All Forum Posts by: Bryce Vaquera

Hi everyone, we are in need of advice on a lean.

 So my mother is buying a condo for my grandma and it is perfect. We need to get my grandma into this area because of her age. we found a place and the offer is already accepted and we were supposed to close but there is a lean.

I hope that someone on here can give me some advice for my mom. 

There is a trust lean on the property. The son of the owner wants his moms trust fund so he put a lean on the property. The son of the owner literally said he needs his mom to die so he can get the money!!  My mom was on way to closing and then the lean popped up. My mom wants to contact a lawyer and sue him. Does anyone have any advice for how to get rid of a lean with no number? So that we can get my grandma closer to us.

What are our options? Never been in this situation and we don't know what to do.

Thank You

Hello Anthony, 

My girlfriend and I just closed on our first property and its a duplex. We are so excited haha I actually just made this account as well. We're located in South Florida and I got a deal on a duplex for 314k, Its sooo great though because we have a tenant that pays 1450 every month to me, in my pocket haha. 314k seems rather high compared to most other markets, if you could see the property.  The market where I live makes it so difficult to get a deal. Have you begun looking at the market around you?

Investment Info:

Small multi-family (2-4 units) buy & hold investment in West Palm Bch.

Purchase price: $314,000
Cash invested: $10,000

Its a duplex located in Lake Worth, my girlfriend and I live in one unit and rent out the other. We are planning on building a new structure once we figure out how.

What made you interested in investing in this type of deal?

I have been listening to BP podcasts for about 3 years now. I have known for a long time that my dream is to build passive income through real estate. I really wanted something I can move my girlfriend and I in to comfortably.

How did you find this deal and how did you negotiate it?

I got beyond lucky with this. I only pre approved at 180 on my first try. So I worked and talked to more people and met and agent that helped me use an (existing tenant) as income to get me approved high enough to put a 335k offer that the seller then accepted. The duplex was listed at 360k!! Then on top of that, the place appraised at 314!! Its actually really odd. I to this day don't know what happened with the closing. I got paid 1500. I thought I needed to pay 8k. So that was a relief.

How did you finance this deal?

FHA

How did you add value to the deal?

I do landscaping for a living. This has incorporated all sorts of dabbling into every trade in order to do specific jobs for people. Most of the work we are doing I am doing myself. I have a contractor set to come in a week to frame in some walls for our bedroom. other than that. I am capable of doing most other renovations.

Lessons learned? Challenges?

Keep talking!! To everyone haha.

Hello BP Community,

I successfully closed on my first duplex in West Palm Beach Florida. I got so lucky and I am now running into funding issues. I am 25 and have good credit at 755. The question is : what is the best way to borrow some funding (about 5-10k)?  I am about to apply to multiple credit cards. I am scared to be honest and I hope some of you can reassure me that if I work the credit cards correctly, Ill be okay haha. I can take out a loan but in my mind that is even scarier. 

The duplex was such a deal. I got sooooo lucky. It came with a tenant paying 1450 per month and I already got my first month payment. The seller got really mad over something and kept the security deposit. I don't know what to do about that either. Theres actually a lot of things I don't know what to do with haha. Ive been listening to the podcast for years now and Im just happy to finally have some skin in the game. I am going insane trying to get a contractor in here to build a wall for me so that I can move my GF and I in but it seems like no contractor anywhere is able to come on a weekend haha. 

I look forward to interacting and learning and growing with everyone. I hope to buy another one within two years 

Thank you