All Forum Posts by: Tom Myers

Originally posted by @Account Closed:

@Tom Myers.  I can give you a yea or nay within a few hours of seeing the asset info if they meet the threshold criteria.

You are the agent of record? So no one can get around you, correct?

I am direct to cash, not one off.  If assets don't meet the money's criteria, they will never see it from me, and I hate to say it like this, but if the assets don't meet the money's criteria when I request it, those assets become almost forgotten in my mind.  No longer important.

I am just a simple matchmaker who prefers to waste only my time

I am still getting everything lined up, but no one could go around me yes. Are you a sponsor, i'm not sure what you mean by direct to cash?

Originally posted by @Devon Garbus:

How many is a 'portfolio'?

 He wants to get rid of 50+

Not sure how many we will package up tho.

Broward Miami Ft. Lauderdale

I have a developer looking to raise equity for a deal we have in place, he is open anything, even being bought out.

Here is a teaser below.

Development Opportunity

Senior Assisted Living Community

- Located in Palm Springs, FL

- 90+/- units (140+ beds)

- To be built on approx. 5 acres of unencumbered land

- Already zoned and approved by village of Palm Springs

- All debt and bonds already secured in place

- Developer looking for equity partner - $2,000,000 or mezzanine loan

- High demand in the area for this type of property 

Please contact me for more info.

Going to have a Portfolio of rental homes/Duplexes  in the Fort Lauderdale area in the up and coming weeks. 

I will be talking with the seller and getting more information this week.

We want to see if anyone would be interested in an off market transaction for a portfolio price, or seller will just list one by one on MLS.

These properties are all Cash flowing and have great returns for the area.

Please message me for more information. 

Congrats, please send me any deals around the UCF Area.

I used to live in orlando and have MLS access there. But I would be interested in off market deals.

I used to work for the firm who is building h3 in Hollywood. It's best to buy pre construction, you typically get 15%-20% discount. I think for awhile they were offering a investment program with 8% returns. Not sure if that's filled up or not.

Originally posted by @Jordan T.:

@Tom Myers Are you saying that banks are specifically offering investment property loans at 95% LTV? Or is it for a primary or second homes?

 It is a personal recourse loan and this will be our first home purchase. However from my understanding we can use this formula as many times as we want and then roll the current property over to a portfolio loan once there is enough equity.

Originally posted by @Jordan T.:

You need to include repairs and capex.  Not knowing the property condition or the year it was built, my baseline is to estimate $1,500 per unit per year.

The insurance is incredibly high, but it might make sense given the location. I'd go to a few agents to bid that out.  

Your property management costs should be under 12%, and you might get a slightly better rate as a quad.

Since it's not owner occupied, you won't be able to get 95% LTV unless you get some seller financing, or if family/friend will loan the final 15%.

You can get conventional financing for 5% and don't have to live in I am using it for a  house i'm buying  up by UCF.

Fort Lauderdale is a great market if you can get a lot and build on. There tons of old duplexes that need renovating, and vacancy rates for a nice product are very very low like 1-3%.

Originally posted by @Lance Petway:

Tom, I would love to connect with you and bounce some ideas off each other. I mainly have multi units and love it.

Make it a great day

Lance

 I'd love to hear what markets you are investing in. Let;s chat sometime, 407-973-6765