All Forum Posts by: Scott DeVore

save the cash, find a market that has properties for sale under $50k and find someone willing to offer Seller financing, use that $3,600 and credit cards to do the renovation, refi and take out equity and repeat to start building your portfolio... well over a decade a go I spent a few thousand on some RE investor training and realized soon after I should've just started buying stuff and renovating them, I didn't need to pay for training as most of the info is free, fortunately I had capital to both spend on education/training and to buy/rehab a property so it didn't set me back to much but I can now say from experience to someone new that it's not worth it to drop that type of cash to learn how to be an investor when it can be found for free

high CoC return, but high turnover, expect to spend at least a few grand per turn, so have to figure that into the number and the headaches that comes w the turnover volume, but investors do it all the time in this zip and similar ones, the DOM may be due to conditions related to the property/neighborhood that you can't tell from just looking at the pics, you'd need a local expert w boots on the ground to fill in the blanks to complete the story

As a GC I'll still try to negotiate a DP, perhaps only 5-10% (maybe even less depending on contract value) in this arrangement, but it's def not a deal breaker if those terms aren't incorporated into the contract since the largest capital outlay is not part of my scope. As a business owner it's wise to hedge against cash flow and a potential non-paying customer. However, I must say that if I'm procuring the materials then definitely requiring a DP every time.

@Alan HylandJax is great (as well as San Fran but not so much for investing :-) ...I have family in SF), lots of resources to connect with here, feel free to message if you need some direction, I'm both a lic. GC and Broker in Fla and headquartered in Jax... I'm also a GC in Cali as well w a small office in LA.... good luck!

@Jeremy Holcombhave you had any meetings yet in St Johns Co? I live in the town of St Johns and would attend this meeting whenever they occur. The FB group looks sparse as of the time I check out the page.

@Gary Guidi thx for sharing!

@Dennis Williams Springfield is the least expensive historical area to make entry into buying (vs Riverside and Avondale). I drive through often and see families pushing strollers and walking their dogs as you see a fully restored mansion next to an abandoned shack. Because of the historical association it's in you can most likely hedge your bets that it'll not only hold value but increase over time compared to the other neighborhoods built at the same time. Still can acquire deals under $50k here whether on the MLS or from wholesaler. I'm a broker and a GC in Jax and can help w any other questions. Feel free to DM me, thx

@Gary Guidi not a lender... I’m an investor, RE Broker, and GC.... the context of my question is from an investor standpoint (learning from the community) and curious to know if you had a prearranged setup w the original lender about a future refi and them wanting to keep the note in-house and would oblige... I’ve had banks agree to this strategy on SFRs and MFs under 4 units, wanted to know if this was possible w larger MF

@Ramal C Bright

It is more to deal with when doing a project in an historical area. I’m both a licensed GC and RE Broker and I’m headquartered in Jax... having dealt w both SPAR and RAP historical preservation societies that govern the areas, I can tell you that they are good people to deal with and if you deal straight and honestly with them, then the project should go as any other type of renovation. Feel free to PM me with any direct questions and I’ll be happy to assist.

@Gary Guidi congrats!

I have a few questions on the planned refi:

What do you forecast the appraised value to be in 1 year when you refi?

Did you discuss w US Bank that this is your strategy? If so, did they give you any input to refi the note w them?

Or are you planning to do the refi w another lender?

Are you planning to recoup all of your equity when you refi?

Thanks!