All Forum Posts by: Nat C.

Firstly, I'm not asking for legal advice, so any replies don't need a disclaimer :)

A seller I'm buying a house from is concerned about becoming ineligible for food stamps and Medicaid when I buy the second property on his land due to receipt of a large sum of cash.

I'm paying 30K to him and 30K to his sister. He asked if there was a way I could pay him $1000 a month over an extended period instead of all upfront so he could keep his benefits. Can an uncomplicated contract be written up for an arrangement like this?

Hi Tyler,

I don't know where you are finding 80-90K condos but they are hard to come by and they go very quickly when they come up. As Kanise mentioned they can be very small too.

The HOA dues are huge. I've seen anywhere from $200-$800 a month. The ROI is really low unless you are doing a vacation rental in which case it can be profitable. However all the HOAs forbid less than a 365 day lease. So be very careful with the apartment access as you will need to be prepared to sneak your guests in.

 I always get title insurance and especially in this case!

So I took my contractors to look at the building. The estimate they've provided is $110,000 to make 10 rent ready studio units.
We had a meeting with the owner. Although he's about 80 he is completely with the times and on the ball.
The offer I presented to him was $35,000 cash plus a further $10,000 worth of work to fix up his house. Sitting inside it was stifling as he doesn't even have an AC, just a fan.
He accepted my offer HOWEVER he is part owner with his sister in law who lives in Georgia. He has to speak to her first. I told him it would be $17,500 cash to her for a building she doesn't even think about which is 100s of miles away.
The ARV for the building is somewhere between $350,00-$400,000, so I have both fingers crossed this goes through.
This is in a super nice area of Overtown on border of Wynwood, which is already under development.
My estimate of the buildings worth in 5-10 years would be $800,000 to a million.
Let's hope the sister in law is keen.

I had my first Driving for Dollars experience today. 

I've been wanting to buy in Overtown, Miami for the past year but nothing ever comes up on the MLS. I missed out on one property from a wholesaler last year.

I decided to go out there and find a property because it's certainly not going to find me. 

I've been driving around Overtown for the past week and noting down derelict properties. I found one sprawling boarded up building which really grabbed my attention. I stopped straight away to investigate. There was a small house on the same lot (in very shabby condition) but I noticed the AC was turned on. I knocked at the door and a bellowing voice demanded to know who it was. I replied in the sweetest, gentlest voice I could muster that my name was Natalie and after a few moments he opened. Behind the door stood a lovely old man. It's off the subject but I've never seen a black man with long white eye lashes before.

I asked if he knew who owned the rear building and he said he was the owner. He told me how a distant relative had owned it and it had been passed down to him. I told him I was looking for properties in the area to buy and asked if he'd be interested in selling.

His response 'If the price is right'. So I took down his phone number and will be going back tomorrow to inspect the interior with a contractor. I checked online to confirm the name he gave me was the same as the owner records online and it was a match.

I'd love to buy in this location but who knows what Mr White Lashes defines as 'the right price'.

I've just been informed the demolition order is relating to the property being a 'nuisance' as its been vacant for 3 years and the property was unsecured at times so crack addicts and the like were using it. Neighbors were very unhappy and police have had to attend many times. Structurally the property is good. It needs about $70,000 in repairs.

Going to the City on Monday to see if I can try to stop the demolition with a letter from a licenced contractor confirming they will repair it.

Edgar, thank you for that link. Strangely when I input the folio number there were no results though.

Who are you referring to when you say 'they' and 'them'?

Hello Bigger Pockets friends! I just arrived back in the USA and an very happy to be here.

I have been monitoring a duplex in a very hot property area for some time.

Rick, it was my feeling to about the 'upselling'. I do not have the emotional capacity to deal with this, nor do I have a spare 10K.

You mentioned the word 'help'. I was wondering in what way you might be able to assist. I do need all the help I can get with this one.