All Forum Posts by: Samuel Awosolu

Hey @Sarah Torres ,

The fact that you are taking action is great! Some don't get past reading through the forums. 

Just some tips because I also door knock and do driving for dollars in my area.

The Summertime is the best time to door knock especially when it is hot outside. The competition is complaining about the heat and are less likely to go out and do it. I door knock between 9am-11am or after 4pm. Usually, someone is home from work around that time.

If you come across tenants in a home. I always ask for the owner's number. I'll explain who I am and that I'm interested in the house. Most of the time they give it to me. If they are hesitant I will give them my card.

If the home is vacant. I'll knock on the door to the right and left of the house and across the street. Someone usually will have information on the property and the owner. Then after building rapport and asking questions about the house. I'll then turn around and ask them if they have plans to sell or know anyone interested in selling on that block or elsewhere. I picked up a few this way.

If the home is occupied and no one is home at the time you are there. I would leave a flyer on the doorknob that says you buy houses and ask for a callback.  

These are some tips I use myself.  Hopefully, it helps you find a deal or two.

Good luck!

Hey @Andre Valdes ,

To add on to what Josh mentioned above. You have plenty of private money investors in South Florida that would love to do a deal like this. You don't have to refi or pull money out of the property to do the renovation. You can bring on private money partners.

Do the rehab yourself and make it in line with everything else in the area. Then pull the money out when you bring it to market value. Cash out your investors. That leaves you with the property under your control. The ability to raises rents and increase cash flow or take some funds out to put down on another property. 

I do rehabs in the Orlando area and use private money. I usually start with family and close friends for private money sources. 

I would really consider holding on though because the Grove is a very HOT and sought after area and rents are very high there. 

Good Luck!

@Raffaello Cervera ,

I knew someone that was in a similar situation. If you are going to get a government-backed loan like FHA. Then you will need to provide transcripts of your previous years' tax returns.

Don't file an extension if you don't plan on filing the same year. That would trigger a response from the IRS if it is done year after year without filing. I would hire an enrolled agent to handle the filing of your previous years returns. An enrolled agent is a person who has earned the privilege of representing taxpayers before the Internal Revenue Service by either passing a three-part comprehensive IRS test covering individual and business tax returns, or through experience as a former IRS employee.

It may not be as bad as you think. Also if you end up owing money to the IRS they are good about letting you pay on a payment plan that you can afford. Then you use your filed returns to apply for a mortgage. 

Otherwise, Seller Financing might also be an option as well.

Good Luck!

Hello @Evelyn S. Echevarria ,

In your search. Look to see if you can find specifically an investor agent to work with.  Most usually have a contact list of investor buyers they work with and it may be a way for you to offload your townhomes even if both are rented out. You may even get your property manager through them as well.

Good luck!
  

@Marlon Thomas

There are profitable deals everywhere. Regardless of market conditions. Like @Laura Alamery said, "the more clever investors win".  One thing I've realized that remains constant in any market. There are homeowners that will always need to offload property due to job loss, divorce, death in the family, bankruptcy, etc. This will not change. How you get access to these types of properties will depend on your "cleverness" and ability to hustle. 

There are plenty of smart people in this forum. So finding techniques to get these deals shouldn't be a problem.

Good luck!

Welcome @Josephine Giordano ,

As a fellow New Yorker, I can say I was surprised to see the transformation Brooklyn has been going through on a recent visit. From Williamsburg, Bushwick, Greenpoint and to my surprise Fort Greene. Towers are going up at a rapid rate and the cost of living there has gone up exponentially.  So I can see how easily it is to be priced out of the market there.

I believe you are thinking in the right direction on investing out of state. I know many New Yorkers who can't afford to live in NY move to areas like Atlanta, Orlando, and South Florida. Those cities have become somewhat of a sixth borough for many New Yorkers especially in the South Florida area. Plus Northerners are getting fed up with the cold Winters and shoveling snow. We have tons of people move here every year from up North. Weather and affordability are usually the driving factors.

