All Forum Posts by: Blake Woodham

Hello all, 

So I just came across this program through a local REIA.

Like the others have said, there is no real substance in this thread.

@Carlos Flores  What are the details of the two programs? 

Cost, Time, Actual mentoring? 

I just want to get more details before I make an 8 hour drive to Dallas for a weekend. 

Any info would be greatly appreciated! 

@JPaul Mills Yes. Looking for a primary residence and then start building the portfolio of buy and holds.

@JPaul Mills Awesome! Definitely let me know if that comes through. There is one on the MLS that I am eyeing as a possible 203K rehab loan but that will have to happen after we find a place to live.

I just sent mike a message to be on the lookout for any solid town-homes that pop up. If the multi doesn't work out, that will be my plan B. 

@Mike Flowers  , Excellent Post! I will be moving back to Fort Walton beach in the spring and I look forward to interacting with both you and @JPaul Mills ! 

Keep it up! 

Thank you all for the responses. 

The property is 4 separate tax entities, and there is no HOA on the listing.

@Shaun Weekes I am going to go and get familiar with Commercial/portfolio loans via the search bar, but do you have any recommendations for lenders? 

I'm assuming local banks would be more open to this since its in their backyard, but I may be in left field. 

Also, this property is listed as a short sale. Would that create any major hurdles if I decide to go the commercial loan route?

@Elizabeth Colegrove   The building is zoned as a residential multifamily, but they are listed individually as attached single units. Is this just how they listed it, or how the property appraiser separated each unit? Is it possible to re-list these as a single multifamily property? 

I would like to use my 2nd tier VA loan to purchase this, but I know they wouldn't do it for 4 different properties. If I can get them wrapped into one, I'm sure it could work.

I am still waiting to hear back from my mortgage broker but it will probably be a few days because of the winter break. 

Just curious if anybody has ever dealt with a situation like this before.  

Hello BP nation, 

I am analyzing multifamily properties for my upcoming move back to Florida. I have found a solid property in a peculiar situation that I would like to get some feedback on. 

There are 4 town homes up for short sale on the MLS. They are each individually listed with the same owner. $59K each and currently rented at $750, so they will cash flow nicely upon initial valuation. The building is a MF but each unit is broken out into individual parcels.

Can I get a conventional loan to purchase all four parcels at once, or will I have to get individual loans on each unit? 

If can make it work, the game plan is to live in one of the units and rent out the other three. 

Any feedback or words of wisdom are greatly appreciated! 

Thanks

Thank you all for the great info. As an active flyer in the Air Force, I completely understand the concerns of drones. I fly low-level (300 AGL) and I could only imagine sucking up a 25lb drone in in a engine. No bueno. 

I did some digging around and these are the only real "rules" that I can find on the topic. 

1. Commercial use of drones is illegal unless you have a COA from the FAA. (mostly movie companies, military, fire departments, etc. are the only current holders of COA's) 

2. Obama directed the FAA to open up the process of applying for a COA. (There wasn't a set process to apply for it; its still in the works).  

3. Model Aircraft (for recreational and hobby use) are limited to 400ft AGL. If they come within 5nm of an airport, they must notify the controlling agency. 

4. The aircraft is limited to not more than 55 pounds unless otherwise certified through a design, construction, inspection, flight test, and operational safety program administered by a community-based organization;

5. Must stay in Line Of Sight of the operator. 

There are probably a lot of other rules, but these cover the basics. See the info-graph below. 

This case involved Raphael Pirker, who was fined $10,000 by the FAA for flying a drone over the University of Virginia to obtain promotional footage."    http://www.desmoinesregister.com/story/news/2014/0...

I have also read elsewhere that they are not really cracking down on Real Estate agents, but I see that changing as the regulations get tighter. 

For now, I guess I will just hold off on my drone adventure. I might just get one to fly around on the beach and try to spot fish in the ocean. The one I am looking at has the FPV, Gimbal, and all the other bells and whistles. Pretty sweet man-toy! 

Thank you all for the great replies! 

Do you know why it is illegal to charge for it? Seems like it would just be an additional option for listing photos...

Oh wow! Those look amazing!! I think this would be pretty useful on the coast of Florida! Now I just have to talk myself into spending the $1500 to get a nice setup! 

This would also help get some listings or at least help out some fellow agents!