All Forum Posts by: Frankie Torres

Thanks man, I appreciate your advice! Definitely makes more sense to me now. Strange, I didn’t receive a notification for your reply until now...I also received advice from a masterclass I attended recently, to zone in on a 

.5 x .5 mile radius and focus on one small area IOT really zone in my efforts with alternative deal finding strategies. It made a lot of sense to me instead of getting overwhelmed with an entire zip code and MLS portals..

-Frankie

Greetings BP!

I am seeking General Contractors for a flip in Port Saint Lucie. I am currently an out of state investor and have team members that will be able to walk through with the property with you during the rehab estimate. I will not be able to submit an offer until I get an accurate estimate on what the rehab costs will be.. I am looking for the best bid and to close fast. My projected project completion will need to be 95 days or less. Upon successful completion of the project you are guaranteed future business with me as I scale up to more expensive properties, I will also refer your contact info (along with photos of completed work) to other investors at REIA meetups and BiggerPockets. I have high standards and am looking for serious people to join me as I scale up within the next 5-10 years. I value everyone's time. Thank-you =]

-Respectfully,

Frankie

Hey BP,

I just got pre-approved for a HML, just have to cover closing costs and the rest of the purchase price; looking to do a flip, not under contract. I am currently comparing 2 different zipcodes to invest in. Zipcode A has a much higher crime rate, but ZipCode B has lower rents, lower population growth, higher annual residential turnover, and lower crime rate- slightly above the national average. In a recent post I made about "RedFlags and Tell Tale signs", I posted 3 pictures of the immediate area of a property in foreclosure (Zipcode A).. If I only intend to hold the property for less than 120 days, is it worth the trouble buying in a higher crime rate area?..My exit strategy if I can not sell, is to put the property up for a 1-2 year lease option at around $1060/ month with the first & last month's rent, and security deposit to go toward the principle. Any help or constructive criticism would be appreciated =]

ZipCode A: 

Median Income: $37,874

--Fair Market Rents--

Crime Index:

ZipCode A = 2.9

Zipcode B = 1.23

Market Action Index:

Zipcode A = Slight seller's advantage

Zipcode B = Strong seller's market

This would be for a SF flip, that I would put for rent or lease option in the event I cant sell it.

-Frankie

Hi BP,

I am analyzing some properties right now and noticed while zoning in on the area, that there is a powerline directly in front of the property, the neighbor directly across has a beware of dog sign, several neighbors have an overgrown lawn, and a few houses down it appears to be a junkyard or owners with several junky cars. Are these red flags? What other red flags should I look for? What else are some other things I should look for when analyzing an area when investing out of state? Any advice would be much appreciated!

Hey BP,

  I was scrolling through the foreclosure listings and stumbled upon a piece of bank owned land asking $120. The land didnt get sold during the foreclosure process, and has been on the site for over 400 days. What are some things I need to look out for in order to not fall into any traps such as liens on the property etc. ? Why could it be so cheap??

Property Information

• Price: $120
• Lot Size: 31798.00 SF
• Day(s) On Site: 425
• Tax Year: 2016
• Parcel Number: 087258.1436
• Property Tax: $65
• Property Type: Land

I learned so much today and met some really cool people! Im glad I went and am looking forward to the next meetup =]

Sincerely,

Frankie

Hello Richard! Welcome to BP ;D  

Hopefully this helps: https://www.equitymax.com/loan-programs/

-Frankie

*Not Under Contract, simply seeking to get my financing lined up before pulling the trigger..