All Forum Posts by: Patrick Bavaro

@Alexander Palomares agree with Jared on the cash and refi. I also would advocate for the turnkey option if your time was limited. Tons of tax advantages plus the income of course. I'm actually using a turnkey company right now for a new build in Cape Coral Florida. Total all in cost was $265k, but only required 10% down. So a fraction of what you have in the HELOC. Rents are $2300/mo and post construction appraisals are $340k-$410k. Lots of exit strategies! Would be happy to connect to share my experiences. Good luck on whichever route you decide!

@Jimmy Liu hey Jimmy! Welcome to BP! Your story sounds very similar to mine here in SoFlo. I too house hacked my primary property and drank from the fire hose. My first tenant actually ODd and I had to perform CPR while waiting for paramedics! Pretty wild and I learned a lot 😬.

Anyways, I am investing out of my market as well and my first purchase this year was through rent to retirement on a new build in Cape Coral FL. CApe coral is simply exploding with out of state people moving there and low price points. The new build cost $265k in total, required only 10% down, and has rents at about $2300 right now. Post construction appraisals are also between $340k and $410k depending on location. Would be happy to connect about my experience if you’d like. I felt safer going through a turnkey company for my first out of market rental. Good luck!

Patrick

@Zachary Koran it's definitely possible, just got to find the right property and financial institution/network. Right now, I'm doing a new build BRRR (B for Build) for a property out in Cape Coral FL that was only 10% down or around $30k. Build cost was $240k and post construction appraisals are currently coming back around the $340k-$410k range depending on the location of the build. Good luck on the hunt and feel free to reach out to bounce ideas off each other!

@Miles Viant I am going through this build with R2R as well! They still have several financing options available from what I know. I’m about to finish my permitting process. Excited to go vertical! Your build is completing next month ya?

@Khanh Nguyen agree with what Zach shared. I too was offered some terms like that, but It was from just one of the lenders. I ended up going another route through another connection R2R had. There are several ways to structure these from my understanding! Hope this helps!

@Lou Benveniste correct! I have connected with a few dozen BP members who have gone this route and some of which are post build and rented. They’ve confirmed the numbers as well

@Don Tarinelli I’m actually using rent to retirement right now for a new build in Cape Coral and about 6 months in. I’m also someone with a high deman W2 and R2R in Cape Coral was my first true investment purchase a few months back for the same reasons you’re looking at… more of a hands off approach. Total all in cost was around $265k and I only had to come out of pocket 10%. Prices have increased slightly from what I have heard, but post construction appraisals are around $340k-$410k depending on lot location. I’d be happy to connect. Going to send you a DM if you’d like to hear about my experience

@Cj Powderhorn this is my first. I’ve connected with a few dozen BP members who have gone through with the NBs from R2R though. I currently have one other property in Ocala FL and one in Hollywood FL!

@Terry Garza Nope. Simply a happy investor excited about the opportunity and engaging on BP to spread the knowledge of wealth. I don’t have a ton of deals done myself yet, so I like to brag about the ones I am proud of and find it’s a great way to network with the community.

@Brian Choi I have an couldn’t be happier! Only downside to all of It is time, but that is neither R2R or the builders fault, it’s just part of the process. Currently I’m building a 4/3 new build in Cape Coral. Total all in cost is about $265k and I financed It at around 3.6% with 10% down. Rents right now are at about $2300 and climbing. Currently post construction appraisals are coming back at $340k-$410k depending on location of the property. So, I find myself in a position to sell and make a quick $100k return potentially, or keep It and rent for the cash flow and future appreciation growth. Not a bad position to be in! I’d be happy to connect to share experiences. Good luck!