All Forum Posts by: Tyler Gibson

@GiaVonni Hester

My advice would be to do the work to make sure that buying the property is a good deal. You don't want to put yourself in a position where it does not cash flow. Your post makes it seem like you have an emotional/sentimental attachment to the home. When you are investing you need to set all emotion aside. Do the numbers and see if it makes sense. Try to fiugre out how to make it a good deal for you and your parents. If you can't make it work let them sell it. 

@Brandon Sok You might want to clarify if the 12% is annual or not. if it is annual then you would pay $15,600 per year. That would mean a payment of $1300 a month. Making the 10 month carry cost =$13,000. 

If you already know that 12% is total interest owed for the full 24 months then that would mean you have a 6% APR whitch is a pretty good deal for hard or private money.

Just make sure you know the numbers solid $6,500 vs. $13,000 is a big difference. If there is enough meat on the bone and you can absorb the difference then go for it. 

I am almost done flipping a rental property in Daytona about 4 miles from Embry Riddle University. I think the rental market there is pretty good. Rental rates are not as strong as they are in Orlando but they are pretty good. If you need a recommendation for a property manager, let me know. My property manager is fantastic. 

@Mindy Jensen I am not able to find this or any episode after Ep 295 on google play. Is this podcast no longer available on google play? 

@Sean Myers Disappointed I will have to miss this one. Any way I could get the cliff notes? 

 Jaiden risk is relative to the person taking the risk. Some people are more risk averse than others so as you thought my answer is it depends. the seller is firm on his price have you asked if he would be willing to try and hand over the property vacant? You could present him an offer at his asking price with the contingency that the property be presented vacant. This would allow you to do the rehab you want and get your rent where you think it can go.

@Neel Shah If you like buy and hold why not 1031 the 30k into a buy and hold property? Otherwise, I don't think there will be any loopholes. But an accountant would know best. 

@Lorry Champagne There is so much information online that you can find for free. The question is what do you have more of Time or Money. If you have the time, do the research yourself. If you have the money and not the time then I guess you could go do a training. I have self-educated on Florida tax liens and tax deeds all online. I had one conversation with a real estate attorney that cost me $100. I feel confident that I could buy a Tax Deed property tomorrow if I had the funds. 

Tax liens in Florida are great because there is a sort of guarantee return made by the state. But that makes it a desirable place for institutional investors to buy tax liens and with most counties doing their sales online it is easy for them to do so. You will likely not get the 10%-17% interest that they preach to try and get you to buy the classes. Many of these institutions are buying tax liens at 1% or even .5% interest. 

 I would go the other way and just not accept the lower credit score. I know it sounds like a good idea to take them with a double deposit but what happens is they can't get that much money together and so you go back to the drawing board. Why not just deny them in the first place and save some time? I get it that you might feel some people deserve a chance, I just would not want to waste the time. That being said it is your business run it how you want. 

@Jeremy England I would not hold any property especially if you have multiple qualified applicants. It sounds like you could even rent your unit at a higher price point if the demand is that high. you mentioned that you had chosen a tenant but they couldn't come up with a security deposit. Are you having applicants do background and credit checks? I would think that a person that meets a high standard would not have a problem coming up with security deposits. If I had a tenant asking if I could hold the property I would tell then no I can't but you can sign a lease starting now and move in when you can. It is a business money talks or I walk.