All Forum Posts by: Chad Michael

Hello,    

This is a short sale property where I cannot personally go in and examine the property prior to offering per the comments of the listing.    The gable end of the roof is visibly defective and almost non-existant and the remarks say "water in the walls and possibly mold."   There are 4 open permits (kitchen remodel, bathroom remodel, carport, and driveway extension).       This is my first time seeing this much wrong with a property AND seeing offer Instructions from the lender as such:  "Buyer to have inspection report and estimate from a licensed contractor PRIOR to offering."       

This house is 1800SF and has an ARV of about $240k and is listed for $130k. At the moment, I'm willing to call the rehab estimate approximately 70kk. This is in Broward County, where it seems that all our deals are made by negotiation and not much low hanging fruit here. I'm having to be careful with my cash at the moment and don't know if I should take the leap with a contractor fee and an inspection as opposed to moving onto the next deal.

 For current circumstances and for future reference, does anyone have any experience handling this type of short sale?     

Thanks,

Chad

Not really what I wanted to hear but it sounds like you have a pretty decent grasp on this.     I'll look into what I can do with door knocking and being more personable.   

Definitely thanks for chiming in. 

Chad  

I'm planning to do mailers to pre-foreclosures.   I'm reading in the forums that many use a once a month strategy as a general rule but does that still apply to pre-foreclosures since the potential seller's timeline may be a little different?

Actually where you are at (Plantation) is a pretty good place.    Everything 2 miles east or west of FL Turnpike and from just north of 595 down to the Dade county line has some promise for 2-8 units.    It's South Florida so you probably know things can change pretty quick from street to street.             

Hello Stephano and welcome! 

Great to see you are making the jump.   Good luck!

-Chad

This is such an awesome thread.   A lot of insight to a point of frustration I know a lot of us have.   Thank you guys for sharing!!

A nugget I’ll share is keeping a sign in sheet on the job site for contractors so you can quickly tell if the GC is keeping his crews on your job and hopefully not skimming the first half  of your project to drag out the last half because he is reallocating his resources to someone else’s project after he collects 50-70% of the draws.    It also gives you documented proof (in addition to pictures of progress) that can help prevent contractors from putting unwarranted mechanics leins on the house.  

Hello everyone,  

My fiancé and me are moving from NY to Pembroke Pines Fla because she just got a teaching job at FIU.    We are trying to rent a place for the first year before buying  and we found an apt that worked well  for us in Pembroke Pines.  

The problem is that we were just denied on the leasing application.  It was because of a misdemeanor public intox charge I got received 6 years ago on a Pharmacy class bar crawl.We dealt with a third party screening company that was like dealing with the DMV.    It didn’t matter that we have good  credit, income, and clean history otherwise...   and that I have a pharmacist license in good standing.  

Although I have taken a few months off to be with my fiancé after a 5 year long distance relationship, I did present them with my 2017 W2 and she had her offer letter.  

   Not expected at all and now the problem is now we are back in NY and we’re not able to get back to Florida and we were unprepared for this.  

Im wondering if it is going to be like this everywhere and I’m hoping that a kind soul might be able to throw us a lead on a good place in a safe neighborhood for 2+ bedroom 2k/mo or less and we do have a 11lb poodle mix dog.  

Thanks to everyone in advance for your time!

@Rita Medeiros  I will definitely hit you guys up and n August.. house hunting with the misses and flying back to NY today. 

@Kuba F.  and @Mike McCarthy thank you.   Kuba that is a pretty nice resource.   I know being flexible is necessary, I think the actual rehab is the only part I feel like I haven’t settled into a thought process for.   Even if it’s a plan that has to change, I prefer knowing that there is one that can at least be molded..  might just be the pharmacist in me but having an initial plan,  priorities, and set targets in mind that have some track record of predictable results is what I’m hoping to set more clear dimensions to...   I feel like this might be necessary to have a better sense of how to talk to the GC about planning and what type of conversation I should be having at a given point in time..   

The wife won’t be on board for too many failures..  lol

@Mark S.    Lol.  Yeah maybe,  Didn’t read the handbook so I don’t know what comes after acceptance... 

I sincerely appreciate the input and that is more or less what another rehabber shared with me so hearing the same thing from a second  source is reassuring.  And things not going according to plan has pretty much been my experience thus far:)

If you don’t mind me asking, Assuming a total interior gut (electrical and plumbing assumed to be bad but a good roof and hvac) on a simple 1 story floor plan, which is pretty much what I took a look at this morning, what might your initial plan for organizing the roughing (electrical, plumbing, insulation, drywall)..  I had a guy tell me he likes to get the bathroom door me first..  Do you agree with that?   I’m just wondering how he does that without piece mealing the contractors’  time on the job with the rest of the house?..   This was a 3/2, 1600 sq fr  built in 1958 if that makes a difference.  

I’m in Broward County just seeing what there is to see so no big time press.  

Thanks again for your time!

Welcome Tamara, I’m heading a little further south to Broward County in August. Best of luck to you this year!