All Forum Posts by: Patrick Bavaro

@Michael Dumler It happens man! I’m

Building a new build right now in Cape Coral FL through a turnkey company and the all in cost was $265k and post construction appraisal for this model is averaging $377k! Definitely meat on the bone in this market. Good luck!

@Max Sack I too have used Zach and his team at R2R for investing and It has been extremely positive. I am currently in the process of building my a new build in Cape Coral FL with them that had an all in cost of about $265, is a 4/3 model, rents estimated at $2300/mo and post construction appraisals are $377k on average for this model. I plan to cash out refi once this is built to take my money back out! Would highly recommend! Good luck and feel free to reach out

@Michael Cox any BRRRR or real estate investment is risky. I could have a property down the street from me and if I don't pick the right contractor etc. It becomes a bad deal. Have you considered new build but through the same process? I'm currently building a new build in Cape Coral FL through a turnkey company. It's a 4/3 and total all in cost was $265k. Rents are 2300/mo estimated right now (still in construction) but the average post construction appraisal is $377k for this model. I plan to cash out refi to pull my money back out once it's done! Best of both worlds and it's a NEW property! Good luck and feel free to reach out!

@Evens Othelot welcome to the forums! I actually live in South Florida. Do you as well, or only invest? This market as you know is a bit tough to get into down here, but the deals are there you just need to make them. I’ve actually started moving my investing out of broward and over into Cape Coral and Ocala. Currently building a new build 4/3 in Cape Coral that had an all in cost of $265k, required only 10% down, estimated to rent $2300/mo and has a post construction appraisal averaging $377k for this deal. I plan to cash out refi It and do It again! Feel free to reach out with any questions. Good luck!

@Kunal Mishra I agree! If my memory serves, I believe I planned for $4000 for taxes and my insurance quote was about $1000/yr and had nice coverage (Kin is a great carrier for rates here in FL). Its been a final since running the numbers but Im comfortable with the buffer thats there. These are all estimates of course as the property is still under construction. 

@Joey Brantley First, welcome to the forums! It's a great place to network and learn. Second, Semper Fi! Former 0352 Tow missleman here! Thirdly, I use Salesforce heavily for my W2! Lol. 

It sounds like you are willing to move in order to find the right property with the VA. I have used the VA twice now for property purchases and it offers some great advantages. I would highly encourage SWFL as a place to consider! Population growth is booming, its warm and the returns are nice!

I'm not sure what your situation looks like, but you may be able to do both a VA and an investment purchase. I'm currently doing a new build in Cape Coral FL for a 4/3 model. Total all in cost was $265k. Only required 10% down (about $35k with closing costs), and cash flow is estimated at $2,300/mo. Post construction appraisals are also averaging $377k for this model once built! The only downside to this investment is time. It will likely take at least a year start to finish, but it is well worth it!

Let me know if you want to connect about Cape Coral or other FL markets. Semper Fi and good luck! 

@Kunal Mishra correct! Out of pocket total is right around $35k with closing costs. The break-down is $26.5k for the land (its gone up since May a few thousand), and $240k for the construction cost. The construction costs have the permits etc. included in that fee. The model has a master plan that the builder holds the rights to, and from my understanding it is exclusive to RTR clients. I did not have to pay for any architectural plans. 

@Kunal Mishra It's a 4/3! At the time of my purchase, there was an option for 10% down through a construction to perm loan product offered by a credit union RTR had relationships with. As mentioned , I think some of those financing options may have changed but I know the build is still being offered way below market value. RTR does a pretty good job of managing the builder, but truthfully, the 1st half of the process simply falls on the city's shoulders and being that Cape Coral is one of the top markets in the county for new builds per capita they are backlogged. RTR will assist with communications though between the parties from my experience. From my knowledge, STR is allowed pretty freely in Cape Coral, although I've only spent a bit of time looking into this route.

Hope this helps! 

@Joe Maris I did go conventional, although there were several options at the time available when I moved forward. The route I took only required 10% down at the time. I don't know if this option is still available, but I do know they have some creative ways. Nice part is that at the end of the build, assuming the market stays the way it's going which I think it will for the most part, I'll have the option to cash out refi and pull all of my equity back out and still cash flow. 

Sounds like a solid plan! Good luck on the rehab. Keep us posted with your progress!