All Forum Posts by: Robert Curls

Mark J. Another option if you have multiple properties is to find a commercial lender who will do blanket loans (one loan cross collateralized across multiple properties). This takes your 5 40k properties and allows you to obtain a note for 200k.(just an example).

I recently advertised a home I have for rent in Clearwater, a great 2/2 with updated kitchen and baths, a really nice property. Just lie the last several times I've lists I had a lot of demand to see it. So I thought, rather than going back and forth I'd set all of the appointments for the same 30 min window and have an open house. Of the 5 people who said they would be here. Not one showed up. I haven't had this issue in the past when booking individual appointments. What have others experienced in the open house style showing of rentals?

I think the live in flip is a great concept, but if you're looking at a 35k gain, it's probably not worth the headache. As Mindy Jensen mentioned, when you sell you'll have realtor commissions, plus regular closing costs. Additionally a buyer may want concessions on items even if the property is turn key. So you may give up 2 years of your life for 5k. We're in the middle of our third live in flip, we bought the home, and were able to get it livable before moving in, however it was a year before we finished the second bathroom. (Not fun for a family of 4 to share 1 bathroom). So be prepared, it's a lot different when you have to go without A/C in the middle of July in your own home, than your flip property having to do without for 2 days while it's getting installed. A good hybrid may be to purchase the undervalued asset, complete the repairs to increase the value and leverage a line of credit against the property to move on to the next project. You could then move out and make the property a rental and have the tenants pay down the debt, if the numbers made sense.

I would ask, how many lots can you afford to pay the taxes on each year before you run out of disposable income? I like the idea of buying larger amounts of land that is distressed and selling to someone else on contract for a higher value. I haven't been able to execute the strategy yet as I haven't out much effort into it. But it's one of my goals for 2016. Zig when everyone else is zagging.

Grow has a commercial lending department. They will even do cross colatorization and blanket loans. The last time I spoke with my contact over there they were focused on smaller multi-family SFR. they also will lend to LLCs.

I'm also a huge fan of grow financial

Hey BP,

I'm looking for a recommendation for a great painter in Pinellas county.  I need to have the exterior of a two story home painted.  

Thanks

tread lightly @Jeffrey Kops  Wholesaling in FL is a very gray area (and in my opinion illegal).  If you read the FL statute 475.01 you'll find that if you advertise a property on behalf of someone else and you don't have equitable ownership (title to the property) then you're brokering.  Per FL Statues 475.42 brokering without a license is a third degree felony.

Most wholesalers say they are selling a contract to get around this, however when I see the emails that come in they say "4/2 house"  or something similar.

By trying to get a "cut" on the purchase end of the transaction you're basically brokering without a license as well.  I'm sure the FREC board wouldn't look to highly on it if it were brought to their attention.

You're best bet  is to do a warm introduction and if the buyer is flipping the property get them to list it with you on the sell side.

Good Luck. 

@David Battle  Feel free to send my way too.  [email protected]

Come on @Scott Trench, you have to give a better hook than @Brandon Turner next book.  That thing is probably worth less than the paper its printed on.  :)

All kidding aside, I've valued the education I've received from BP so much that I pay for the pro membership, just to give back to the community that's given so much to me.

Rob