All Forum Posts by: Troy Norwood

@Willie Webb

Hey Willie,

New construction is something that I find very interesting. As anyone can see there are millions of acres that are platted in SWFL. $100-150 a SF seems high but at the end of the day I guess you get what you pay for and it would be a new house. I see a lot of construction now a days and their are even new builds for sale here in Lehigh. Something that I have been pondering for a while now is the possibilities of building cheaper. Like I said you get what you pay for and no one wants to cut corners or build inefficiently, but I think there must be ways to build cheaper. $65 a SF sounds nice, like the one member described. You can pick up a lot fairly cheap here in Lehigh. I plan on doing a lot of research on building smaller SFH. I like simple finishes like concrete floors. Concrete countertops seems to be a little cheaper than granite. Whoever said you have to stucco everything also, whatever happened to painted brick or block.There has to be some ways to build cheaper with newer techniques. I think the way our society is now, people will need more and more places to live that a smaller house that is a new build will be a huge selling point. I think people are getting tired of the cookie cutter homes also and a little bit different architecture/style will go a long way. Houses that were built in 2000-2007 are already showing signs of degrading because they were mill houses. Apologies, because I know you were posting about building a house for yourself, but building smart, efficient and smaller here in SWFL is something that I've become very interested in.

@Mark Elliott I agree with @Tim Lindstrom thank you very much sir.

Thanks all for the replies and answers! 

@Michele Fischer thank you very much, i'll be checking out your blog posts. Do you still invest in lower income after 6 years? I understand the pro's and con's, but here in SWFL there can be a thin line between neighborhoods that appreciate and ones that don't. Really most all of real estate down here appreciates to some capacity and that's why I'm still looking to invest in these neighborhoods. 

@Alex Franks that is good advice and I'm looking to dip my toes in first. I found it interesting that you said you made a mistake in refinancing and getting into higher end homes. Why do you feel it was a mistake? If you did it all over again would you refinance and use those funds for other types of properties?

Thanks @Nathan Miller and @Thomas S.

Hello BP Fam!

Let's say I would like to buy and hold properties here in the Ft. Myers area that are in low income neighborhoods. Why do I think I want to do this? Please tell me if I'm wrong... I am hoping to owner finance discounted properties that are clearly unwanted (abandoned or otherwise). I figure that it might be "easier" to get into these properties as they are not generating any income and are only accruing expenses for someone. I imagine that there will be no shortage of tenants in lower income working class neighborhoods that are close to jobs and schools. I don't mind buying a house that might need roof work, minor plumbing/electrical, drywall and paint. I know I can buy these properties at a discount and hopefully have them cash flowing fairly quick. I also know that a bank will not lend on these types of properties (in most scenarios) and why I was planning on focusing on owner finance. Apologies for the long post, but one important question I have is... 

If I properly vet a tenant and have a good screening process in place, is it a wise to invest in lower income neighborhoods? 

Something else that I've always wondered. I realize that Florida isn't really landlord friendly when it comes to rental properties. What is the maximum amount of time a tenant can occupy a property that they aren't paying rent for? Can you not write something legally into lease agreement terms that states the tenant must vacate a property after 30 days past due?

Have great day and good luck out there!!

@Russell Brazil  @Mary Bodrato @Julius King

That explains it Russell. If the records show a bank of some sort (I see a lot of different Bank of "fill in the blank" owned properties and some are courtesy of an LLC) will they all go to some sort of auction or traditional sale? I'm trying to figure out, if it is truly bank owned, why is there a third party attached to it?

Hello BP Fam!! 

While generating leads for buying and holding here in South Florida I always run across vacant properties that are bank owned but are not on the market. For instance, i'll be driving for dollars and run across a home that is obviously empty (tall grass, paint peeling, no one giving that TLC!) these are the properties I'm looking to buy at a discount and hold. It seems that 1/2 the time these properties are owned by a bank or some sort of institution courtesy of an LLC. I'm sure there are various reasons why the bank owns these dilapidated units. My question is... Is it worth reaching out to these banks or LLC to work out a deal? Sometimes I notice that the previous sale date might even be a couple years ago or maybe even last year, but the property is just sitting there accruing expenses..? It seems like they would want to work out a deal to get it off their back, but then again we are talking about banks, so do they generally wait to sell at auction or put in on the market? I would like to get some opinions on whether or not it is worth pursuing such properties. Thanks so much and good luck out there!

Hey Peter, I'm also in the area and actually quite new to the area moving from Tampa. It's great to see your motivation. Instead of buying two properties out right in cash have you thought about financing the properties and leveraging that debt to clear a good cash flow every month? If you have the cash to buy the properties than financing shouldn't be a problem for you seeing as you have good down payments. Instead of buying two properties you could be cash flowing on several as long as you do your due diligence and buy smart.

@Dimas Espejo Welcome Dimas! I'm new here to the areas as well. I'm looking forward to going to the local REI events. It sounds like you have a good plan, looking forward to success.

@Oscar Navarro@Dimas Espejo @Charles Peralta

Welcome Oscar! I have just recently bought our primary residence here in Lehigh and moved from Tampa. I have been listening to BP podcast for a while and also reading  a lot. How was the seminar? I am curious to see how much you got from it because their market is a lot different then ours here, although i'm sure their tactics and knowledge can be very useful. I've heard the book by J. Scott is one of the best when it comes to flipping. I don't have to tell you this but your background in Web Design can be very useful for your investing and could also be leveraged to work with others. Even though we seem to be out of the bubble now as far as investing in Lehigh, I believe there are still a lot of value add properties out here and if one searches around enough and filters through the properties there are a lot of deals to be had. Remember you make your money when you buy so using out of the ordinary practices to find your flips will pay off. I am focusing more on the buy and hold properties and I'm hoping to lock in a rental property by the end of the year. Let me know if you ever need anything and I wish you the best of luck!!

@Timothy DeCarlo @Adrian Smude

 I'm pretty certain I am going to go. It'll be my first