All Forum Posts by: Cheyenne Davis

We've got a triplex that we're considering purchasing in Florida. It's at a deep discount, but there is a sinkhole affecting the third unit. We have never dealt with a sinkhole property before, so hoping to get some guidance. Our exit strategy is to buy, renovate and resell. Here's my question... If the sinkhole is professionally "fixed" and no longer presents a threat, will our end buyer have a problem getting insurance on the property? Anything else I need to be aware of which could present a problem during the resale process?

Thanks for the replies. I know ours are priced right, or at least where they should be, if not a little under. I've spoken with several other people who have noticed the same slowdown in the market lately. Hopefully it picks back up soon. 

Has anyone who works in the Central Florida/Orlando area market noticed a slow down lately? We have a couple houses on the market that are reasonably priced and activity seems abnormally low. We are getting offers on REO's accepted a little easier than usual, too. Just curious if anyone else has noticed a slow down?

@Charlie MacPherson - wish you were in the Central Florida area...

For those of you who are buying properties off the MLS, how much does your realtor do for you? To date, our realtor has simply set us up with property alerts that fit our by criteria and then submitted a small amount of offers for us. We've bought and then resold about 15 properties so far in 2015. Granted, 15 purchases isn't a huge number, but it's enough that our agent has at least made some decent money. My question is, is it realistic to expect an agent to do more than just write a few offers here and there for you, if you are a serious and I'm going by her? It would make our lives much easier if we had an agent to pull comps and prescreened deals for us. However, in the past I've had a hard time finding one willing to do much extra work. For those of you who are successfully buying and reselling houses on a regular basis, can you share with me what all tasks your agent performs for you? Do you think I'm better off continuing to do it all myself or should I be expecting more?

For those of you who are buying properties off the MLS, how much does your realtor do for you? To date, our realtor has simply set us up with property alerts that fit our by criteria and then submitted a small amount of offers for us. We've bought and then resold about 15 properties so far in 2015. Granted, 15 purchases isn't a huge number, but it's enough that our agent has at least made some decent money. My question is, is it realistic to expect an agent to do more than just write a few offers here and there for you, if you are a serious and I'm going by her? It would make our lives much easier if we had an agent to pull comps and prescreened deals for us. However, in the past I've had a hard time finding one willing to do much extra work. For those of you who are successfully buying and reselling houses on a regular basis, can you share with me what all tasks your agent performs for you? Do you think I'm better off continuing to do it all myself or should I be expecting more?

We have a good buyer who could be an even better buyer if he could find a niche lender who would do cash out refi's based on his current situation. Does anyone know of a lender(s) that will do cash out refi's on investment properties which are purchased with an investors personal cash, only with a couple of caveats...

The investor/purchaser had a Ch. 7 BK 4 years ago, which included a strategic foreclosure on his primary residence. His debt was discharged, BUT the lender hasn't successfully completed the foreclosure. The foreclosure was actually dismissed through the courts, so the house is just sitting in limbo. 

The investors intention would be to buy with his own cash, fix then cash-out refi and repeat process to build rental portfolio. 

Matt Sewell - we are considering a move out west and we have been narrowing down our options. Spokane is an area we are considering. Post Falls actually, but within 30 miles so I figure the market is about the same. Any input you can give me on the area and market would be appreciated. We fix and flip a couple houses per month on average in Central Florida and will be keeping our business going here. However, I'd love to do the same thing in our new area. Based on your experience, is that realistic? We just got home from a trip to Colorado and the market out there simply won't allow us to do much, as its on fire. Seattle seems to be similar. Thoughts?

@Marco Santarelli - that's been my exact experience in Co. Seems like a difficult place to flip or buy and hold. Tough to find houses, even distressed, that can be purchased at a deep enough discount to fix and flip for a decent profit and then the value of the properties have been rising so fast that it's tough to imagine the rate being sustainable to justify an appreciation play. In todays environment, we are buying with cash flow in mind. Appreciation is a bonus, but we won't buy in an area that requires our purchases to be solely for appreciation purposes. 

@Hersh M. they're SFR's. What do you mean by "class"?

"There are communities that offer pure low priced cash flow and others that have low cash flow"

What communities would that be? I am strongly considering a move to the area and have been out here for close to a week. I haven't come across the low priced cash flow properties yet. I'm from the Central Florida area and Colorado is a whole new world to me. I've gotten used to buying properties for around 30k and renting them out for approx. $700/mo. That's "pure low priced cash flow", and I'd love to find something even remotely close here, but I'm not seeing it :(