All Forum Posts by: Bryan Quintanilla

I am looking to get some ideas on creative seller financing. The property in question is a triplex and has an after ARV of $350k. the rents are good and the situation currently is that there is roughly $70k worth of liens along with a mortgage of 30 years for $150k. Ideally the sellers want to negotiate those liens so they are able to get some cash when they sell. I looked into wrap mortgages and land trust deeds which I for sure will need to structure it properly with an attorney if i go that route.

My questions would be more or less how on to structure this type of deal given the fact that liens are in place? I would try to go for a 5 year structure and take over rents while managing the property (if possible). 

This is a deal with some I know personally and are flexible.  

Hello,

I had a question regarding a judgment lien against a homestead property. From my understanding based on Florida statue 222.01(2) article 10, Section 4, creditors cannot have a lien against your primary residence. If a lien does get added to their primary residence, they can request to have it removed by court notice. I understand taxes, construction and mortgage liens do not get exempt from this protection. From what I have been researching any proceeds from the sale of the property can only be protected if and when those sale proceeds are to be used to purchase the next homestead property in a reasonable time. 

These are my questions: 

1) Can someone sell their homestead property that had liens from a creditor to a family member at a lesser then market value to cover their existing mortgage? If so, would those liens no longer apply to the new ownership?

2) If they own a second property, the liens would continue to be valid but only on the second property correct?

I appreciate any insight. Thank

Anyone familiar with zoning in fort lauderdale?

I am looking at a property that has " RD-15 Residential single family and duplex/medium density " zoning. It's currently rented out as 3 units/triplex. It has 2BR/2B, 2BR/1B and the last one as an efficiency. What red flags should I look out for if I am looking to buy it as a triplex?

I checked the zoning codes but really didn't understand it that much.. I would really appreciate some guidance.

Thank you

Hey Michael I am in a similar situation and Florida's inventory is really low. Especially In the small multi families. One thing to consider if you have access to the MLS is look up expired listing. It might be worth reaching out to the property owner directly of an expired listing and make them an off. Also look up FSBO listings on Craigslist. Hope this gave some ideas

@eric 

@Eric Veronica Hey Eric, had a question you may be able to answer. I was reading that a conventional loan with less than 20% down would result in monthly PMI. Does that apply based on the amount that is put down vs the value of the property? The reason I ask is because I have a unique scenario where I know the value of a home is roughly $300k but would be able to purchase at 150k. This is a deal within my family that a balloon payment is coming up and my idea was to purchase the property and Re-fi cash out later down the road.