All Forum Posts by: Christian Marin

@Account Closed If you see a flip that just needs $2k-5k in repairs run... I've found that most homes in central florida that are good flips need between $25-$40k in repairs. Some even more. For a rental $2k-5k is average so it all depends on what the investment strategy for that home is. CFRI post homes that can be buy and hold or flips so just make sure you know what the seller sees for that home.

@Samuel Muniz I can relate to what you say in this post. I was in your shoes 2 years ago, being in love with RE and wanting to become a wholesaler. But as you know it is hard to find a mentor that will take you under their wing and teach you but also not costing you thousands of dollars. I did what Justin said and I got my license and joined the wholesale team at Altura and it has been the best decision I've ever made. I've learned so much about Real Estate investing and wholesaling. So my advice is to grab the bull by the horns and get your license, and go work for a wholesale firm. You'll be happy you did.

Welcome to BiggerPockets @Jeremy Carl 

I was in the same position as you were a year ago. I had no money, horrible credit and wanted to do Real Estate. Yes the experienced people can overwhelm you but you'll actually be surprised at how helpful they really are. Figure out what your exit strategy will be and what you expect to do after and work backwards. That will give you a better picture of whether to wait or start now. Also remember that even if you buy a house in pine hills it'll give you extra income monthly compared to your money just sitting and waiting.

Welcome @Victor Collazo 

You'll love all the information on BiggerPockets to get started. I'd be happy to help you with any questions about the Orlando area, specially Seminole County. 

@John M. John, you said that you will have a cash flow of $263 before property management. The usual Property management fee in Central Florida is 10% of the monthly rent. That's $175 a month, so out of the $263 you will actually have a monthly cash flow of around $88/month. That is an extremely low cash flow in my opinion and not worth the risk vs reward. If anything happens like longer vacancy, major damage expense, maybe you have to drop the rent due to a slow economy then you can very easily go negative every month.

John

your numbers are not far off. The reason they are not making sense to you is because the return is a negative return. A good rule for an investment property return is the monthly rent should be at least 1% of the purchase price. So for a purchase of $190,000 you should get at least $1,900/month. What part of Orlando is the duplex in? $190,000 is expensive for a 2/1 duplex even for an expensive area like downtown 

@Account Closed 

 Don't let the worry about not speaking correctly get in the way of your investing dreams. So what if you can not speak as great as you want no one is perfect and you will be surprised how understanding people are. Don't let fear hold you back

It means that it is a reverse mortgage and they need the full listing price. I've tried wholesaling a few of those and unless you get one that is already in a wholesale price they are not a good deal.

I used to be in the same boat as you @Chad Kerlin 

We have the seminars here in Orlando at least once a month by different so-called guru's and I went once to a 2 hour seminar and they wanted me to pay $1000 for the 2 day course and of course I have no money. I then found BP and this place has everything that you could need. I got my real estate license and now work for a firm that specializes in wholesaling properties. Why don't you look and see if their is companies that specialize in wholesaling that you can go work for in New Orleans?

Great post @Will Barnard I find that the hardest problem people have with wholesaling is doing a rehab estimate. Specially if they have not flipped a house or are new. I won't even look at a property if it isn't at least 70% below ARV here in Orlando and that is including my wholesale fee which is normally between $4-$8k. Anything higher will not satisfy a good risk vs reward.