All Forum Posts by: Alejandro Valdes

Yes,  i do intend to get the permits and do everything by the book. I just don't know what the process is. Should i go to the city myself to apply for the permit? Do i have to hire a contractor pull the permits for me because it's an investment property? 

The job itself it's pretty simple since i would just have to install a door in order to make it a bedroom. Previous owner was renting the Florida room as a studio before 

Hello, i am under contract on  a 4 beds/3 baths property and i would like to convert the Florida room into a bedroom legally in order to make more money if i rent it to a section 8 tenant. Florida room is like 400 sq ft and it already has a bathroom. 

Section 8 pays up to $2750 for 4 bedrooms in that area but they pay up to $3215 for 5 bedrooms so that's why i would like to convert this property into a 5 beds/3 baths 

Now, i have never tried to add an extra bedroom and i don't know what i need to do. 

Can someone please tell me what the process is and how to go about it? 

Any input would be greatly appreciated!

Hello, 

It seems like there are no reliable General Contractors in my area (Miami/Fort Lauderdale). I have tried dozens of them and they are all unreliable and inconsistent at best and very expensive.  I have asked other investors in the area and they all have the same issues with GCs

5 years ago i was having the same frustration trying to find a good realtor so i decided to become a realtor myself and it has paid great dividends so i thought it might be a good idea to get my GC license as well 

What do you guys think? 
 

I think so too. My biggest concern is the possibility of prices going down due to Covid-19. 

I could buy the property with 20-25% down but it made more sense to do seller financing and use the rental income to pay down the principal balance until i can get a conventional loan. 

I found out about this deal because I was the one who brought her the tenant that will be moving in on June 1st. She asked me if I could recommend her a property management company because she didn’t want to go through the “hassle” of dealing with tenants. 

Well seller is an older lady who recently inherited this property  which is paid off. She invested about 100k in in order to rehab it and get it rent ready. Her intentions were to rent not to sell. However, she liked the idea of me paying her 10% down plus $3000 a month and pay off the entire balance in a little over a year once I’m able to refinance as owner occupant. 

She’s obviously not a flipper or real estate investor and she’s not desperate for cash. 

Hello,

I submitted a seller financing offer for 425K on a property and it was just accepted. I chose seller financing because i recently purchased a property as owner occupant and I must live there for a year and because seller owns the property outright. 

House is listed for 445k and it should appraise from 430k to 450k . I also have an appraisal contingency.  I offered less to be on the safe side and also because I asked seller to deduct my realtor commission from the selling price. 

Also, starting on June 1st the property will be leased for $3000 a month for 12 months 

Now, my offer was 425k selling price with 10% down and i will make $3000 principal only payments with a balloon payment in 15 months. 

Therefore, $425,000 - $42,500 = $382,500 then i will pay the seller $3000 a month principal only which i will be collecting from the tenant for 12 months and then refinance into a 30 yr conventional loan. After a year i would owe the seller $346,500

If property appraises for $445,000 i could refi at 80% LTV and pay closing costs with the difference or I can refi at 95% as owner occupant and cash out a substantial amount of money

Is this a good deal? 

I would like to get some input from more experienced investors 

Thank you in advance.