All Forum Posts by: Brandon M.

@Neil G. - I agree as well, there were way too many other negative factors in that deal that were much harder to rectify than leaking roofs and old AC units.

On to the next one!

@Christopher Walters- you might want to explain more about what you are looking for, what your goals are, what your skills are. Anything besides just “need help”. I don’t think you will get many responses if you don’t go into more detail.

Anyone who is qualified to be a mentor to you is likely to be very busy with their day to day life already. You will likely want to find someone who is already doing what you want to be doing, and ask if you can shadow them, help them run minor errands, help with oversight on a job. Anything where you can be of assistance in exchange for being able to learn from someone.

Good luck in your search.

@Neil G. - has your agent gotten an answer from their agent as to WHY they won’t disclose that info?

@Neil G. - interesting about the hiding information, that does actually scare me more than the mold and AC. I find that sellers who don’t want to disclose everything tend to be hiding something, and you don’t hide GOOD somethings!

Where are you in your due diligence period where you can still get out and get your deposit back? Just curious what timeframe you are working with

@Neil G. - I will come at it from a different perspective. As a contractor/house flipper myself, none of the things you mentioned that need to be repaired are THAT big of an issue and are typically things I find in all of the houses I come across. This just feels more painful because there are more ACs, more water heaters, etc. 

Have you already spoken with the different trades to get actual estimates for repairs or are those just your estimates? The good news with having multiple repairs of the same type, you can ask for a discount for multiple jobs. I know with each of my trades, I would be asking the plumber and the AC guy and the mold remediation guy for a discount for them to do multiple repairs at the same location. 

I don't think being all in on each unit for $130k is a bad scenario if you can separate the units and sell them separately, or even get them all repaired and cash-flowing and then hold it or sell it off as a turnkey property to someone else. 

Am I understanding correctly that your ideal plan A scenario is to hold the property, and then the fallback plan B option would be to possibly resell the units 1 by 1? 

If you want to chat in more detail feel free to PM me, I would curious what area you are in when you say "Tampa area". 

@Jonathan Moody- I would say you’re going to have a hard time finding a lender to fund 100% of the purchase price at only 7%, especially someone you have never done business with.

@Shawn Hansen- I like using @Melvin List, he is super knowledgeable and always very helpful.

@Will Barnard- don’t remove it, replace the damaged ones with cement board siding (looks the same once painted). You can get it from some Home Depot’s, it is around $6/board. Lowe’s does not carry it and only one HD in my area carries it.

@Pratik P. - Pinellas County shows the number of fixtures on the house but not bedrooms, so you can tell how many bathrooms a house has from the property appraiser. A full bath has 3 fixtures, a toilet, a sink, and a shower/tub, and a half bath only has 2 fixtures, toilet and sink. So if the property appraiser shows 6 fixtures you can assume the house has 2 full baths, whereas 5 fixtures would be 1.5 baths.

That’s a great area so you might be better off changing that layout inside to a bunch of 1/1s. The property appraiser shows 24 fixtures so you should be able to convert it to 8 units. It is currently zoned as a 5-9 unit apartment so maybe at some point it was that?