All Forum Posts by: Jay O.

@Tom Myers

Good afternoon Mr Myers.

Thanks for the info in the Southwest FL Market. Will consider it. 

Jay O.

Hello everyone at BP.

Wanted to know if anyone is doing (or has done) similar projects in the state of FL?

Looking for the right lot for this project in the state of FL. Open to all areas where the numbers would make sense and of course profit for this project. New construction loan advice would be great also. Feel the BP community would be a lot more honest than the banks would.

Planning on building either a Triplex or a Fourplex in the state of FL. Any one also experienced hurdles and time frame in getting required permits and possible construction costs. Have already done quite a bit of extensive research on this particular project. Just wanted to get some additional feedback from the BP community.

Open to the entire state, considering all the numbers work, from construction costs to renting out the entire building when completed. This would be a build and hold property. Wanted to get some more feedback on either building or purchasing an existing Multi Unit property. Any options, especially green ones, on construction cost savings. Which would be more cost effective. Some areas and lots use well water others have city water. All utilities are within the area. 

Square/Box design of 70 x 90, 75 x 95 or 80 x 100, are the approximate dimensions. Found some existing properties really expensive, needing a lot of rehab costs, too old and seemed like building one would be less expensive. Units will all be three bedroom two bath units with either a one or two car garage. All separate utilities. Traditional roof. Will not be a flat roof. Will be financed through the best offer made on financing costs. Either private or traditional bank loan. Best leveraging strategies considered. Should take no longer than 10 months to build. Best aftermarket value formula to use. Units will be from 1200 sq ft to 1400 sq ft each.

Really would appreciate all thoughts, advice, experience and guidance on pursuing this project further.

Thanks again to everyone at BP. You guys, gals are always Awesome!

I will keep you updated as I go further into this project.

Gratefully,

Jay O.

@Joel Owens

Great advice and feedback Joel. Looking to break into the commercial real estate arena soon.

Hello Marie.

Can definitely pick up quite a few homes with seller financing options, as Cameron Mentioned, looking through the FSBO sites. For sale by Owner websites, classifieds and checking in with your local realtors who may know or have any leads on Owners willing to offer private, simple interest financing options in your area. Most will require between 15% to 25% down. Some Rehab/Investors are willing to offer Private financing options.

Here are two links you can start with:

http://www.forsalebyowner.com/homes-for-sale/

http://fsbo.com/

Not promoting any site in particular, just giving you a Little head start if you haven't inquired about for sale by owner sites. Some are free to an extent, others may charge a small to modest fee.

Hope this helps a bit. Wish you well.

Hello Mahesh.

Try CCCU. California Coast Credit Union.

Here is the link:

https://www.calcoastcu.org/loans/homeeqproducts.aspx

Also, Keane Loans.

Here is their link:

http://www.keaneloans.com/2013/10/23/home-equity-lines-of-credit-helocs-for-investmentrental-properties/

@Diana T.

Hello Diana.

Whenever you get a chance,........... best thing to do, when, in my opinion, I need to make a more solid and concrete decision in an area I'm not sure of investing in, I'll just go and take a look and scout out the place, properties, area, region and communities for myself. I never talk to any agents before doing my own research first. No property managers either. I'll visit a few local banks and get a loan market analysis for homes sold and average loans made within the banks lending region. I'll pick up a few local papers. Both the free and paid local papers.

Hope this helps a little bit more. Ive even included a current 2013 Palm Coast Rental Market Analysis link below, for you to check out when you can.

http://www.deptofnumbers.com/rent/florida/palm-coast/

Have a great week Diana. Wishing you well in REI.

Jay :)

@David Cohn

Hello David.

Thank you so much David for all the info. Really appreciate it. Ive heard of Bridgewell Capital and actually noted them on my HML List. Glad to know they worked out for you so far. Im hoping they also do Commercial HML's. Didn't seem like they did when I checked out thier website. I'll give them a call and ask them if they also do HML Commercial Loans. My niche is Multifamily properties.

I'll be checking out the local REIA in your area soon. Posssibly a few weeks from today. Thanks for letting me know about David Dweck in Boca too.

Definitely a very helpful start David and thanks again. Have a great week.

Gratefully,

Jay

@David J.

Congratulations David!

Great to hear the success of another BP member! Thanks for sharing such a positive and inspiring experience in the arena of REI. Another one to grow on. Gotta love BP!

This year, I know will be an even better and bigger year for you David. Hopefully, for all of us here on BP! Thanks to Joshua and Brandon a million times over for this Incredible community.

BP! the new Facebook of Real Estate!

Congrats again David.

Gratefully,

Jay

Getting a couple of last minute things together and wanted to ask those in the BP community of any reputable, known Commercial/Private Hard Money Lenders in South Florida. Have already gone through the HML list here on BP.

Great to have that info so far. What I would really like is anyone that has or know someone who has already worked with either one on the BP list already or of any others that can be recommended through personal or known experience. I have found a few, but the few I did find and wanted to work with stick to their local areas and invest in other states instead of Florida.

So, kinda like when you need a good referral for a doctor or a dentist or even a great mechanic. It just feels a lot better talking, connecting and doing business with someone who comes recommended to you.

It also would be great to go to their office and work with them personally. Get to know who I'm doing business with. I love technology and have done many things online. Its been great too. So even a great HML Commercial Lender who also works in Florida would be great too that works online.

Thanks again to anyone who can possibly guide me in finding a great Commercial HML in Florida.

@Wayne Brooks

WOW!!

Unbelievable!

Thanks for the info Wayne and everyone else. Can you belive it?

Just found a little more info on this case also. Check out the link below. Just like those guys with the land selling schemes that never even owned the land. Sometimes the buyers never even physically checked out the properties to see if it even existed or was just a swamp land. Talk about doing the Due Diligence.

http://www.miamiherald.com/2014/01/07/3856439/2-charged-in-3-county-fla-rental.html