All Forum Posts by: Travis Moe

BP Community!

Can anyone refer me to a capable, responsive, knowledgeable lender in Florida that understands investors and, most importantly, the BRRRR strategy?

I'm in contract on a SFR in Jacksonville and I'm following Alex Felice's advice to get my lender on board and working with me well in advance of my expected refi. I'll be attempting the delayed finance strategy, and I need help to ensure I can pull as much of my money back out at the refi with legal additions to the HUD-1 settlement.

Thank you!

Cheers!

BP Community!

I'm in contract on a SFR in Jacksonville. I'll have a 21-day close once final signatures are inked (we're hashing out inspection period at the moment).

I'm acquiring with cash and plan to refi out in 3-6 months and want to use the delayed finance option to do so. I'm looking for a BRRRR-savvy lender in Florida who can help me pull as much of my money back out as possible by front loading the HUD-1 Settlement. Ideally, this lender should be able to guide me thru the process of maximizing the legal additions to the HUD-1.

See @Alexander Felice article on implementing this strategy. He's written a BP article here. 

I want to be proactive on this deal with my lender and make certain potential problems are eliminated or minimized. I'm eager to speak to knowledgeable, responsive professionals.

Cheers!

@Alexander Felice Are you manually updating the spreadsheet as you go? Or have you automated it in any way to auto update? Such as, when a property gets re-listed post rehab. Or maybe you have an employee doing it? Lastly, is this a spreadsheet template you wouldn’t mind sharing?

This property is no longer available.

More pictures here

Off market condo in Desert Horizons community in Indian Wells. Property is dated and just needs to be modernized to be a gem. Little to no structural work necessary.

Asking $375,000
ARV = $510K - $525K
Estimated rehab = $50K - $65K

Potential profit = $50K with the following assumptions:
$375K purchase price
$519K ARV
$50K Rehab
90 days held
Analysis factors in (includes) the HOA transfer costs and the HOA dues

3 Bed/3 Bath Condo
2813 sqft
3 car garage
Large, walk in closets
High ceilings
Large foreyard/court yard
Green space
Steps from tee
Steps from pool
End buyers will enjoy Indian Wells resident prices at Indian Wells Country Club

Looking for quick close
$5K EMD binder due upon acceptance

Happy to answer questions.

@Jeremy Freeman Happened upon this post. Curious What happened? Did you pull the trigger on that deal? Outcome?

I have one SFR in Palm Desert CC.

Cash flowing at 80% LTV or greater is difficult on anything on the MLS unless you're going for something with a lot of added value. Be careful when using things like Zillow or Rentometer to estimate rent. The area is highly seasonal. So the rents get skewed by seasonal rents - i.e. snowbirds that come down and rent for just 3 months at $5K/month on a property that would rent for $2,225 on a 12 month lease. Get an agent to give you good sales and rental comps (if you aren't an agent).

They just passed a restriction on short term rentals. All AirBNB/VRBO style operators will require a business license, but they are no longer issuing any more licenses. All current licenses will expire 12/31/2019. So be careful if you plan to do any STR as part of your strategy. There are areas that have special variances, but you'd need to research that well.

Palm Desert has some of the best rated schools. Carter, Washington Charter, PD High School, and Gerald Ford are all popular schools with good ratings. 

I'm not a veteran investor, but I'm a local resident. If you have any specific questions, message me and I'll try to help out. I can also recommend agents, lenders, etc.

I'd like any details you have. Thank you.

As I understand it, the City of Palm Desert votes not to issue new permits/licenses for STRs in R1 and R2 neighborhoods. Pre-existing licenses sunset at end of 2019

I have a lead on a SFR property in my area. The owner got the property in a divorce, has since remarried and moved, but kept the house. At one point the owner listed it for sale and had few if any offers. One major reason is that it lacks an adequate garage. I don't know why the price wasn't reduced. Instead the owner just removed the listing.

The owner later became an AirBNB host. However, the city has banned licenses on STRs and the owner's license will sunset 12/31/2019. 

How best to approach the owner for possible sale? Owner doesn't live there, has high equity, didn't receive much during last attempt to sell on MLS, and will not be able to continue to rent as STR in 12-24 months. If the owner waits to sell much later, there may be a glut of AirBNB homes hitting the MLS all around the same time due to the new ruling. Also, who knows what the market will do in the next 12-24 months. Also, off-market will allow owner and I to save the 6% on a listing potentially.

How would you real estate super stars increase your chances of getting the owner's interest here?

If it helps... I want to buy this to live in it - not to flip, rent, or wholesale. It doesn't need much, if any work... not for me to make it a primary residence anyway. I can't do all cash on it, but would have no trouble getting into it as owner-occupied primary. 

Thanks!