All Forum Posts by: Sam Alpha

@Dion DePaoli first off, thank you for using your words gently in expressing your concerns to a first timer.

Your post makes total sense and I wish I had all the answers to it. I can tell you that I am good on the ARV as I have consulted 2 investors on this. Now the pay off value is just what the owner stated and in no way am I taking that as a confirmed amount. I have put out $400 for the inspection so far and that is all. It seemed worth my while as time is of the essence. In time, I may have better experience in avoiding that, but for now since this is my first property, I am being that little bit more cautious.

I have a meeting with an attorney on Monday and he will be investigating all the facts.  I will report the outcome here and see if this is a go-go or a no-go.

Thank you for the explanation 

@Account Closed 

@Paul Ewing I thought that would be the case and for that reason alone, it would not be worth my while turning that lock.

@CK Hwang how manipulatively beautiful.....and that is said as a compliment.  You take a bad situation and make it a win-win.  I also liked how you drafted the letter which is so leading, that I would assume would give you a very high success rate.  Who doesn't want something new for free!

As this thread is slowing, I feel that it may be a good time to post a question without taking over the thread.

My question is:

i) Is a landlord allowed to enter his/her property if the tenant rejects the request to enter

ii) If not, who would the liability fall on, should the owner enter and the tenant cause physical harm 

@Albert Hasson thank you for putting those numbers into perspective.  You stand correct on what you have mentioned above and this link backs it up for you (and clarifies it for me/us).  I thought they had a huge chunk and I am assuming that from what is under them in the Central FL area.

You also stand correct on their cash flow model.  My only assumption of them selling out a nice part of their portfolio is because they have over bought and may want to balance their portfolio accordingly.

http://www.cnbc.com/id/100701436#.

 I am of the same opinion as you.  Usually, when the RE indexes start to fall, it is reflected in the real world after 3-6 months.  However, note that we are in a market that is very artificially manipulated, so the outcome may either be mild or more exaggerated. 

I was finally able to get an inspection done on the property and was able to get in to evaluate.  The inspectors also used an infrared camera which allows to detect cooler/warmer temperatures behind walls and hard to get areas.  It comes in handy as the thermal imaging picks a lot more than the eye and at a faster pace.

The property is a mess.  Think TV show "Hoarders".  Most rooms are pretty empty, but the 2 rooms and garage have so much stuff.  If anyone wants newspapers from the 70s, I'm your man!

Master bath: Extensive water damage. Drywall and insulation will need to be done over again.  Also water exposed to the stud and mold clearly present.  Source of water entry is from the outside.  Some of the wood veneers will require replacement, sealing and a coat of paint.

2nd bath: Minor water damage from a leaking end cap.

Home is dated and carpets are the original ones from 1989.  

The good news is that all this is remediable.  I had 2 quotes ($8-12K).  I will budget for a little more just in case ($15-17k)

I will do the tiling myself through the whole house $1.25/sq ft. ($3-3.5k)

Full paint inside and out ($1-1.5K)

I will contract the kitchen out.  New cabinets and counter tops $8-10k

At the top end, I am looking at $30k to bring the whole property to good condition.  If I get lucky, the the figure may rest between 18-20K.  Both are within budget.

@Dirk Smithson I will reconfirm this and let you know.

 Wise words!