http://www.bizjournals.com/orlando/blog/2015/03/new-york-firm-buys-4-orlando-hotels-for-79m.html
These are just three reasons why Florida is a great state to invest and well worth your consideration
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This topic was modified 9 years ago by
Nigel Kibel.
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
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Everywhere you go in Florida there is both commercial and residential construction taking place. It’s very exciting times. The day before yesterday I had a rental property open and had 30 odd groups through. Can’t get enough properties in some areas. One couple told me they have been trying for 6 1/2 months to get something decent
Judith Ottosen | Outback Realty LLC
Email MeYes I agree Judith. Florida is heading in the same direction as Texas with large numbers moving there it is putting upward pressure on rents. With the economy improving there it is a great place to invest.
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
Hi Nigel ,
Hope your enjoying it up there in the US!
Can you give us a summary of Investing in Florida?!!
What sort of returns are you getting for clients these days man .
What sort of product?
cheapies or commercial or??Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hi Nigel can you give me a current example of a hotel that you have applied your strategy to? :)
How much is the minimum investment for your flips or hotel program?
The minimum investment in a flip would be around $50,000 US and for the hotel deals around $100,000 but could look at less.
In terms of existing deals we are working on one at present that the owner is prepared to do vendor finance for 25% down so we would need 1.5 million to raise the funds. This is a 52 unit hotel complex with a restaurant that brings in as much as $80,000 PA We hope to have a webinar on this property in the next week or so. However once we have done he numbers we like to get them fully checked by an accountant.
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
A brief video inside one of our homes
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
The minimum investment in a flip would be around $50,000 US and for the hotel deals around $100,000 but could look at less.
In terms of existing deals we are working on one at present that the owner is prepared to do vendor finance for 25% down so we would need 1.5 million to raise the funds. This is a 52 unit hotel complex with a restaurant that brings in as much as $80,000 PA We hope to have a webinar on this property in the next week or so. However once we have done he numbers we like to get them fully checked by an accountant.
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Say i invest $50k. What is my return and how long till I see the return?
We do not buy anything unless it provides a 20% net return on the cash invested. In terms of the times we are now saying four to five months from the time we locate a deal. It may well happen quicker than that. We now only bu if the properties only require a cosmetic renovation. We did make the mistake of buying some deals that needed permits and although the profits are there it did blow the time out.
If someone wants to do this themselves you need to do your due diligence very carefully. Who you deal with will determine your success.
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
20% return sounds good to me. So if I was to invest $100k with you, in 6 months i should have $120k (principal plus interest)?
How will I as the investor have security over the deal? Not saying you will vanish midway through the project but I would want to be protected.
Also what happens if the deal blows out from 6 years to say 2 years? These things happen which I understand but suddenly the 20% return isn’t as attractive.
Just briefly, how would the flip process work and is no-doc private finance available (for flips)?
Hi Jmsrachel
Yes your numbers are about right its based on what you invest so if your 50% deposit was $80,000 and your renovation costs were $20,000 we would borrow the other $80,000 through a short term lender and you will fund the $20,000 for the renovation so yes the 20% is based on what you put into the deal its a cash on cash.
We set up an LLC so that the property is purchased directly from the bank or purchaser. So the property is owned by you from day one. The time on market depends o market conditions but if its only a cosmetic renovation 6 months should be the worst case scenario. This of course is for flips the hotel program is completely different.
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
MJ
Yes the finance we organize through private lenders.
In terms of the process we look at mainly banked owned property. So if the property looks good from the street we will make an offer subject to a 15 day due diligence period. We then send through one of our builders and a roofing specialist and providing he costs are coming in as predicted we then close the deal and commence the renovation. Once completed we still price the property at under market price thus putting it to the top of the list. We are also opening these homes for inspection and running first home buyer seminars
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
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