Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Tom Camarda

Tom Camarda has started 29 posts and replied 81 times.

Post: Central air vs. AC units

Tom Camarda
Posted
  • Investor
  • Los Angeles, CA
  • Posts 85
  • Votes 21

Thanks everybody,

I'm going to be getting a few more estimates.. Meantime, I am looking into the in-wall, ductless units as well. (They work great in Central America) However, the heat is forced air and it's an old unit so I'd have to replace it anyway... If I can get a quote for 5k I'd do it. 

Any HVAC pro's in Fort Worth??

Tom Camarda

Los Angeles, CA

Post: Central air vs. AC units

Tom Camarda
Posted
  • Investor
  • Los Angeles, CA
  • Posts 85
  • Votes 21

Hello all,

Wondering what your thoughts are on the following: 

Just purchased a small 2BR 1 for 55k. Needs 10K in rehab and should rent for $895/mo Thing is, that 10K does NOT include central air.. That would be an additional 10K and would probably only net an additional $50/mo in rent. Should I pay for a whole new AC in a 895 sq ft house or just go nice window units? My heart says do it (it is in Texas - hot!) but the investor in me says it's not worth it. This is for a buy, rehab, hold and rent property...

Thanks!

Tom Camarda

Los Angeles, CA

Post: Having fast cash avail for purchasing out of state

Tom Camarda
Posted
  • Investor
  • Los Angeles, CA
  • Posts 85
  • Votes 21

Hello All,

I am based in Los Angeles and working with a wholesaler in TX. We missed out on a deal yesterday because of a group showing of a home and the other party in attendance wrote a check on the spot. 

I am wondering if there is a way to SAFELY have funds accessible to my agent/wholesaler in case we decide we want to put a deposit down right away... I suppose Paypal could work... Any other suggestions or recommends?

Thanks!

Tom Camarda

Los Angeles, CA

90065

Post: Florida opp?

Tom Camarda
Posted
  • Investor
  • Los Angeles, CA
  • Posts 85
  • Votes 21

Thanks for all the replies!

@Raymond B. Thanks for teaching me how the @ works! 

@Wayne Brooks,  @Aaron Montague, A similar condo in this building just closed at 95k. I am hoping to get this as a short sale in the 65-70k range... 

Best,

Tom

Post: First wholesale purchase

Tom Camarda
Posted
  • Investor
  • Los Angeles, CA
  • Posts 85
  • Votes 21

HI Rick,

Thanks for your feedback.

This would be for a buy and hold. Here are the numbers:

Purchase price 103K. Estimated market value -125K based on realtor comps.

Tenants in place are currently paying $1400/ mo.

If I bought it cash and refi'd out immediately with a delayed refinance Fanny Mae product for 75% (of 125k) that would be a 93,750.00 cash back. So ultimately a 10K downpayment. Not bad but wondering if I could do better by increasing the value of the house while tenants are in place and possibly recoup ALL of my cash back.

Make sense?

Tom

Post: First wholesale purchase

Tom Camarda
Posted
  • Investor
  • Los Angeles, CA
  • Posts 85
  • Votes 21

Hello BP,

I am considering my first wholesale purchase of a very nice off market property about 18-20% below market value. Since this would be my first all cash purchase I am treading very carefully...

Aside from the condition of the house - which is great and currently tenant occupied, what other red flags? The deposit is only contingent if the seller cannot get a clear title, otherwise it's nonrefundable. 2 weeks to close

I plan to refi via a delayed financing cash out immediately after closing.

Thanks for your input.

Tom 

Post: Best Source for LED Bulbs?

Tom Camarda
Posted
  • Investor
  • Los Angeles, CA
  • Posts 85
  • Votes 21

Sorry, meant maximum voltage not minimum...

TC

Post: Best Source for LED Bulbs?

Tom Camarda
Posted
  • Investor
  • Los Angeles, CA
  • Posts 85
  • Votes 21

LED's are great unless you want to dim them. They don't like to have less than minimum voltage and oftentimes will flicker, so you might want to test a couple before you go all in..

-Tom 

Post: Florida opp?

Tom Camarda
Posted
  • Investor
  • Los Angeles, CA
  • Posts 85
  • Votes 21

Thanks @Brandon Turner! 

OK , I will just keep this thread going as the info comes in, if you don't mind. 

Yes, he wants to sell. Paid 109K for it. It only rents for $775/mo and there is a $250 monthly HOA - ouch! He's had a tenant in there for a few years now so it needs an updating more than a rehab.

Not sure how much he owes on it...

Post: Florida opp?

Tom Camarda
Posted
  • Investor
  • Los Angeles, CA
  • Posts 85
  • Votes 21

I'm still very much a newbie with only two properties in my portfolio but here's a funny story.

I was signing docs TODAY on a buy and hold property that we just closed on in Fort Worth, TX. While we're signing, the notary tells me he also has a rental property in the same county. He also tells me he has another rental property in FLA that's killing him and that he will probably short sell! 

At this point, my BP opportunity alarm starts going off and I ask him about it - it's a 2BR apartment in a multi-unit building in Vero Beach.  He has a long term tenant in place with low rent (not sure what) but I'm thinking I could perhaps help him out and find a deal at the same time - a win/win? 

This is a little outside my criteria/comfort zone but there might be a good deal to be had. 

What are the next steps?

Find out how much he owes. Any liens, etc. HOA's

Find out how much the rent is. 

Find an agent in the area?

All sage wisdom is welcome on this one.

Cheers!

Tom Camarda

Los Angeles, CA.