All Forum Posts by: Brian Essex

sorry, I just noticed that you only deal in Commercial, if that is the case then any mobile home parks in FL would be of interest.
Brian

Bryan,
I would be interested in a residential NPN in South Florida, Tampa Bay area and Dallas metro area.
We have many offers submitted but are looking for more inventory to review.
Brian

HOA is $180

Taxes are currently $1,500 / yr but you could be reassessed.

1. Cost of Note is 41K
2. Vacant and secure
3. My lawyer says it looks very good from a legal perspective.
4. A final summary judgement has been signed by the home owner, its going straight to foreclosure…3-4 months
5. My research and a realtor that I contacted strongly believe it would sell quickly at 62K-65K.
6. Expenses to consider: 2K for the lawyer, 2K for past HOA dues, 2K realtor commission if sold, $1,500 prop taxes are due.
7. 2 bed 2 bath and 1,200 sqft, would rent for $950-$1000, could be a very good cash flow property
8. Right off the I-75 and Cross-town expressway, close to Tampa

email if interested.

Thank you Financexaminer. I will research accordingly.
Brian

Can anyone recommend an insurance company that will insure a home while going through the foreclosure process? I have two notes in Florida, the homes are vacant and secure but due to the slow courts, I will not get to auction for a few months and I would like to have both homes insured in the mean time. I have checked on forced place insurance with Proctor and Statebridge but it is very expensive, I'm looking for another alternative. Traditional insurance agencies will not insure the homes unless I'm on title and I am not....yet.

use a servicer, to many RESPA issues.

I like to use State Bridge.

Brian

I work with one very good source here in CA, they show me a lot of NPN in FL. If you intend to buy just a one off then expect only 30-35% below market value. If interested, email me.
Brian

thank you Jon.
I'm a RE broker and RE takes up 100% of my time, whether its my personal deals or deals for others. I also prop manage 4 of my own homes so the hours add up. I'll get with a CPA for sure.
Brian

Thank you Financexaminer for the thorough answer, much appreciated.