All Forum Posts by: A.R. Coningsby

I've been doing some reading and I think wholesaleing the property would be illegal in Florida because I am not "liscenced" to broker the deal. I also do not have a buyers list. I'm sure there are loopholes but I am just not familiar at all with wholesaleing.

I would like to buy the property and be an owner occupant, do the majority of the rehab myself useing the brrrr strategy. Multifamily Comps in the area are around 250k and have been rising.

Also when doing my comps should I only be looking at other multifamily properties as well? Or should I use sing family properties with similar square footage as well?

When taking on a partner how do make sure that I don't just get pushed out of the deal I found. Are there usually NDAs that get signed in situations like this before even giving a potential partner the address? As I cannot compete with all the other cash buyers down here in south Florida?

Hi I am in Broward County Florida and after doing some driving for dollars, I found a FSBO For sale by owner triplex 3 unit, that is not listed on the MLS and would like some help on finding the best way of obtaining this property. This will be my first investment purchase of which I plan on house hacking.

 After briefly speaking with the owner in her front yard, She said she has a mortgage with about 60k left on it and would like to sell her house as she no longer wants to deal with tenants, water bill, maintenance, etc. All tenants are on month to month lease. She said she will sell the property for 225k. The property needs some repairs so I believe the there is room for negotiation. She said she can't pay the mortgage and her only options at this point are bankruptcy, foreclosure, or loan modification. She I would like to purchase this with an Fha mortgage of which I have been preappoved for. 

Can any please guide me going forward? I'm not sure what my next step is in pursuing this deal.

Thanks.

Definetly interested. i will see you all there.

Hey guys i spoke with the realtor and there is over $100K in lien/code violations for a property that was only listed at just over 100k.(realtor sent it all to me via email free of charge having never met me before. Is this noramal??) Something with the fence, lack of water meeter, and garbages. A bunch of homeless people were living on the property illegally and much of the violation costs stem from that, I'm hearing. Wayne Brooks you mentioned that they will usually settle for 10-20% of the total. In you opinion, do you think this situation with the homeless people causing the violations While it was bank owned will warrant these violations being reduced to 10-20% of the total?

Also if the bank has owned this property am I still responsible for the lack of upkeep that has lead to these potential lien/code violations??

Is it possible to negotiate the liens, reduce, or eliminate this with the bank before closing?

And/or are the code violations negotiable with the city? Before or only after closing?

Thanks everyone

The property says it is bank owned forclosure. @Crystal Smith thanks for the link but how am I able to obtain the previous owner information and folio number if the bank is the owner??

I had no idea that code violations could rack up for minuscule things like a cracked or unpainted walkway. Unfortunately this particular property seems to have been sitting for some time despite just recently being posted on the MLS. I'm not looking forward to what the liens and/or code violations are going to be whith this being said.

I went on one of the City of Fort Lauderdale websites and it says it takes a minimum of 3 buisness day after I submit the request form in addition to a $75 fee. I also finally got I touch with a realtor today who told me, He is going to send me a full report of all the liens and violations later tonight.

Does this sound legitimate considering there is no fee and and no 3 day minimum waiting period for what this realtor is ofering me??

Hi Jacqueline,

Welcome to the BP community. I am also fairly new to the site but I can't stop reading what is has to offer. There is a treasure trove of information here. Be sure to set up your key word alerts in your profile so your notified about any subjects you'd like to expand on. There is also a webinar tonight you should sign up for. Always tons of valuable info with great Q and A during.

Hi guys, 

I am currently looking at a small multi family property in Fort Lauderdale, FL and in the desciption ist says that the property has lien/code violations. I have tried getting in touch multiple realtors about this and I have had no luck.

I have heard that title companys can assist me with this but, do I have to pay a title company every single time I just want to look/run numbers on a  potential investment?? Is there a way that I can do the leg work in finding this out myself?? 

Also, what do potential leins/code violations stem from??

Thanks all.

It has to be your primary residence for at least a year.

thanks for the reminder. i posted that question before i became a pro member and realized how useful all the calculators are.