All Forum Posts by: Danielle Levins

@Frank Patalano

I tend to study a subject or topic to the point of paralysis and I end up never applying the knowledge I possess. However, once I’ve acted on that knowledge once repetition is a breeze thereafter.

Hi Bp Community,

I am a FL Broker who has a client looking to slowly liquidate his real estate portfolio. If you are familiar with the Tampa area, 3 of the properties are in Seminole Heights. One of the properties has been on the market and we would like to move it quickly. I am not looking for any wholesalers at the moment but actual investors. Please provide contact information in the reply and I will send you the photos and the information on the property.

Thanks in advance BP.

Thank you both!!

@Will Barnard @J Scott

Hi Bp Community,

I am in need of some advice with a current deal I have in the works. The owner of this distressed DOUBLE LOT in a fantastic area and I have worked out negotiations and we have agreed upon a purchase price. Here are few things to note about this property. There is a demo that will definitely need to take place. There is a distressed home on one lot and an efficiency on the other. A few grandfather oaks that will need to be taken down with permits also (hopefully). I have been quoted that the demolition will cost about $10,800. After that I will need to have the double parcel surveyed and legally split into two separate parcels. The double lots already have separate meters and the two properties have somewhat different addresses. One is considered 102 and the other is 102 1/2, for example. Now interestingly I was able to get a good deal by ensuring the owner I would build my personal home on of the lots, which I'm excited to do. Here's where things got confusing for me, the owner would like me to open up a trust for the property and place both of our names as the overseers on that trust instead of paying him upfront. He stated that the trust would allow us both to have interest in the property while the demo is taking place and the two new homes are being constructed on the two lots. He then stated that once the second home has been built, we will payoff the note on my personal home and split the profits. Well the newly constructed homes in the area are going for $350K-$390K. It will cost me about $220K to construct both homes. What I am trying figure out is, what is the benefit of having the trust created? Because it seems that he will make the same amount of money either way. Does this protect me if anything should happen to owner before construction is completed? Does this mean I don't need to draw up a purchase contract because he is going to grant me interest in the property? Where do I get started with this project?

I really need guidance with this one. If you need more details please feel free to ask.

Thanks in advance BP.

Hi Bp Community,

I am in need of some advice with a current deal I have in the works. The owner of this distressed DOUBLE LOT in a fantastic area and I have worked out negotiations and we have agreed upon a purchase price. Here are few things to note about this property. There is a demo that will definitely need to take place. There is a distressed home on one lot and an efficiency on the other. A few grandfather oaks that will need to be taken down with permits also (hopefully). I have been quoted that the demolition will cost about $10,800. After that I will need to have the double parcel surveyed and legally split into two separate parcels. The double lots already have separate meters and the two properties have somewhat different addresses. One is considered 102 and the other is 102 1/2, for example. Now interestingly I was able to get a good deal by ensuring the owner I would build my personal home on of the lots, which I'm excited to do. Here's where things got confusing for me, the owner would like me to open up a trust for the property and place both of our names as the overseers on that trust instead of paying him upfront. He stated that the trust would allow us both to have interest in the property while the demo is taking place and the two new homes are being constructed on the two lots. He then stated that once the second home has been built, we will payoff the note on my personal home and split the profits. Well the newly constructed homes in the area are going for $350K-$390K. It will cost me about $220K to construct both homes. What I am trying figure out is, what is the benefit of having the trust created? Because it seems that he will make the same amount of money either way. Does this protect me if anything should happen to owner before construction is completed? Does this mean I don't need to draw up a purchase contract because he is going to grant me interest in the property? Where do I get started with this project?

I really need guidance with this one. If you need more details please feel free to ask.

Thanks in advance BP.

Hi Bp Community,

I am in need of some advice with a current deal I have in the works. The owner of this distressed DOUBLE LOT in a fantastic area and I have worked out negotiations and we have agreed upon a purchase price. Here are few things to note about this property. There is a demo that will definitely need to take place. There is a distressed home on one lot and an efficiency on the other.  A few grandfather oaks that will need to be taken down with permits also (hopefully). I have been quoted that the demolition will cost about $10,800. After that I will need to have the double parcel surveyed and legally split into two separate parcels. The double lots already have separate meters and the two properties have somewhat different addresses. One is considered 102 and the other is 102 1/2, for example. Now interestingly I was able to get a good deal by ensuring the owner I would build my personal home on of the lots, which I'm excited to do. Here's where things got confusing for me, the owner would like me to open up a trust for the property and place both of our names as the overseers on that trust instead of paying him upfront. He stated that the trust would allow us both to have interest in the property while the demo is taking place and the two new homes are being constructed on the two lots. He then stated that once the second home has been built, we will payoff the note on my personal home and split the profits. Well the newly constructed homes in the area are going for $350K-$390K. It will cost me about $220K to construct both homes. What I am trying figure out is, what is the benefit of having the trust created? Because it seems that he will make the same amount of money either way. Does this protect me if anything should happen to owner before construction is completed? Does this mean I don't need to draw up a purchase contract because he is going to grant me interest in the property? Where do I get started with this project?

I really need guidance with this one. If you need more details please feel free to ask.

Thanks in advance BP.

@Chuck Brickman Did you eventually do the deal. What was the outcome of this situation??? 

I just came across the post, and I see there are a couple different perspectives when it comes to BPOs and being a REO agent. I am trying to figure out if one must have a Broker's license in order to be able to take on REO listings AND perform Broker Price Opinions (BPOs)? Any guidance would certainly help. 

I am also interested in lease options... so if you could post your questions in the forum, and have an experienced investor reply that would be awesome. We all could benefit from the knowledge .. Welcome to BP and Florida!!!