As you pinpoint places to invest in Florida I would also consider areas like West Palm Beach, Fort Lauderdale, Cape Coral, Sarasota, and even Tampa. You can find some really great properties in those places and set your rental rates for a good return. In some areas, you can even buy new construction which can end up being a better deal than buying a resale. 

Miami does have higher rents compared to the other cities I have mentioned due to population density. Infrastructure and job growth. Proximity to the beach and the lifestyle. However, the cost to acquire a property that will allow you to achieve those returns is a real challenge. Not impossible but will take some effort.

As far as property management is concerned. There are many of them here that specialize and look after investment property for people living in other states or abroad. You will need to Google them for reviews and interview them to see if they will be a good fit for you. Most take 10% of rents but it is all negotiable. 

Good luck on your journey!

Hello @Daniel Achury ,

I have actually been to Medellin. I was there last year in 2017. Beautiful city! I plan on returning to explore it some more. The food and the endless Spring weather was amazing!

I did notice a lot of new development happening on my way from the airport. From luxury high-rises to modern homes on the mountain side. It was amazing to see. 

As far as marketing there is a growing expat community living in Columbia. I've met them. They range from retirees, entrepreneurs, and small business owners. Some have plans to stay long term. Others are starting businesses and servicing the local communities.  I know of one that lived in Texas and recently purchased a condo there because his digital marketing firm started seeing some growth.  I would target local expat communities living in Columbia through social media. Specifically Facebook. There are many groups on Facebook that you can reach out to the admin and present your properties with permission. 

If you are going to target Columbian nationals living in the U.S. You will need to know what their motivation would be to purchase a home back in Columbia. The ones that I have sold homes to here in South Florida. Sold their homes in Columbia to buy here. 

Also, I'm not sure about the Airbnb laws in Columbia but if the buyer has the option to rent out the property or do Airbnb as an investment. I would pitch that in the presentation as well. 

So to answer your original question about marketing to an international audience. I would focus on targeted Social Media groups on Facebook and Instagram influencers that can bring the right attention to your properties.  

@Ashley Mutawakkil Congrats on your decision to pursue financial freedom! My suggestion would also be to visit local REIA's in all three counties ( Palm Beach, Dade, Broward ). There are a few meetup groups on Meetup.com that are worth visiting also.

You may run into investors that have deals in all three counties. Also, start driving neighborhoods to get a feel for where you would like to invest and the types of multi-family units you would like to buy. You may run across abandoned or vacant property, for sale by owner, etc. You can call them up. Ask questions, etc to get your feet wet. Real estate is a contact sport. You can not do it from behind the screen. You physically need to be out there networking and talking to people constantly. That's how I find my deals. It is only competitive when you are just starting out or are not proactive. However, once you get out there enough and consistently. Deals may find a way of getting to you. Good luck!

@Arturo Borges Not too many flippers in the high-end flip game. Less competition in this space. Actually now is a good time to buy because the luxury market in South Florida has been very soft since the 1st quarter of last year 2017. I'm sure you can find some deals that have been sitting out there for some time. Distressed sales are even better if you can get access to a wholesaler that picks up high-end homes. You want to get in at a good price and develop a great product through your rehab. Sell for under market value where you still profit. Get good marketing and promotion of the home for qualified buyer interest and move it off your books. 

Hello @Account Closed ,

What you are trying to do is not difficult. However, it is good to have strong relationships with people you can trust to help you manage your property while you are abroad. There are many investors that live abroad that have property in Florida. So it is possible.

Although I live in South Florida. I like Orlando, Tampa and Jacksonville as a Buy and Hold or Buy and Flip strategy. You can do it here but it is extremely competitive getting deals 60% to 70% below market value. Property in Orlando and Tampa are still reasonably priced and the rental market is steady. Jacksonville as well. 

I would look up some of the local Reias to attend and start talking to people in person. You may get a better feel for the areas and neighborhoods you want to invest in.