All Forum Posts by: Scott R.

Hi Ke! Thank you for the extremely detailed and informative response.  I will process all this information.  Thank you!

Thanks, Scott

Hi everyone!

Does anyone have an estimate for how much it would cost to build a duplex or 4plex in Bradenton?  We have an opportunity to pick up a lot and are wondering if it's cheaper to just buy a duplex/4plex that is already built and fix it up instead of building one from scratch with the current  construction costs being so high.  This would be in a C neighborhood, so the structure would be very basic.

Wish list:

Block

Single story

2/1 or 2/2 

700 to 800 SQ FT per unit

Lot is .75 acres

NOTE:  We are waiting on zoning information from the county to see what we can build on the lot.

Thanks,

Scott

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

We were blessed to find a property in Bradenton with two duplexes on the same lot in 2020.

What made you interested in investing in this type of deal?

We were looking to get into Multifamily.

How did you find this deal and how did you negotiate it?

We found the deal on a Bradenton business site. We were able to get the property for 15K less. We negotiated based on current rent rates.

How did you finance this deal?

We saved money over a period of two years from my W2 job for the down payment, but also had a HELOC. We had to put 20% down and we used part of our HELOC, just so we wouldn't leave ourselves without any cash for repairs. We paid the HELOC off within 6 months. We were able to finance the deal through APR Mortgage.

How did you add value to the deal?

We renovated the front two units as tenants vacated and ended up listing them both on Airbnb. We replaced the roofs and 3 out of 4 AC units. We've increased rents on the long term tenants every year.

What was the outcome?

The property is positioned to have excellent cash flow in 2024 now that most of the big capital expenditures have been completed.

Lessons learned? Challenges?

It takes way more cash than we thought to get a property going. Save lots and lots of cash for an emergency and repairs.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Ryan Beck at APR Mortgage - aprcommercialfunding.com

The team at Barnes Walker law firm in Bradenton.

Bruce Eason at Palmetto Law, for evictions.

@Patricia Taveras

Where did you find “encasements” for your beds/pillows to prevent bed bugs? What are they?

Thanks!

Looking for an insurance broker. We recently acquired a rental property in Bradenton Florida. Any recommendations for a broker that is experienced in RE and reliable?

Thanks!

I'm seeing properties come on the MLS from Long Boat Key, Anna Maria Island, Venice Island, etc. Are investors ditching these properties due to low occupancy? I've run numbers on a few of them and annual renting is out of the question. They only work as vacation rentals. But if people aren't going on vacation, seems extremely risky to pick one up. I'd like to hear if anyone is in the trenches in these areas and what they're experiencing.

Hey @Donald Muschany! I live in Bradenton and am interested in a meetup.  Keep me posted!

@Raymond J. Rodrigues Thanks Raymond!  I'm going to do some research and see if we can find a lower rate. 

@Matt Nico Matt, thank you for the reply that is really great info!  Sounds like we need to shop around a bit more. 

@Account Closed Thank you for the reply. Yes, we don't have it under contract yet, but we are looking at a 4plex.  That is great advice and I will definitely look into the cost for a point.