All Forum Posts by: Don Howell

@Anand S. You are correct that no reservations or check ins can be executed through April 14th. That killed all of our April monthly (and the last of the snowbirds) reservations particularly because there are no restaurants, museums, beaches, pools, bars, or other non essential businesses open. Publix is not a tourist destination. Oh and people coming from NYS and a couple others were told they MUST self quarantine for 14 days upon arrival. Pretty much finishes off the month.

As far as price gouging. A small group is very concerned with the attitude shown by others that this is an opportunity to profit off those that must travel health care etc. and those that had or have jobs that they must be here for when this is over. We don’t see the wisdom and have let our elected officials know they must guard against it. Ethics are also a part of this business.

@Gerald Pitts

Hi Gerald. Here in Florida the governors order states that after March 28 we can’t accept a reservation or house anyone with less than a 30 day contract. You can imagine what that has done to April and May for us. Trying to determine if the short term SBA offer is right for our circumstance. Also have heard rumblings about the price gouging subject and how they will monitor it after the crisis subsides. Crazy times for sure. Good luck to everyone in the different regions. Every state seems to have different rules.

Thanks Oliver - We will be working toward complete financing for the project soon. 

Starting to build my team. Are you interested in connecting to discuss possibilities?

Thanks Derek and Carol for you responses. 

It being a rather small village that I am very familiar with, I have spoken with the codes compliance officer and it is zoned for any classification single family, duplex(multi) or commercial. It was a duplex when I bought it. Commercial won't work as the city centers have ravaged the local merchants but it is definitely a bedroom community. I feel it has an up-side as a 2/2 and being a carpenter I can handle nearly the entire project on my own. Thanks for the offer to connect, I will definitely follow-up.

Investment Info:

Small multi-family (2-4 units) fix & flip investment.

Purchase price: $35,000
Cash invested: $35,000

bought cash and have not yet made the leap to complete and resell or rent

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

hometown and available private deal

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

inquired with owner as to their intent with a repo'd property

How did you finance this deal?

cash

How did you add value to the deal?

gutted but haven't able to finance for re-model

What was the outcome?

stagnant at this time

Lessons learned? Challenges?

Education in financing options is needed prior to purchase although holding to hasn't hurt yet...

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

no

New to BP and needing some knowledgeable input. We own a property free and clear that has been completely gutted and could be either a duplex 2/2 or a single family or just unloaded for cash.

Have no idea how to secure financing for build out as all lending institutions want owner occupy. Have been told to just put it all on credit cards and the apply for a mortgage. Seems doable but risky with high interest cards.

Would really appreciate some input on creative financing explore.

Seems like a good place to start to build some equity for our next deal.

Tough love is A okay too.

Don H.