All Forum Posts by: Zachary Deal

Hi @Wade Wisner FL is one of our top states for fix and flip loans. We are seeing a lot of success with flips/BRRRR strategy all over the state. I would find a good real estate agent focused on investment properties and look at up and coming areas. Also as @Jake Baker mentioned we are seeing BRRRR investors have a lot of success in in Jax area. Would trust Jake's recommendations on agents!

I like @Tim Delaney suggestion. If you're able to order all the material for them (or almost all of it), I think that would help quite a bit. Generally I would recommend using a contract that comes recommended by a friend or fellow real estate investor.

Looks good to me, I would just be curious if there are other homes near by that have a third story?

Hi @Josh H. we see lots of success with investors buying houses from auction. From a lender standpoint I think the main areas of concern with auction properties boils down to access. If you don't get access to the property before closing it can be tricky but if there are recent photos online or you can walk through before and take your own then it is much easier. Same day auctions of course are not going to be possible for a lender to lend on the initial purchase but you can often get the same hard money purchase terms right after closing if you're able to buy in cash

Lots of great advice in here already and does vary from state to stat but, I think it is important to find an agent you trust and like and then allow them 30 - 60 days to find what you are looking for. As others have mentioned they will be putting a lot of time and effort into this so it is important to have an agreement that protects them as well and allows them to do their job. You can go the one property route but I think doing an agreement period is much more motivating for the agent (and will save you time, hassle, etc)

I think it depends on the area and insurance costs. I would get an opinion and recent comps in Flood Zone a from a few different agents to make sure you are doing your due diligence on the resale market in that flood zone, especially with the recent hurricanes 

I would recommend searching for local Facebook groups to find events to attend. Most cities have regular real estate meet ups for investors which is often the easiest way to meet local flippers. Also, check out Meetup.com and Eventbrite for real estate investor meetups in your area 

As others have mentioned it would be very unlikely they would allow that

If renovating adding the story would increase the rent significantly and make it more in line with the neighboring houses it may be worth it. As @Carl Millsap said it depends on how much more in rent you're getting compared to the costs of renovating.

I think @Jonathan Greene hit a lot of great points. Remote management of flips can be much more difficult than people except. A lot of issues are much easier and more inexpensive to resolve if you can easily go to the property. Also, monitoring contractors/sub contractors and keeping everything on schedule can be very difficult remotely.

If you're buying turn key properties out of state is fine and a property management company and a good handyman can resolve most issues you'll run into.