All Forum Posts by: Sam Issa

Hello BP Community,

I've been working hard to find my next fix & flip property here in South Florida, just north of Miami. A saturated and expensive market. 

I've tried working through wholesalers, but the numbers just don't make sense. Nothing below 80%, minus rehab. I tried doing direct mail myself, but the response rate has been very low. D4D didn't return any results.

For those of you who are in similar markets, what's your strategy? How do you find deals? Do you go above the 80%? I know in other areas on the country they don't look at anything above 70% of ARV.

I tried to fix and flip 4 hours away from where I am, and didn't enjoy it. It was just too difficult to keep up with my GC and permits.

I appreciate the advice!

Sam

Looking for advice. Last year, I bought a 3/2 SFR in Tampa, FL to fix and flip from a wholesaler. The house was in mid-rehab and was red-taped by the city for work without a permit. I checked with the city and they said you'd have to bring it up to code and pass the inspection of electrical, plumbing and framing. We were also requested to do blueprints of the whole house. Had a lot of back and forth due to FEMA regulations and that we're not supposed to "overdo it" beyond 50% of the assessed value, otherwise, we need to demo it.

We hired a private appraiser to increase the value of the property, and we sort of got away with it. We passed plumbing and electrical, only to be told when doing the framing inspection that the house is a 2/1, and that the additional bedroom and bathroom were not permitted and are not up to code! Solution? Demo it, or remove the addition!

I'm stuck and not sure what to do! If I remove the addition, it'll bring the ARV down big time. I'm already $185K deep and would appreciate any advice.

TIA

Hello @Scott Esmail I wonder what experience you had as a Canadian investing in the US? I have a similar situation where a Canadian investor friend and myself (a US citizen) are planning to partner up in Florida to flip properties. I was advised that he should create an LLC and then our two companies can form a partnership.

Any advice you may have would be very helpful. TIA

 Zelle works with some contractors who are doing small jobs. The problem is when I have to transfer large amounts, to my GC for exmaple. Good idea on the local bank.

Hey all,

I've seen some posts in here about bank accounts that allow series-LLC sub-accounts, and it seems it works perfectly for investors with rentals.

But I wanted to get your thoughts on accounts that work better for flippers. Every time I wire out payments to contractors, I have to add $25 wire fee. Not to mention the most annoying $25 for incoming wires! 

I saw some "online-only" banks that offer free wires, so I wanted to see if anyone has experience with these types of banks for business purposes and what they thought of them.

TIA.

I recommend checking with @Kyle Funnell

@Brian Garrett I'm a LP in the syndication. I actually have GC that is supervising the rehab work. I still drive up every now and then to make sure everything is going as planned.

I hear you @Brian Garrett. I'm in the same boat as yours, so I looked into the Tampa area and doing a flip over there now. Also trying my first syndication just now for a MF property in Columbus, OH.

@Don Panchamsingh I second what @Matt Humps said. 33401 can get very tricky from one street to another. You can find some nice gated communities, and just outside the gate, there are drug deals being made. So I wouldn't go site unseen over there. Stay away from the north end of WPB where it gets to Riviera Beach. West Palm Beach is big, so don't get this idea for the whole city.