All Forum Posts by: Phil Bottfeld

 Thanks Sam! You mentioned you were in the works to do your first B&H. What stage of the process have you reached? I remember feeling very fulfilled at closing as if though I accomplished something I had always been shooting for.

Phil

 Hi Sam, great question… did I learn my mistake? Quick answer... no. But I did some things to put myself in abetter position. First, I got my RE license, second, I started looking in multiple places for opportunities which include…..

1) Wholesale lists

2) For sale by owner listings in my community's newspaper

3) Craigslist (not a huge fan)

4) MLS (DOM below 7 and DOM above 200)

The one place I have not started looking that I will plan to, is pre foreclosure lists from locally distressed banks. Banks who have a greater percentage of borrowers in default are more likely to want to provide a greater discount than are the healthier banks.

However, just because MLS is marketed as full retail does not mean deals can't be found. I put a quick hit search with my metrics and unit came available (it's an REO) that showed up at 60% of ARV and the bank was allowing one day for offers. I dropped everything, ran to the property that night and submitted my offer the same day. Now we are in waiting game to see if the bank will play ball. It's all about the numbers though, no emotion. If they come back too high I will have to walk. I'll let you know what happens!

Phil

 Thanks Jeff, I will check out the Denny's event.

 Thank you Jacques!

Hi Eleanor,

I'd recommend two things. First try and reach out to a private lender, (hard money), they are fairly easy to find but be prepared to pay interest rates 9% or more.

My second option would be to syndicate. I am sure you can pool together monies from your network. Perhaps you want to put together a big presentation and obviously have your homework done before you make the presentation.

My third option is potentially using the equity you have in your home or in other properties to purchase the asset.

I wish you the best of luck, what are metrics you have on this deal? Is it a flip or a buy and hold? What's your rehab schedule look like?

Against best of luck,

Phil

Hello everyone, I'm in the Pembroke Pines areas of Broward County and I am looking for a good mastermind/networking opportunities, but I am looking specifically for REI people and I'd prefer something smaller than my local REIA meetings.

All comments welcomed.

 Unfortunately my condo association has a rec lease we have to pay the developer in the amount of $210/ month, the other fee of $220/month covers all the other traditional costs an association covers (amenities, insurance, etc.)

Thanks Wells! I agree, I did use leverage so my Cash on Cash is a little higher than what my NOI/Equity is, however I only have $35K of debt on the property.

Thanks Nancy! I agree, I want my cash on cash to be in the double digits. What kind of metrics are you looking for? My hiccup is/was this, I know I want to be in Class B properties and I bought this right off MLS, below what other things comparable went for, but not steeply discounted. I am going to try and pull equity out for my next venture. Thank you in advance.

Thanks Vincent, my goal is to flip a few properties in order to generate to enough capital to get a large enough of rental portfolio. I'm going to try and flip a property once a quarter and then purchase a new property once per year with the proceeds from the flips. What do you think? Is your strategy similar?