All Forum Posts by: Dolly La Salle

Thank you, @Tim Herman and  @Jaysen Medhurst!

@Tim Herman and @Jaysen Medhurst Hello Gentlemen. Hope you both are doing well. I just wanted to update you on my RE purchasing of my 1st property. You both have always offered your assistance in advice and feedback to my calculation analysis. I appreciate you. 

@Bill B. Yes, I checked my property and others as well in the Counter Assessor website. They were all valued at under 1/2 the listing price. I have a better understanding about the tax assessed value. Additionally, the site has a lot of other good data that is helpful in knowing about a property. Thank you for your feedback.

@David Avery Thank you very much for your feedback, David. I appreciate it. Yes, I pray that they are smiling, too. :) 

@Steve K. Thank you for your input. I understand it now.

Investment Info:

Townhouse buy & hold investment in Orange Park.

Purchase price: $190,000
Cash invested: $43,902

The neighborhood has high rated schools. The property has a garage, fireplace, backyard, low HOA, and a good inherited tenant.

What made you interested in investing in this type of deal?

This is my 1st property...a bittersweet experience. My intent was to purchase this townhouse so I can move back to FL and have my mother live with me and help take care of her. While I was in contract, my mother got COVID and passed away. After long contemplation, I decided to continue with the purchase. After all, it was also my mother's wish for me to buy a house. It was not going to greatly cash flow, but it was a solid investment. I plan on saving all my cash flow for future expenses.

How did you find this deal and how did you negotiate it?

I found it in the MLS, and negotiated the asking price from $210k down to $190k.

How did you finance this deal?

Conventional, 20% down payment, 30 years note

What was the outcome?

Mami and Papi, this one is for you. RIP.

Lessons learned? Challenges?

There was one bump on the road where there was a miscommunication about the roof being in the HOA. In result, the HOA does not cover the roof. So, the expense of replacing the roof due to old age now falls on my lap. Yikes! Lesson Learned: Always verify the info directly with the HOA company, not what others say.

Investment Info:

Townhouse buy & hold investment in Orange Park.

Purchase price: $190,000
Cash invested: $43,902

This is my 1st property...a bittersweet experience. My intent was to purchase this townhouse so I can move back to FL and have my mother live with me and help take care of her. While I was in contract, my mother got COVID and passed away. After long contemplation, I decided to continue with the purchase. After all, it was also my mother's wish for me to buy a house. It was not going to greatly cash flow, but it was a solid investment. The neighborhood has high rated schools. The property has a garage, fireplace, backyard, low HOA, and a good tenant. I put $38,000 down + closing costs = $43,902. I do not plan on spending my cash flow and will save it for future expenses (even though it's already calculated in my variable expenses). There was one bump on the road where there was a miscommunication about the roof being in the HOA. In result, the HOA does not cover the roof. So, the expense of replacing the roof due to old age now falls on my lap. Yikes! Lesson Learned: Always verify the info directly with the HOA company, not what others say. Anyhow, I am content with my first purchase. One step closer to being a successful RE Investor, building a portfolio, and having financial freedom. Mami & Papi, this one is for you!

@Carlos Asuaje Thank you for your input. Per the Tax records, it does not state that it has a Homestead Exemption. The seller does not live in this property and is currently used as a rental.

Hello BP Community. I am currently looking into a mobile home with land. The seller is asking for about 3x more of the price than what the Property Appraiser Tax website shows for the Assessed Value. I know the market is hot now, but which is the correct price/value of the property that I need to base my negotiation price?

@Reid Hanley Congrats on your deal with the mobile homes. Hopefully, it has been a great investment so far. You stated the property cost you $45k. Is that for all 3 mobile homes with the land? If so, that is super cheap! I am looking into buying 4 mobile homes with land and the seller is asking $260k. Huge difference. However, the mobile homes need work. I will also call the county and ask about the zoning, ability to replace homes, etc. Your thread has given me pointers. Thank you.