All Forum Posts by: Francesco Barbati

I absolutely agree with everything you wrote, but as long as I pay on time every month, I will be fine. That is why I am considering different routes, and see if I can extract more value from this cash now. 

 That was the deal. I can pay $1500/m on primary home with no problem, so I can make it work and I have other cash in my personal savings. I could invest more than $120k, but that I get in a risky zone... which I might still do, since I have back up plans, but I wanna try to stick to $120k for now.

I love that idea but I forgot to say that it is very hard to get a loan because I move here 2 years ago, and I have only 8 month of W2, and only recently got a raise from my job.

On top of that, a nice SFH within a reasonable distance from work, starts at $250k here.

I borrowed $120k from a family member to buy a primary residence for me and my family (I will pay him back $1k/m for the next 10 years, starting next month, or refinance if needed).

Last night I was talking to my wife, and we just realized that maybe we can come up with something better (even if she really want little place with a little yard for the kids).

Live in flip? Duplex? Turnkey out of state? Foreclosure? I really like the BRRR strategy but it's "impossible" to find sealant here.

I live in South Florida, everything I see expensive and market always hot, market uber competitive.

What would be the advice of an experienced investor to a newbie with a young family?

 Thanks for your interest! I sent you a pm.

What do you think about Boca in general as a market?

 I am newbie here, I don't know any contractor but I like your idea. What would you recommend to do? 

Hello BP crowd!

I am about to make a cash offer for a condo and the market here is hot (Boca Raton, South Florida) from what the buyer agent said. I am really motivated in acquiring that place at the right price and it will probably be main residence for a couple of years, and the I move out and rent it.

The place is not a tear down, but an old lady has been living there for the last 20 years, and it needs to be update it. More that $15,000 are need it, probably $20,000

The listing price is $150,000. I would like to close at $110,000, paying cash, no financial and appraisal contingency. I believe their target price is $130,000/135,000.

What would be the best plan, approach, strategy?

I am waiting for the check to clear out in bank account, and then I will call the listing agent.

What should I say to her? 

Congrats! Must be exciting

 I am so sorry to read about that. That's crazy and I wish you can fix the situation.

That sounds crazy and also a bit suspicious... 

@Thomas Franklin thank you very much for your detailed answer! Very helpful.

I did contact a realtor at the end and found out that one the properties I am interested in, is an "unapproved short sale". It is getting interesting but also complicated.