of the norm.

There are a plethora of hard money lenders out there so I highly recommend shopping around and find one that resonates with you and your goals. Ask about what documents and experience are needed for underwriting, what do they look for in a deal to lend on, who will be your point of contact, are surveys and/or appraisals required, what fees are associated with the loan, are there prepayment penalties etc. 

Hope this helps.

Post: suggestion for lenders to an LLC

Obed CalixtePosted
  • Realtor
  • St Petersburg, FL
  • Posts 247
  • Votes 132

Torrell above shared some great suggestions. An additional option are hard money lenders that specialize in buy and hold investment lending with many offering 30 year fully amortized loans. Downpayment requirement maybe higher however compared to the other options, but you have a number of options from which to choose.

Post: Getting RE license and need a broker

Obed CalixtePosted
  • Realtor
  • St Petersburg, FL
  • Posts 247
  • Votes 132

Take your time and do your research. You'll want to find a brokerage that compliments your personality, aligns with your goals and has the ability (personnel, education, tools and systems) to help you build a successful foundation in your early career. You will gather that info from chatting with the broker, agents and folks here. 

There are also further resources such as theclose  that can give you further insight into questions to ask (alongside the great recommendations already shared in this thread).

All the best!

Post: Yo, I’m doing nothing but research. How do I legit start this?

Obed CalixtePosted
  • Realtor
  • St Petersburg, FL
  • Posts 247
  • Votes 132

You're in the right place to learn. You won't learn everything anytime soon so it's good to get a very high level view of the different real estate strategies and then focus on one. Right now you're all over the place and that's going to lead you all over the place. 

Youtube has a wealth of knowledge, including but not limited to the Biggerpockets channel. There are plenty of videos and threads here on getting started. Spend something going through those and make connections. 

All the best! You'll figure out your niche soon enough with consistency. 

Post: [Calc Review] Help me analyze this deal

Obed CalixtePosted
  • Realtor
  • St Petersburg, FL
  • Posts 247
  • Votes 132

Hello -There’s a few things to consider as you run your numbers.

You mention the need for repairs. Any rehab costs will have to be factored into your acquisition cost, ie purchase price + closing costs + rehab. 

Next, for property management, if you haven't already call a few PM companies that cover the property area and vet them out, but also ask about their fee structure, what does it include and what are vacancy rates for SFH near yours.

If the property is fully renovated, your initial need for repairs and capex will be low in the beginning, but you will still want to budget sufficiently for both as that will not always be the case. When I run numbers for deals or clients, I estimate 10% of gross income. 

For taxes, if you haven’t - you will want to ensure the estimated taxes reflect the purchase price and not the property tax numbers prior to purchase. Check your county property appraiser site to see if they have an estimator/calculator.

You may not end up making money on paper with those changes, but that does not have to be the end all be all for the deal if it meets your overall investing goals.

All the best

Post: Solution to this Market: Don't Look for Deals. Make Them

Obed CalixtePosted
  • Realtor
  • St Petersburg, FL
  • Posts 247
  • Votes 132

That is very great insight you shared! Each passing day, I grow more fond of RE with respect to how creatively problem solving can be deployed to achieve one’s goal.

I’ll surely remember the two examples you shared whenever I come across similar situations!

Post: Starting New Investor seeking Creative Financing advise guidance

Obed CalixtePosted
  • Realtor
  • St Petersburg, FL
  • Posts 247
  • Votes 132
It will be difficult to manage a deal without any money out of pocket. The two most viable options you will have are to (1) find a partner to finance the down-payment or (2) get the property under contract and wholesale it. Each have their pros/cons.

I have not run the numbers (nor plan to) to decide if that is a meaningful deal or not. Regardless of whatever financing plans you ultimately decide on, the better the deal, the easier it becomes to find others with funds to help you. 

Post: $100k but where to invest

Obed CalixtePosted
  • Realtor
  • St Petersburg, FL
  • Posts 247
  • Votes 132

The replies you received earlier all hit it on the head. It will best benefit yourself (and those you work with) to define your strategy and target markets.

Tampa is a highly competitive market, so decisions have to be made quickly. If you are unsure of your strategy you may miss out on opportunities, or worse, overpay for a deal. 

Post: Looking to Purchase Air Bnb in Tampa

Obed CalixtePosted
  • Realtor
  • St Petersburg, FL
  • Posts 247
  • Votes 132

Hello Hieu - Tampa is not part of South Florida, but it is one, if not, the hottest markets in Florida. 

@Luke Rorech       may be able to help answer your questions!

Post: Structuring deal with a co investor using house hack multifamily

Obed CalixtePosted
  • Realtor
  • St Petersburg, FL
  • Posts 247
  • Votes 132

It's difficult to say what is more beneficial and/or easier.

On the financial side: FHA requires a much lower downpayment to purchase a multifamily property than a conventional or other type loan.

On the market side: Conventional, cash etc are generally preferred over FHA loans. That is not to say you will not, or can not, find a multifamily deal with FHA financing, it just may be more difficult depending on your market.

If you haven't already, sit down with a lender and run through scenarios and numbers.