All Forum Posts by: Orlando Paz

Everyone.... Thank you for the great input. It seems like the common response of painting, is the way to go. The thought of covering it up has also crossed my mind, but still seemed a bit costly and labor intensive. Although, I don't actually have an actual flip yet... it's a common problem I have seen with many listed homes. 

I would probably convert the land to a mobile home park, and start buying some inexpensive homes to put on the lots. You will make money from the lots, and from the homes. You can choose to rent the homes, or sell and finance. The nice thing about the land, is that it wont complain or cause drama. Converting it to a well maintained MHP will also increase the land's value. One thing to consider is location. Is it a rural setting? or is accessible to schools and shopping? is it in a flood zone?... Just some due diligence beforehand will help.

While looking at the fixer upper homes that are in the market, often times I see rooms that are wall to wall 1970’s style paneling. I was wondering how some of the rehabbers out there, are handling this common type of outdated eyesore (sorry if I’m offending anyone). Removing it, appears to be expensive. I could be wrong on this. Would painting over the paneling be recommended? any thoughts and experiences are appreciated.

Jack Miller appears to be one of the old school real estate guru's (without the hype and glitz). He passed away several years ago, but his books could still be purchased online. I've been fortunate enough to download several of his books for free. Although I have not heard much about him,  I have to say that the content appears to be quite good. Just wondering if anyone has read his books, and if any of the information proved valuable. 

@Jon Holdman and @Patrick Noel - I appreciate the great responses. The things that were pointed out to me are quite obvious. Wish I could have taken the moment to run the numbers carefully. This is were the wide eyed newbie in me came out! 

Jon - You also point out a very valid point about attempting to profit, without much contribution to the partnership. Also, with getting the RE License. 

Patrick - I realize the other items you mentioned are necessary (water, electricity, trash...). The agent sent me basic information, without much of a breakdown about those important expenses. Again, the newbie in me came out and emotion set in.

I think it's safe to say that I won't be pursuing this one. Back to the drawing board!

I just came across a great deal that is being listed through an agent (retail). It's 4 BRAND NEW townhomes, located in a very good area near where I live and work. Each townhome is rented at $1200. The insurance is $1700, taxes are $1251, maintenance is $75 per month. They are asking $650k for it. In my opinion, I think this is a great cash flow opportunity.

As a broke newbie with low credit, this is obviously just a dream. I started thinking that a possible way to get an "in" on this deal, would be to present it to, and partner with some investors that may not have a problem considering such a deal. I had the opportunity to meet some at the last REIA meetup, that appear to be potential candidates for such a deal.

Obviously, cash would not be something I could bring to the table. On the other hand, I am presenting this deal to them, and I can offer to manage the property and possibly do some lite maintenance work in exchange for a "piece of the partnership pie". If anyone has any suggestions on this thought, I would greatly appreciate it. As an added thought, I also wonder what's to keep any of the investors from simply using the deal I present without being included in it. Again, any words of wisdom would be appreciated.

I just came across a great deal that is being listed through an agent (retail). It's 4 BRAND NEW townhomes, located in a very good area near where I live and work. Each townhome is rented at $1200. The insurance is $1700, taxes are $1251, maintenance is $75 per month. They are asking $650k for it. In my opinion, I think this is a great cash flow opportunity. 

As a broke newbie with low credit, this is obviously just a dream. I started thinking that a possible way to get an "in" on this deal, would be to present it to, and partner with some investors that may not have a problem considering such a deal. I had the opportunity to meet some at the last REIA meetup, that appear to be potential candidates for such a deal.

Obviously, cash would not be something I could bring to the table. On the other hand, I am presenting this deal to them, and I can offer to manage the property and possibly do some lite maintenance work in exchange for a "piece of the partnership pie". If anyone has any suggestions on this thought, I would greatly appreciate it. As an added thought, I also wonder what's to keep any of the investors from simply using the deal I present without being included in it. Again, any words of wisdom would be appreciated.

@Daria B. - Thank you Daria. That's a very good approach. When the time comes, I will keep that in mind.

Hey Jason,

Welcome to BP, and welcome to Clermont!

We are looking at having our meetings at the last week of every month. So our next one will be last week of September. Place and exact date, is to be determined. 

Just make sure to send meetup related questions to our meetup page, as our communication could be blocked since we are not associated with BP in any way whatsoever. 

@Chris Solis - Would love to have you join us at the next Meetup. In the meantime, go to our page and sign up. Here is the link... http://www.meetup.com/flreinetwork/