All Forum Posts by: Jerry R.

I am not too familiar with Englewood as I have only driven through it once. My guess is that it's probably a nice place.

Rich, as far as turnaround that depends. I have one now that I am having problems with selling. Seems I bought one that is too remote. That being said, my typical turnaround from buy to sell is 1 month.

I would probably be chastised here on BP if I shared my margins, but hey a guy has to eat somehow.

For inexpensive areas I like Cape Coral, Lehigh Acres and Punta Gorda. Much of Fort Myers and sections of Port Charlotte are too run down for my tastes.

I was using Entrust Freedom, but my local office now has changed to AdvantaIRA Trust

I am in SW Florida,

The one thing that we do have here are some very good property management companies. The going rate is 10% per month and they pretty much handle everything as out of state landlord investors are the norm.

Rich nailed it with how hard it is to get a good deal on a property, but it's all about perspective. If you are a fix and flip guy like me then it's almost not worth it anymore here. I also moved down here 1-1/2 years ago strictly to flip homes. I have been a bit luckier than Rich as I have done about 10 homes in that time, but I probably accept a lower margin.

If you want to hold then I think good deals are still here. While rents may be stagnant, units do rent quickly and retail prices have been rising. If someone did buy homes here in the last 2 years they would have already seen their value increase.

Areas to avoid are hard to say, it depends on what you like or don't like. I don't like most of Fort Myers, North Fort Myers, or sections of Port Charlotte, but those are the most inexpensive areas. I live in Naples and it's pretty nice here.

All payments to my contractors are paid through my SDIRA.

I am wondering how others are getting their contractors to sign-off on a lien release before your SDIRA company issues the final payment to them?

I am not sure this will be an issue, but my contractor could ask for proof of payment before they sign.

Thanks

Thanks Steven

Hi Stevem,

Why wouldn't he be able to deduct those on Sch C as a business expense? That is assuming of course that he is doing this as a business.

I have bought 2 properties from them and know another investor who has bought a few as well.

For me they have been frustrating to work with. They take along time to get back to you, seem not to be able to answer the simplest questions, let contracts expire and delay closings. The prices I bought at were about the same, maybe very slightly less than any other comparable REO on the MLS.

Hi Sean,

Sorry Ft Myers Beach is really out of my area. I do like the area though, nice place to visit.

Mike, sorry no short sale experts that I can recommend. I could come up with some names, but none that I have personally used.

Rich, regarding the bad drywall. If there is a bad smell or if the copper is bad I forget about it, even if an inspector says it's due to something else. I've looked at thousands of houses, and yes people can try to hide it, but that's not common and it's not easy to completely hide. As usual it's buyer beware.

Hi Kyle,

I re-read the original post. Based on that post, no one resides there. I see abandoned property with furniture in it all the time. However, this does sounds like a good question for an attorney.