All Forum Posts by: Paul Pratt

Agree, the whole "off market" being a deal has never made any sense to me. If you have certain criteria that a property meets to make sense, then it's a deal. 

I agree, shouldn't be taken to heart.

Most of the properties in Daytona Beach that hit the 1% rule have a ton of deferred maintenance, are in flood plains and have a high vacancy rate. So by that "rule" you will have a lot to chew on.

OR you could scan for well-constructed properties not in a flood zone and have a much smoother time. The choice is yours really. BUT truly knowing the market and the lay of the land before you invest is always key.

In the Daytona Beach market I have seen the same.

The most creative and active investors are the ones doing well. They are managing their own STRs like a luxury hotel, implementing renting strategies similar to NYC and LA where they are renting out rooms and targeting schools and traveling nurses.

The clients I have that want an auto-pilot property to do well are not living in reality right now. Again, we may see some changes if rates fall (everyone is waiting) but then again if you want something now, you have to put in the work period.

Of course I will send you a message.

I have you covered on contractors, and zoning questions. I'll send you a connect request.

Messaged you!

I answered Sarahs question, hers was not in the right zoning. If anyone is thinking of investing here shoot me a message and I can save you the hassle, and let you know the right areas to aim for.

Thank you so much! I reached out to all of the listed contacts.

Hey All,

I currently have a client (buyer) under contract on a fixer upper. She is using financing, and we have a few issues. Insurance won't let us bind until they are remediated and the seller is not willing to help. Does anyone know any companies that will insure conditionally, based are her remediating the issues after close? Currently both agents I spoke with said they can't. So I am open to any and all suggestions. 

Thanks

The problem is pretty simple for MOST flippers who have started in the past 3 years.

You NEVER really added value... Interest rates, retirement numbers, low inventory and covid relocation caused a lot of the price increases in the past few years. Your new flooring, paint and countertops were nice touches, but didn't actually create a demand for your product. Low inventory did, and a competitive market. Now that the inventory is back up and we are shifting to a buyers market, that is why it's not working out for you the same. It's a market shift, be grateful on the times you had but numbers don't lie.