All Forum Posts by: Bernard Sanga

I am looking at a few listings of professional office buildings with very high vacancy in Tampa FL. It is well located and I have capital for 50% downpayment. I have no idea how lending in these type of properties work. Can anybody point me to the right direction in terms of resources to know more?

Also, any commercial real estate agents or property managers in the group who specializes in office space who live in Tampa?

Would love to connect!

@Tom S.

He accepted a financed offer for 129k. He refused the lower cash offer. He said he doesn’t need a quick close and willing to wait. He knows I am assigning contract. Market value is at 165k-175k conservative. House in pristine condition and still looks brand new. How would you handle this?

Hello, 

I am trying to wholesale a deal with an owner who will accept a bank-financed offer. He does not want to owner-financed and is interested only in getting the highest price he can for the deal. It is a new home built in 2019 so it will pass 4 point inspections with no problems.
My question is - how do you structure the contract in this case? Do you assign or double close? Does it matter?
Do you get your assignment fee only when my end buyer closes on it? I am worried about the longer closing times and if the end buyer then decides to not close the deal.
Looking for insights on how to best handle this.

Hi Darius,

I have not been to a meet up since the pandemic started. The Tampa Reias have started in-person meetings again so you can check that out.

Yes, direct message me your email address, I will give you some contacts. 

Still looking, I am just being patient for now. There should be more deals coming out after the holidays. I will keep you in mind when something comes up.

Thank you!

@Michael Henry

This is a lesson I learned on my first deal and you need to see it too. If you’re having problems with hvac and appliances it means they’re probably old and needs replacing even before the purchase- due diligence is key. Costs to replace these things should be accounted for when calculating purchase price and your 1 percent rule.

The only answer here is to hold. Selling before even stabilizing the property is wasting all the time you already put into the deal - time is the most valuable asset an investor has.

Stabilizing the property includes repairing or replace all the issues you have seen correctly - always make sure they are just not putting a band aid to the problem to avoid recurring issues. And replacing all the bad tenants (inherited or not).

Money is in the sitting. Buckle up!

These are very great ideas! I will apply these right away. It just boils down to doing it at this point. It's very encouraging to hear it from people who are out there and are doing it everyday. To be honest, I still feel the same way about it BUT, I am gonna do it anyway. Thanks everyone!