All Forum Posts by: Tom Myers

Beds: 2 Baths: 1

Sq Ft: 750

Should Rent Around: $800/month

ARV: $85,000-$90,000

Suggested Price:

$50,000

This property is occupied but will be vacant upon closing. It's in livable condition already but you may want to do a few minor touch-ups, no more than about $5,000.

At $50k purchase price plus $5k in TLC, $55,000 all in and $800 rent - You're looking at a 17.4% gross return

Is this property still available? 

@Tom Cafarella I have a very good friend who ONLY markets with bandit signs...  CONSISTENTLY makes over 80k a month from them for the last 12 months.

Before you give out advice like this, you should really do your homework on markets outside of your own.  Just because you have failed at something does not mean it can or will not work at with substantial results. 

443 Longwood Cir Longwood, FL 32750

Asking 125k

Rehab needed: 18-22k.. (mostly cosmetic work)

ARV 180-190k.

Average days on market- less than 30.

Pictures.

Disclamer- Ignore the auction date, I fully intend closing on this before the 28th if we absolutely have to.

Also my model is Whole-tailing, IF this doesn't sell I will list on the MLS for 149,999 and try to sell to a retail end buyer. However I would like to avoid holding cost, realtor commissions, etc

Please contact me if you wish to see this property.

Tom Myers

Purchase Manager

Your Trusted Home Buyer

407-973-6765

YourTrustedHomeBuyer.com

401 Las Olas Blvd. #130-241

Fort Lauderdale, FL 33301

What is the website for SRDS?

Why don't you close on it and list on the MLS? you will get way more money for it than just wholesaling. You could list this for 130k easily.

It's the Wholetail method @michaelquarles teaches. It's done wonder for my business. When you wholesale you only get a percentage of the AS-Is Value, if you sell on the MLS you will get 100% of the AS-IS value. and 80% of investors Shop on the MLS.

Prime example I had a property I posted for sale here recently and only got offers for like 42-45k. So I had two BPO's done on it and they both came back with the AS-IS 70-75k.. Sure enough I listed it last week and today I got an all cash offer for 70k..

This seems like a home run deal if you got it at least 10k below what you are trying to wholesale it for. 

@Brent Hill

1. how are you taking title? Cash? Sub2? Owner financing?

I've been buying everything "cash" using hard money 

2. Are you listing it on MLS as soon as you get it under contract?

NO i'm not. However I will be on my next contracts 

3. Are you using direct mail similar to what Quarles suggest?

Yes My business partner is a coaching student and we've been doing it the way he suggests 

4. How big a list are you mailing to and what kind of callback and close percentages are you getting?

We did a 1400 mail list in palm beach and Broward... The results have been ok so far. no deals from it.  We are about to hit our 3rd letter tho were most of the deals happen so it's too early to judge. 

These deals  came from driving for dollars from people I know that live there. Not any mail campaigns. So finding "deals" is not all that hard if you have the team set up for it. 

I live in Fort lauderdale and I prefer the Orlando and Brevard Markets over South Florida any day of the week. It's all about how you market and have efficient systems in your business to capitalize on the leads. 

I picked up 3 last month in those areas you're mentioning.. Two already sold and the 3rd i'm evicting the tenant then closing. 

1st one I bought In Port John for 68k. put it on MLS and had 12 offers in two days.. accepted a 115k cash offered. I netted 45k after closing costs. Total transaction time when i closed to when buyer closed. 18 days.

2nd deal I bought in Palm bach  for 78k. I accepted an offer 2 weeks later for 130k. that closes on the 31st. I should net around 45-47k.

3rd deal I got in Port john for 54k. The ARV is 130k. I'll list it most likely for 105k on the MLS.

I've been using Michael Quarles "wholetail" model and buying As-is and then instead of trying o wholesale to another investor for a portion of the as is.. you list in the MLS for full as is value and it's been amazing so far

@charles 

@Charles Wang It really depends on what your goals are.. But the money you will make from private money lending will be much greater and faster than any amount of equity it would take you to build in 4 plex..  

For example in the past 7 deals we have netted over 300k... and our private money lenders have made over 35k from us... All of that is in a 5 month time span.. You will not see those numbers in any 4 plex... 

Also if you want to find good deals on multi family you will need to be doing lot's of marketing.. The chances of finding anything on the MLS remotely decent is -.001%...

To me, the little extra work in private lending, which is not much... will pay you 10x the amount you can make buying 4 plex that will just be a big hassle..

If you have bigger goals the only way to do MF is to invest in Larger properties either by your self or go in on the deal with somebody else.. where you can be making a 8-10% return passively plus if you find the right person they should REFI 3-5 years pulling most of your money out... AND you will be 100% hands off... Just a higher level approach and it will make your life so much easier.  

Charles, have you considered being a private lender? 

In this market the only thing we're doing is flips. 7  transactions  4 more under contract in the past 3 months alone. I wouldn't buy any multi family personally unless it was 2M or up. It's just not worth the hassle. 

We use private money for all of our deals, and IMO it's the best "passive" position to be in if you find the right investor.