All Forum Posts by: Anthony Mikolich

Hi All,

Last year my brother passed away and left his condo to me in his will. It is in Tarpon Springs, Fl and I live in Tampa. Fixed up it would sell for about 100k - 115k. It needs a complete reno, lets say 30k worth. The mortgage, now delinquent, has 49k left on it and is in arrears about 3-4 in HOA and taxes.

      As per Florida law and even though they are not named in his will his 3 estranged, adult children need to sign off on my inheritance and 2 of them refuse to do so. The property is now in foreclosure and I've applied for mediation to take over the property. Neither of the 3 kids has the means to buy the property so I'm pretty sure I have a really good shot at getting it.

      I'm pretty new to real estate. I do have an almost paid for house in New York that is professionally managed and cash flowing quite nicely. This would be my first "real deal". I'm all for it. I have the time and I have the means to pursue this. I thought this would be a great learning experience even if I don't come out on the other end with a substantial profit.

Although I'd like to use the unit as a long term rental [mortgage payment is 350 month, HOA 200 and taxes are 1500 a year] the HOA won't allow it so I'm just going to do a flip. The units that are rented are fetching about 1200-1500 a month.

Basically my question is....does anyone have experience with this court/foreclosure situation and what can I expect that I'm not already anticipating? I'm building relationships slowly but surely. I have a real estate agent that I love to work with and I also know some contractors but only have been scratching the surface with them.

Thank you in advance for any and all input

Thank you all for the replies.....great info and plenty to think over

So, I have a rental property that has a ton of equity but no one will allow me to take a HELOC or Home Equity Loan because it is not my primary residence. I live in Tampa, Florida and the property is in Suffolk County, New York. How can I access this equity to buy rental properties in Florida?

Hi all!

    Newbie here! I moved to Tampa, Florida but am still renting out my almost paid for house in New York and I'm loving the cash flow! I found a short sale town house here in Tampa that I am looking into. I'm ready to pay cash, rehab it and get renters in.......my main question....

Should I first form an LLC and should i hire an attorney or use a service such as legal zoom? Should I consult a CPA? I still use my CPA in New York for my personal taxes.

I'm ready to move on this....what do you suggest?

Thank you Courtney!

So I'm moving and I'm going to rent my house. I called State Farm to get a quote. They are more than doubling my homeowner rates. Is this a normal bump? I was expecting something, but double?

Phil,

    I took your advice and went to visit the office of the PM that was recommended to me. Both of the men that came to my home were both at theirs desks toiling away. The office was large [it is their only location], it was busy, well appointed and very professional and definitely gave me some peace of mind. 

   I may interview one more company but I think I have found what I'm looking for.

Wow, I guess it's not always sunny in California! Thanks for the input David. The Mom and Pop also came as a rec from a long time friend who is a real estate agent but not an investor. She did not know much about his business acumen but he came in as a "really nice guy"! 

The only reason I am investing long distance is because this house is currently my primary residence but I am moving in May. It is a great opportunity for me to get my feet wet and have a nice positive cash flow.

A follow up question, if I may?  I have interviewed 2 PM's so far, is that enough? 

Interesting perspective Jered, thanks!

So I have interviewed 2 different companies to handle a rental that is far from where I live. I liked both. The deciding factor boils down to one company being aligned with a big, professional Real Estate office and the other is much more "mom and pop".

Both parties seem very squared away. Both are likable. One seems more experienced than the other. One has only 12 single family homes and a few commercials. Does this boil down to using my gut instincts? Is experience everything?

Finally, should I interview more?