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All Forum Posts by: Sean Bryant

Sean Bryant has started 6 posts and replied 13 times.

Post: Possible First Deal, Need Advice: Raleigh, NC

Sean BryantPosted
  • Real Estate Investor
  • Orlando, FL
  • Posts 13
  • Votes 0

For an update, I spoke with the property manager and 2 random real estate agents in the area. First thing is that my friend misspoke and the HOA fee is actually $75 monthly. This covers the exterior of the building, roof, and of course the amenities. Also 2 real estate agents sent me the comps and sold comps range from 103-110K.

My friend's motivation at this point is just sell and be done with the property. He has listed once for over market value and it didn't sell so I think it has soured him to the listing process.

My thoughts are to acquire via Subject 2, without any payment to my friend. Upon initial conversations with him he seems receptive to this, of course I haven't spoken to his wife. I will then wait until March when the current tenant has 60 days remaining on their lease to begin marketing the property as lease option for 100K.

Thoughts on this plan?

Post: Possible First Deal, Need Advice: Raleigh, NC

Sean BryantPosted
  • Real Estate Investor
  • Orlando, FL
  • Posts 13
  • Votes 0
  1. Sorry the formatting was pretty poor for the numbers in the post above
  1. Rent: $895
  2. Expenses
  3. Taxes:$112
  4. Insurance: $30
  5. HOA: $125
  6. Vacany: $72
  7. Monthly Repair Allocation: $90
  8. Property Manager: $90
  9. Total Expenses: $519

Post: Possible First Deal, Need Advice: Raleigh, NC

Sean BryantPosted
  • Real Estate Investor
  • Orlando, FL
  • Posts 13
  • Votes 0

@Brian Gibbons I have listed the incomes vs expenses below

Income Monthly Annual
Gross Income 895.00 10,740.00
Expenses Monthly Annual
Taxes $112.92 $1,355.00
Insurance $29.17 $350.00
HOA $125.00 $1,500.00
Management Fee $71.60 $859.20
Vacany & Collections $71.60 $859.20
Monthly Repair Allocation $44.75 $537.00
Total Operating Expense $455.03 $5,460.40
Net Operating Income 439.97 5,279.60

I spoke with the current property manager and he stated that this rent is very close to the market value and they may look at raising the rent $25 when the lease renews in June.

When I look at this Pro Forma it shows me that this would not be a great property for me to buy and hold based on the amount I would need to finance, so I would ultimately need to sell this property to a retail buyer. In your opinion, is your assessment the same?

If I acquire the property via Sub 2 were you then suggesting that I then list the property with a realtor and pay the commission? 

@Audrey Truesdale could you expound on using a lease option to structure the deal after acquiring via sub 2? Where would you market a lease option at? MLS? Craigslist? Etc?

Post: Possible First Deal, Need Advice: Raleigh, NC

Sean BryantPosted
  • Real Estate Investor
  • Orlando, FL
  • Posts 13
  • Votes 0

All,

I think I may have found my 1st deal, by reaching out to my circle of influence. A family friend became an accidental landlord when he was transferred for a new job. The property is a 3/2 town home that is currently rented for $895. My friend is looking to do anything to just get out of the property and will take what he owes to move on.

He currently owes 86K on the property and the comps pulled by a real estate agent are between 105-120K. Thus far have been able to determine that the property does not cash flow when financing at a purchase price of 85K

I need suggestions, preferably with little money down to help my friend get out of this property as well as profit for myself.

Any help is appreciated...and I would also like to network with any local investors as this would be an out of state deal for me.

Post: Looking for an Orlando Real Estate Agent

Sean BryantPosted
  • Real Estate Investor
  • Orlando, FL
  • Posts 13
  • Votes 0
Hello all, I am currently looking to work with an investor friendly estate agent. I am hoping to buy a primary residence that in a years time I can turn into a rental property. I have already pre-qualified for a mortgage. If anyone can put me in contact with an agent they recommend I would really appreciate it. Sean

Post: Looking for an Orlando Real Estate Agent

Sean BryantPosted
  • Real Estate Investor
  • Orlando, FL
  • Posts 13
  • Votes 0
Hello all, I am currently looking to work with an investor friendly estate agent. I am hoping to buy a primary residence that in a years time I can turn into a rental property. I have already pre-qualified for a mortgage. If anyone can put me in contact with an agent they recommend I would really appreciate it. Sean

Post: Reintroducing Myself from Orlando, FL

Sean BryantPosted
  • Real Estate Investor
  • Orlando, FL
  • Posts 13
  • Votes 0

Hello All,

I joined Bigger Pockets about a year ago but I had some issues in my personal life that delayed the start of my real estate career. However I have came back renewed with vigor and enthusiasm. In the short term I am currently looking for a personal residence in which I can "House Hack" in the next year. This leads to my long term goal of owning a portfolio of Buy and Hold properties for the passive income.

I hope to network with active real estate investors in the central Florida area and I would be more than willing to trade my time, energy and enthusiasm for experience and knowledge over a cup of coffee or lunch. Please let me know if there is anyway in which I can help and I wish all much success.

Sean 

Post: Florida Flipping homes

Sean BryantPosted
  • Real Estate Investor
  • Orlando, FL
  • Posts 13
  • Votes 0

@Matthew B. in what parts of Orlando have you been successful in finding properties. I'm currently looking for a live in flip that I could some DIY work on and then keep the property as a buy and hold property. I'm currently living in Orlando and definitely haven't found anything on MLS

Post: Soon to graduate student looking for starting advice

Sean BryantPosted
  • Real Estate Investor
  • Orlando, FL
  • Posts 13
  • Votes 0

Very interesting opinions on both sides that hits home for me as a recent grad. I have decided to focus any extra money towards real estate investing while making minimum payments because I feel I can find returns great than the 4% interest rate on my loans and I can choose to reinvest that money towards more properties or paying off my loan. Also since I plan to buy a multifamily in which I can live in 1 unit, I figure I would be paying living expenses anyways I might as well have a tenant subsidize that expense

Post: Newbie in Orlando, FL

Sean BryantPosted
  • Real Estate Investor
  • Orlando, FL
  • Posts 13
  • Votes 0

@Aditya P. thanks for keeping me in the loop and I would definitely be interested in meeting up. There is nothing better than being with like minded individuals to reach your goals