All Forum Posts by: Cassie Montalvo

Yeah, there's always a chance ... your property could not appraise, your credit identity could be stolen and this may take time to repair, the market could shift and banks could tighten their lending standards on investment properties ... the possibilities are endless.

Moral of this story - you have to weigh 'chance' and 'probability' differently

@Cheryl Olson 

Hi Cheryl, it seems someone bumped my thread where I had the same exact question ... even in FL! 

The only people who can put in a claim for surplus funds had to be listed as junior lien holders / defendants in the original foreclosure.  You have no rightful claim to those funds (sucks, I know, see my thread).

Taxes cannot be paid from a foreclosure auction. Taxes are superior to a foreclosure so they will never be listed as a subordinate lien holder (as their lien will not be wiped, regardless of a surplus or not).  Just remember the hierarchy of liens in Florida and that with foreclosures, money (paying off) and extinguishing liens and claims only goes DOWNWARD on the hierarchy, not upward (does not affect the senior liens).  

@Alicia Colon The surplus belongs to the owner of record at the time of the foreclosure (the previous owner) and any subordinate lien holders also have the ability to claim the surplus - I would not be entitled to any of it.

That all being said, I paid the back-taxes, which was always the plan.  I tried to do the right thing and called and heir (because the previous owner had passed away) and told them to get a lawyer and claim the surplus but they didn't :(  

$90,000 unclaimed ... so sad ... but also frustrating that the state holds that money and for some reason they can't take that to pay for the back taxes!!!

I am a flipper in SE FL - particularly Boca. Deals here are hard to come by. The only good deals I’ve had in Boca come solely from door knocking - no other avenue produces in this area for what I need. I haven’t bought a foreclosure at auction in Boca since 2018 since they all go for retail (and I don’t pay retail).

I am a native to this area and a Realtor. You can PM me if you’d like to discuss some options further. If we have different investment criteria I will help you look; if we are looking for the same things, I won’t represent you because chances are I’d be competing against you. 

before and after. This same house had shag carpet and cats ... lots of cats 🤢 

Find an agent that works with investors. An easy way to do this is look for obvious flips in your area and see which agent is listing them ... if you see one agent’s name reappear, then you know they work with investors.

Ask the agent if they work on both the buy and sell side. For buyer’s agents, ask typical investor questions and see how knowledgeable they are. Ask if they flip themselves and see if they have the same buying criteria as you (you don’t want an agent “helping” you if they are also competing against you). 

For listing agents, ask about their marketing. Honestly, I don’t care what price point you’re in but if an agent doesn’t pay for professional pictures - WALK AWAY! Find a listing agent who invests in their listings - no excuses!

You need to check the condo rules and regs to make sure they allow for STRs. Many condos have waiting periods BEFORE you can rent and then have restrictions on the minimum durations for rentals.

I am in FL too and it’s any repair costing $1,000 or more requires a permit. 

As for roof repair, I’ve never pulled a permit for just a small repair; new roof - 100% permitted every time.

Electrical panel ... this is a tricky one. In many cities in my area, when you update the panel, they require you to do a full electrical update. This changes a $1,000 panel swap out to a full blown $10,000 electrical update ...KNOW YOUR LOCAL CODE. So to answer your question on this one, it depends on what the area demands. If it’s a higher-end flip, then yes, permits.  This DOES open up a can of worms because if you pull an electrical permit they will see the other renovations and you will need the full package of permits and since it’s an investment property you can’t pull owner-builder permits and will need to use a GC thus adding even more to your expense.  I like full permits and I market my flips as being fully permitted under a GC because I know most of the competition doesn’t do this.

I understand your frustration, but smells are one of those things that are a matter of opinion ... and for an agent to voice their opinion - when not asked - could be offensive.  The pet smell for example .. there are plenty of people who live in these homes and have no adverse reaction to the smell.  Now, you walked through the house with the agent and if you didn't say anything, why would the agent risk offending you by bringing up the odor?  

The only time I will comment on an odor is when I am point-blank asked or if I am made aware of a medical condition that could be affected by an odor.  For example, I have had people tell me that there is a member of their family with severe asthma and if I can detect any odors ... I will absolutely tell them everything I smell and give them my opinion ... BUT ONLY WHEN ASKED!!!  To add, if a person voices a concern about a smell, I will then also recommend and special air quality test because I am no expert and I make it clear they should seek an expert's advice as my opinion should carry no weight.