All Forum Posts by: Patrick Daniel

Hey @Justin Goodin, Mindset is incredibly important. Especially if you focus that mindset on a specific niche. A couple of people whose content I really enjoy are:

Simon Sinek (For purpose and optimism)

Gary V and Seth Godin (For Marketing)

Gary Keller (For Real Estate Fundamentals)

Jako Wilink (For Discipline and Leadership)

P.s. Hal Elrod has a great story. Every time I hear it I think of how blessed I am and how much potential I still have that is untapped. 

Hey James, *NOT A LAWYER DISCLAIMER (I am just a guy on the internet)* It is correct that if the home is owned in the LLC and that all expenses and handling of business are kept away from your personal accounts that you could receive some liability protection. It can be better to rent a home in an LLC, but there are many considerations. Do you currently own the home in your personal name? Does it have a mortgage? If so, which type? Transferring the home to the LLC's name with a mortgage could be an issue. Also, keep in mind that if you intend to get lending on the home down the road, lending will be much less favorable than if it is owned by you personally.

Just some things to consider.

Best of luck!

Hey Erik,

I invest and live in the Florida Panhandle (Pensacola, specifically). The market is red-hot here, as it is everywhere, but there are definitely deals to be found if you get on enough lists and network for deals. Definitely will not be finding anything on the MLS that would be a good BRRR candidate very often.

Hey there, @Matthew Savoie !

I am also an investor in the Pensacola area. I focus on fix and flips. Are you looking to get started in SFR or multi-family? Any parts of town you are most interested in?

Based on your description, you're going to need either conventional or a hard money loan. FHA will not lend to you if you do not intend on making it your primary home.

And I will echo what the others here have said...

Acquisition costs, rehab costs, holding costs, and selling costs are going to eat up your margins on this. It could be a deal if it was in the 260 range and you do the work yourself, but that also means that it is unlikely to be done quickly and right now there is a ton of risk of the market turning and you are stuck holding the bag. 

As of now, I don't buy anything that I can not have on the market within 60 days of buying it.

Ya, as @Jeoff Brown said, Robert is great. He has done a couple of renovations for us on flips and does great work.

Florida has some very landlord-friendly housing laws and rentals are much cheaper here than in the PNW.

I think you are spot-on in your analysis of what the fall-out is likely to be.

Hey Ellie, 

Great post and a very concise description of how syndication works. I do have a bit of a problem though with someone claiming that they own 100 units if they are an LP on a Syndication. This would be similar to my putting $100,000 into an S&P 500 Index and claim that I own 500 companies. 

I have no issues with LP investing, it is a very good way to make passive income. But all too often I see someone claim they own 300 units and act like an expert when really, they essentially bought stock in syndication.   

@Justin Rush, I am also from good old Washington state (Walla Walla) and prior military as well. I currently live in Pensacola Florida, and can tell you that houses here are much cheaper than almost any place in the state of Washington. 

As with any market, you will need to manage your risk and build a team that knows the ins and outs of the market and make sure you have a property manager that will do their job correctly. 

$30k in this market is doable, but it may not be in the condition that 30k in repairs (especially since you will have to hire out all of the work) is feasible. But let me know if you have specific questions on the market here. I am an active flipper and am analyzing valuations and rehab costs