All Forum Posts by: Xavier Pinkett

@Andrea Williams I confused what you were saying as if you said a second mortgage against the property you are acquiring. Silly me!

What is your ROI in year 1,2,5 and 10? How difficult would it be to find a better deal in your market? Are you trying to park you money somewhere? How much resources will this deal required (time, money)? Will this requirement hinder you're long term goals?

Hey! I am trying to acquire STRs as well. What lenders are you using… specifically your second mortgage allowing you to cover your down payment?

I've found a Hotel room listed for sale in Daytona Beach, FL at 45K. I am analyzing this deal as a STR at an average nightly rate of $120. The number work really well with a 122% ROI. The hotel has been rated at 3 stars with multiple complaints of staff, dated rooms and onsite dinning being bad. I've analyzed this deal at:

55% occupancy; 

$120/nightly; 

income 24K. 

expense 13K

NOI 11k

Cashflow $900

Also, Will this unit be valued as a Condo?

I’ve read that annual minutes are not required unless directed by state law or operating agreement. If this is true, I am thinking about amending my OA and removing the annual minutes requirement. Are you guys keeping annual minutes? If so, how are you benefitting from it? How do you structure and record your minutes? How does one go about amending their Operating agreement?

Hey,

I am a new investor too and I have been experiencing this as well. I found a really great property and I called the Trustee (agent for the lender who hold the secured property in trust) but the phone number provided was automated without any directory. Then, I called the lender's Foreclosure dept. to see if they would be open to accepting an offer prior to the auction. He stated that the offer must be submitted and accepted by the seller. I used Propstream to skip trace the homeowner since the house is vacant, and noticed his mailing address is in Las vegas. He is also on a Do Not Mail list and Do not Call list. I decided to email him in a non-evasive way stating my interest, and now we are waiting on a reply. In the mean time we are Looking for similar properties. I hope this helps!

Hi, 

I am in need of some direction. I really want to get my real estate investing journey started. I have an idea of what it takes to be successful but i have no structure in doing so. Something that continues to resonate with me when watching BP podcasts is this statement "Treat it as a business and not a hobby". I understand that this is my biggest flaw at this point in time. I want to treat real estate investing as a business but i fail to recognize the tasks i should be focusing on. What are some suggested tasks i should be doing at a daily/weekly frequency.

I feel as If I don’t have the proper individuals in place, such as contractors and knowing the pricing to estimating various repairs, and financial partners for financing deals that benefit most from private money in comparison to conventional. 

Ok I will see if I can find the attorney and network for a partner on this deal. Thanks for the direction!

Hi,

I am investor based in Panhandle Florida. I found a property in a excellent real estate market for Airbnb. Private access to a pier and short distance to the beach. I have ran some numbers and it looks like a great opportunity. 

My problem is the house is scheduled for auction. I would love to acquire the property prior to the auction and I have reached  out to the trustee but the phone number provided was automated. If I have to wait to auction what will be the best way to finance this deal?

I've estimated the value to be 390-410k. I want to purchase at 290k with a MAO of 320k. I choose 290k because the house was previously listed at that price. Since proof of funds needs to be provide at the auction, what are my best options.