All Forum Posts by: Nat C.

For every abandoned property in Miami, the owner has already been sent dozens of letters. Miami is one of the hottest property markets in the US which is saturated with investors and wholesalers.

When you find an abandoned property I recommend you do the following-

*Check the mortgage details/how much is owing

*Check for property liens and open permits

*Do a complete background check of the owner so you can understand their personal and financial situation

The above research will give you more background information to understand why this property has been abandoned and what the owner needs. From there you can formulate what the best approach would be.

You then need to undertake PI work to track the owner down, which involves looking through public records and speaking to neighbors. It can take months to locate someone.

When you finally find them, you will approach them not as a transactional broker but as a friend. You first need to establish a relationship and gain their trust.

Selling a property is an emotional experience for many. They will never sell to you if you don't have rapport and trust.

This is one of the most common tricks in the book of contractors. This guy is just trying it on. He will probably next move to threatening and intimidating you. I just read another post on here "Female Property Inves./Landlord on the verge of leaving the busn". It's a similar story of a contractor taking advantage of a female property investor because they think a woman is naïve.

I disagree with those who are telling you to run to an attorney. That's just another way to flush a heap of money away. At the most, have an attorney send the contractor a demand letter instructing him to finish the project as per the contract. That letter will cost you a few hundred bucks. 

Only IF this contractor files a mechanics lien, should you respond to any of his requests for more money. Filing a mechanics lien and the ensuing lawsuit to enforce the lien within the required timeframe takes knowhow. If this happens, it might get to the stage where you need to hire an attorney.

Gather all your evidence, like photos and all communications now so you have that in a folder if needed. 

I am completely a completely single woman with no male or female backup. I've always found it funny/insulting/annoying that most contractors think I am just helping my husband or father.

I have purchased, sold, remodeled dozens of properties since my early 20s  and yes, many will try to take advantage of you. Real estate is a tough gig which means you need to be tougher. 

You can sell up and run away or you can become smarter and fiercer. The choice is yours. No one is making you stay so everything that happens from here on is your own doing.

Your handling of the roofing contractor was very foolish. You didn't get any comparative quote, you didn't background check him. You didn't check his license and insurance. He may not even be a licensed roofing contractor. He could have fallen off the roof, broke his back and sued you for everything. 

You could set up the property ownership structure so your identity is hidden and then you could present yourself as the 'middle-(wo)man' who merely follows the instructions of the corporation who owns the properties. 

You can call me by phone if you are ever unsure of anything. I will guide you on how to be a badass woman real estate master.

Highly recommend Artur Smietanowski. 

Air Conditioning Contractor in Ormond Beach, FL | (386) 316-8333 Lars Air, LLC

I found him to be very honest and well priced. 

You can check on the property appraiser website whether it's zoned to be a single family home or duplex. It's more than likely only zoned for single family so you won't be able to legally convert the garage. 

I always start by doing a complete and thorough background check on the contractor. 

Background check them with double the due diligence you do on a tenant. That's the information that matters to me more than the numbers in the initial stage. 

I will give you some advice which I wish someone had drilled into me years ago. NEVER SELL. Well, only sell if the asset is creating problems that you can't resolve. Otherwise your goal should be to hold as much RE as possible and keep buying. 

So indeed, a HELOC is the way to go. Just keep buying, renovating and refinancing, as per the BRRRR model. By the time you are 40, you would have amassed great wealth.

By the way, which area North of Daytona are you referring to? Ormond Beach?

I have a lender who specializes in foreign national loans so I believe they could loan to you given your income is from overseas. Please PM me your email address and I will put you in touch. 

Hi Leigh,

1. Architectural costs-

My company does architectural plans for $2 per square foot.

The plans are stamped by a state licensed engineer. We operate in all states across the US.

2. Additional costs-

Installing utilities 

Irrigation systems/drainage

Permit costs plus expediter fees

Public liability insurance

Landscaping costs

Soil testing fees

Attorney's fees (make sure you have a water tight contract with the construction company)

3. I don't know enough about financing to comment

Well I am going to go against the grain and say that I absolutely love it. 100k for that building is simply unfathomable to me. 

The first thing is to go to the City Zoning Department and find out what it's allowable usage actually is. We can all give you weird and wonderful ideas about the fairy-tale fun park you can build there but you may not be allowed to do any of that.

Every City is different but I know in Miami they would never allow you to turn that into residential because each living unit must have a certain number of designated parking spaces. I would then look around and see if there is any vacant land very nearby that you can buy to be used for parking. 

I am also wondering what, if any, heritage regulations apply to this building. Again, you may be very restricted in any renovations or improvements you want to do.

I would then have a professional building inspection done. As others have mentioned, the MEP might be extremely dated and costly to maintain. 

After conducting the above due diligence, I would do market research and ascertain what kind of venues are in demand there. I'd like to know more about the local demographic, as that will weigh heavily on what you do with it. 

I've always wanted to own a church. Message me if you want a partner!