Florida opp?

[Tom Camarda]

I'm still very much a newbie with only two properties in my portfolio but here's a funny story.

I was signing docs TODAY on a buy and hold property that we just closed on in Fort Worth, TX. While we're signing, the notary tells me he also has a rental property in the same county. He also tells me he has another rental property in FLA that's killing him and that he will probably short sell! 

At this point, my BP opportunity alarm starts going off and I ask him about it - it's a 2BR apartment in a multi-unit building in Vero Beach.  He has a long term tenant in place with low rent (not sure what) but I'm thinking I could perhaps help him out and find a deal at the same time - a win/win? 

This is a little outside my criteria/comfort zone but there might be a good deal to be had. 

What are the next steps?

Find out how much he owes. Any liens, etc. HOA's

Find out how much the rent is. 

Find an agent in the area?

All sage wisdom is welcome on this one.

Cheers!

Tom Camarda

Los Angeles, CA.

[Brandon Turner]

Hey Tom, 

Hmmm good question. Yeah, I think my next step would be to simply get him on the phone or in person and just ask him more about the property. Let him know you are considering investing in Florida and your convo with him the other day made you think about seeing if there is any way to work together. In that convo, just find out how much rent he gets, what its worth, the condition, etc. And... does he even want to sell! That convo would get you a ton of info, and you could move forward from there. 

Hope that helps!