All Forum Posts by: Account Closed

Thanks for the tips guys. I do have someone searching the MLS, but nothing of to much interest thus far. There is one I am interested in by south Tampa (perfect location), but I do not think it would cash flow well if I were to move out and the price does seem a bit high for what I get. Unless I put a bigger down payment down lowering my monthly Mortgage, which I may have to bite the bullet and do since this will be where I live for the next few years. After that I can focus on acquiring rentals only as location will not be as important.

To be honest, I do not feel very confident yet about knowing if I am getting a good deal or not. I guess this comes with experience :/

@Jeff Copeland Are there any other places to check out the first look period? I just checked both of those sites and there isnt a single MFR on there. Most of the foreclosures seem to be condos, with some single family homes. I suppose this is something I should check often as new properties become available though.

Hi guys, I am finally ready to buy my very first house and I am aiming for a multi-family / house hack. However it appears that in my area especially, the majority of homes are being sold to all cash buyers who are bidding above asking price for SFR let alone MFR. How am I supposed to compete with this?

It appears this is terrible market timing. House prices approaching 2006 levels, stock market unstable, battling against all cash buyers bidding over asking price... I live far from my new job and want to live closer, but given the factors, should I just rent a place closer while keep looking and hope to get lucky? I am in the Tampa / St. Pete area and MFR are not to common as it is. Also, I have a realtor searching the MLS for me, and I am searching the online free sites like loopnet and realtor.com, but how else can I search effectively? After searching I can say this is not looking to bright right now. Only thing I haven't done yet is to ask wholesales if they have MFRs.

Lastly, if I was to find a place, what is the best way to put together my team to ensure I am not buying something that will fall apart? Should I just ask around here on BP or at investor meetings (I plan to attend my first one soon) about quality contractors for repairs and advice on foundation. I assume this works mostly on referrals for appraisers, accountants, lawyers etc. as well?

Any general advice is more than welcome. I hate driving 2+ hours a day for work and want to get closer ASAP.

Welcome! If I were you I would start here 

http://www.amazon.com/Book-Flipping-Houses-Residential-BiggerPockets/dp/0988973707/ref=sr_1_1?ie=UTF8&qid=1450742104&sr=8-1&keywords=j+scott+the+book+on+flipping+houses

@Daria B. Thank you so much! That really helps!  So I looked into it more and you were right, the community was actually built in 2001 and all the properties have that $17 million listed there, which I am guessing was the cost of the whole development? I also clicked on the blue book / page numbers and the documents that came up as you said were mostly warranty deeds (for the $17m price and $139k price) and the other was a title certificate. However in the file there are no prices in any of those documents which begs the question:

A unqualified certificate title for $83,400 means what exactly?

A qualified warranty deed for $139,000 means what exactly? That a sale was placed for this price for a deed? (I thought you usually get the title when you purchase?)

And lastly, I am still confused on the column that has "vacant / improved" ... The opposite of vacant to me is occupied so I am clueless as to why the word improved is there. 

Thanks again and sorry for the simple questions, but gotta start somewhere! :)

To further this, I found another property in the same neighborhood listed as FSBO, at $230,000. Yet this same county assessors page says the market value is only $111,000. Is this normal to have the market value at 50% of the asking price?

Hi guys, I am new to all this and am analyzing deals just for experience purposes. The following is not for an offer but just for me to learn. I found this property listed for foreclosure at $148,000 but it appears the market value is only $109,845. Why is a foreclosure so much higher in price? Also in the sales history, what does qualified or unqualified mean? What is the difference between Vacant or Improved? And lastly , I do not understand hte sales history sale price. Clearly 17 million was not paid, so what are these 3 numbers then? Was it really sold in 2014 for $83k and back in 2004 sold for $139k? Any help understanding all this would be greatly appreciated. 

THanks!

Reviving this once again! Thanks for this awesome look into the anatomy of a rehab and rental project, very informative and helpful!

I noticed in your P@L sheet above that there was no expense deducted for a mortgage payment or interest payment to the portfolio lender you talked about for 65% LTV. Perhaps I missed it but could you recap your financing for this project because it does not appear that you financed this out of pocket, but yet I do not see additional expenses deduced out for repaying the loaner.

Hi Mitzi, welcome! I am new here myself and also a Tampa local!

@Dave Poncia Ouch! I am sorry to hear that. Were you ever able to track her down and pursue legal action or is it not even worth it because she has no money to her name?