All Forum Posts by: Carrie Mims

I'm under contract for a home in Tampa. The county appraiser site shows a square footage and bed/bath that does not include the enclosed garage. Home was built in 1956 and it appears this was done at least 30 years ago. How do I correct this when its time to resell? Have an appraisal done prior? Or is this something the owner needs to have corrected prior to close?

A property of interest has 5 open code violations in reference to complaints made by a former tenant (rats, faulty electric, open walls etc) and 1 violation is due to incorrect carport setback and no permit. The carport is a cheap aluminum and could be removed.

The property is now mostly gutted, vacant and listed.
Purchase: 105
Reno: 50k
ARV: 205
With all of these open violations, the records state everything needs a permit to be completed now. There aren't any liens by the city yet or fees listed, but would you run from this? Or any experience that can offer guidance? My concern is not properly planning my renovation budget.

Thank you BP gurus!

@Sean Drees Hi Sean, thank you for the input. This is a home near Nebraska and just south of Waters. Definitely Sulpher Springs but I saw a sign for OSH so wasn’t too sure where that line was. 

The home appears gutted in most areas and the 2/1 interior is framed out with separate electric and hvac already complete. I wanted to have permits pulled for necessary work but not go thru a GC for the entire project to save on costs.

The intention is to bring it to code with rent-ready finish for turnkey investment.

My concern would be if I could not sell it and need to refi it thru a bank, I’d want to make sure it appraised.  

@Matt Nico Hi! I'm using private money and the initial exit strategy is to sell. I can refi and offer him 10% ROI to hold it, but he'd prefer that 10% a lot sooner. I'm not familiar yet with a cash out refi lender that will allow me to do that in less than 6 months. And yea, Orlando is maxed out!

I know there’s a ton of info on this but I have a few areas of concern with a property I am evaluating to flip in Tampa. Specifically, old Seminole Heights / Sulphur Springs area.

It’s a 5/2, 1721 sf, built in 1930, needs total rehab, 50-60k. There’s a detached structure that’s been framed out for a 2/1. Under contract for 125k.

1. Trying to determine ARV. Is it based on rent income, multifamily, or SFH with in-law suite comps? It's in a decent rental area, but low income. The end buyer would most likely be an investor.

2. The county appraiser stated this home is a 2/1 with a utility building added in 1987. It’s the correct sf, but not bed and bath. Not one permit recorded for this parcel, ever. There have been no additions or layout adjustments on the interior, it looks straight out of 1930. What are the challenges I’ll face with building/permits division and resale?

Any advice would be helpful, from Tampa investors/experts or not. Thank you!

@Whitney Hutten perfect, perfect.. thank you for additional info. Looks like a refi it is! 

@Tyrone Osilesi Yes that makes sense. Thank you for the info, this is plenty for me to begin organizing a deal structure and exit strategy. Have a great week ;)

@Tyrone Osilesi and @Kyle J. that makes a lot of sense, thank you. So if I went the HELOC route I'd need to pay attention to seasoning and LTV max.

And it may be more beneficial to refi the loan but in that case it would be more credit based? Would this be a refi that may require 20-25% down like a conventional loan? Or again that depends on equity/LTV?

@Alex Olson Thank you for the reply, I’ll add that to my list of items to research. Appreciate it!

I have a potential capital partner that would pay cash for my future buy & hold portfolio. What are your thoughts on the below strategy?

- Lender loans cash for a rental property

- I put property in my LLC

- lender and I enter into an agreement that outlines our terms

- I use my own reserves to renovate

- obtain HELOC to pay lender back, replace reserves

- Repeat

Or.. what strategies are recommended when a cash partner is available to you?

Thank you in advance!