All Forum Posts by: Paul Pratt

Not going to happen. Best case scenario, if you find some issues with the property, is to ask them to issue you a credit. 

@Edwin De leon

It depends on what you want to do. There are tons of factors I see depending on your goals.

1. Long Term tenants? Or STR (Airbnb) need to check local zoning as it varies in differnt parts of the same city.

2. Attractions? Does the area pull out of state tourists for events frequently, or is seeing a growth in population. For example, my area (Daytona Beach) makes most of it's money in less than half of the year (Daytona 500, Bike Week, Biketoberfest and Spring Break) This can have a huge impact on your business considering the rates for STR are much higher during these time frames due to lack of rentals.

3. Industry, where do the people in the area work? Major hospitals? AMAZON? That will factor in if the area is right for you and what you want to get out of your MF area search!

Hey @Jack Yen,

The Florida market has been booming as of late. I have been working with investors from California who are looking to cut costs on taxes. Multi-families 3-500k range with beachside STR possibilities and mass turnkey portfolios are for sale as well. Daytona Beach has a wide tourism reach from bike week, NASCAR and a newer spring break crowd. If this is of interest reach out and I can send you more info/properties.

For me the larger goals are usually made up with smaller ones. 

For example "gain a bigger audience" is then divided down to 3x a week social media posts and meet and greets once per week. For some reason the smaller daily activities compound into achieving the large ones.

Hope this helps! Made my career seem more manageable.

Hey Evan,

 I hope I'm not too late on your post. In regards to multi family, as I'm sure you are aware, are good options in Daytona Beach. However, if you structure the property management situation you would be fine. Unless you were planning to live in the unit too and didn't want to be so far.

Reach out with any questions.

You can absolutely go at it part time here are things to consider..

1. Structure of property- does it require a lot of upkeep or is it something simple like a block duplex, tile floors, high elevation (avoid flooding)

2. Property management- will you get a property manager? They handle many of the tenant issues and finding new ones when they move out saving you loads of time.

3. Taxes/Insurance- These will affect your numbers a lot. Most new people see a price and rental rate without considering their insurance rate ( which will be high if it needs a new roof or is located near the ocean etc.) Taxes also are never going to be the same for you, past years taxes have no bearing on what they will be this year.

Hope this helps but if you set up your system the right way it is very manageable especially if you start with a duplex!

Investment Info:

Condo buy & hold investment.

Purchase price: $147,400
Cash invested: $3,000
Sale price: $190,000

This was a buy and hold investment. It was a nice return with very little money put in. Updated flooring, ceiling fans and paint for a modern touch in an outdated condo. Capitalized on the market shift along with minimalistic design trends.

What made you interested in investing in this type of deal?

Very spacious unit in a golf community. Just needed some tlc and was price well below market value.

How did you find this deal and how did you negotiate it?

I found this deal FSBO, he wanted to downsize his portfolio but didn't want to put time or money into it.

How did you finance this deal?

Conventional financing.

How did you add value to the deal?

Knowing the fastest and most affordable ways to add to it ie flooring, paint and aesthetic.

What was the outcome?

40k profit and reinvested that into another up and coming area of Daytona Beach.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I'm and agent and am always here to help outside investors make solid returns in the Daytona Beach area.