All Forum Posts by: Elizabeth Read

I bought a 3br/3 bath house 2200sq ft in Altamonte Springs FL this Nov. purchased for 105k using hard money, put about 25k into it and got it under contract in Jan for 173k- all was well, passed inspection with no notable concerns, headed toward a late Feb closing. Then my buyer's appraisal for the bank blew up when she couldn't find permits for conversions made several years ago by previous owner- they had converted the garage into a master converting a 1600 sqft home into 2200 heated. Did great work, never pulled the permits.
I was unhappy- the appraiser said she'd finish the report up using 2200 sq ft, but they'd need the permits (which don't exist)-- we're now talking to the county about getting the house inspected and getting it squared away but it's turning into a nightmare. The first person we talked to said it can't be done, can't sell the house. My realtor's boss is saying the last thing we want is the inspectors going thru the house with a magnifying glass.
You've heard it before, but let me remind you-- if you buy a house that has had a conversion- make SURE it's a legal conversion with permits on record. I'm thinking I'm gonna have to buy this house--- which puts me out of the rehab business for a while.
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I'm not really a newbie...but I'm hardly a seasoned vet either. I've owned and run a travel agency for my 'profession' the last 20 plus years. During that time I bought 2 two-families, held them for a while and then converted them to condos in 2003/2004 and sold them individually. Took my 'winnings' and invested in the Charleston, SC area. Charleston was a few years behind NE in the real estate boom so I was able to ride the wave twice.
I've since closed my travel agency and have ruminated on what to do with myself. Real Estate seems to be what I enjoy and follow anyhow- so I'm back. I've set up an LLC and opened a bank account... and now I'm waffling around a bit trying to decide WHERE?
Do I invest in the Boston area- where I know the neighborhoods and can be more hands on... or do I invest in Florida (the St. Pete or Orlando areas) where it seems I can buy a lot more house for my limited start up funds?) I have brothers and friends there who would look in on my projects if need be.

I would like to buy, rehab and flip for now until I build enough capital to buy rentals and hold on...The goal is to buy 1 or 2 houses per month, rehab and sell. I'll pay 'cash' using private lenders or hard money along with my own.

It all starts and ends with the real estate agent. I do remember that from earlier days.. a good agent leads you to so many other good people... inspectors, contractors, lawyers, money, etc.

Right now I'm making phone calls and emailing agents, fishing for a good match. If anyone would like to make an introduction I'd be obliged for the recommendation.

Okay- more to say- but I'll begin with "Thank you" for this amazing site-- sure wish this had been here when I first started.... i might never have stopped!

Betsy