All Forum Posts by: Tchaka Owen

Making the deal happen aside, if the listing agent violated the law, you need to report to DBPR. There's nothing wrong with wholesaling (despite what some might think), however there is everything wrong with falsifying information. If that agent is not the owner (and please don't buy into the 'having ownership interest' because of the contract BS that you might get). Honesty is important and the RE license should be at stake otherwise. Good luck.

 Are you licensed now? Your profile says you're beginning the process.

@David Barton....THIS is important.

Florida as a whole is not super expensive, South Florida (and a few other spots) are; that doesn't reflect the entire state.

Your DTI won't be relevant unless you make it relevant. HMLs will lend based on the property, not on your DTI. Once done with your renovations and the places are rented, the numbers should help your DTI for Conventional financing. If the numbers are too high (note: 41% isn't necessarily the threshold), then no with a Non-QM lender. You'll pay a higher rate, but that's not relevant - as long as your cashflow is still solid. Good luck!

The idea of only starting leases on the 1st of the month is very odd to me. For some reason, the vast majority of people feel it's necessary. My preference is to start the lease when landlord and tenant agree to start it. If it's the 1st, fine. If it's the 15th, fine. If it's the 23rd, fine. If the tenant wants to prorate so that it's then due on the 1st, fine. If not, fine. My #1 concern is to get a good tenant in the home as soon as possible. Good luck!

Lots of opportunities throughout the state; if I had to guess, I'd say South Florida and Orlando are head and shoulders above the rest as far as pure numbers. While South FL does command high rents, the problem is that the setup costs are likely the highest. In fact, it's almost to the level of absurd. I have a client looking to buy in Hollywood (where I lived for over a decade) and I'm consistently pulling him back. There are homes going for over a half-million in areas that were selling in the $200s not long ago. As an investor, that takes a huge bite out of your profits. 

Brevard (where I live) is much more moderate, the issue here is that many areas do not allow STRs. You have to know which cities allow and which don't. But once you get through that, the returns are nice. Good luck!

@Ben Nitka - everything @Randall Alan wrote is on point! Let me add 2 more things for you to think about:

1. I learned from experienced investors that the absolute minimum acceptable on a door is $100. The $540 net that Randall is getting is very good, most are getting $200+ per door. At $180, you're making $90 per door. So this deal wouldn't cut it.

2. Dayton, like many other Midwestern cities banks more on cashflow as opposed to appreciation. How are you at $90 per door? Either rents are well below market or you are paying more than the place is worth. It's one of the other. 

A mistake that newbies tend to make is to try hard to make a deal work because you want that first deal so badly. I'd walk away from this deal and look for more. If your agent isn't doing his/her job, move to the next. 

Good luck!

@Jenna G. - while still in your inspection period, have you obtained a quote (or reasonable idea) for the work needed? It is hard to gauge from what you've written because you write "extensive termite damage" followed by "termite repairs seem not very expensive". Those two comments don't work so well together. Based on your purchase price and ARV, here's my suggestion: If it is $30k or less, move forward. If higher, step away.

Good luck!

@Logan Karanovich - welcome to BP! And belated welcome to the DC area!
As recommended earlier, @Russell Brazil is extremely skilled in both real estate as well in the investment side, do have a convo with him.

I'm from Arlington, ended up buying in Reston, then eventually moved to Florida....I likely cannot afford to move back to Arlington (certainly not to the neighborhood in which my grandparents lived), so I feel your pain. Then again, that's the beauty of house-hacking - it enables you to stretch your budget yet lower financial risk. If Arlington and Alexandria are too far out of your budget, cross the river. Yes, some parts of DC will be the same if not higher, but not all parts of DC. And while safety should be a concern in any city, you probably don't need to worry too much because you're not at risk of buying in any of those areas. Your first step is to get a good agent who can help guide you.

Good luck!

BOOM! 

This right here. 

1. Coinbase is one of the most secure exchanges available. 

2. For true security, you get a wallet. 

And as another poster mentioned, you have to learn about crypto before tossing money in. I have very little in crypto and quite frankly, I know very little. Until I spend more time educating myself, I'm ok with having very little in it.