All Forum Posts by: Sheena Varghese

Hello,

I have about some equity in my primary residence.  I am in the process of moving into another property and was going to sell my current home and use the funds to purchase more properties.  I recently heard a podcast on BP regarding delayed financing through secondary market.  From what I understand, you can use the equity you have on a property to purchase another property.  Then there is no seasoning period to obtain a mortgage on the new property.  Did I understand this correctly?  Anyone has done this with success?  Would you recommend this route?  Thank you in advance!

Thank you all! I really appreciate your advice.

Hello, I bought a property that needs some repairs. One of the handymen that came out to give an estimate asked if he could rent the property and in turn he would do the work in lieu of first month, 2nd month and last month's rent.. He would only move in after all the repairs are completed. Not sure if this a good idea. Any advice will be much appreciated! TIA!

Hello,

I am an investor from Orlando, FL and recently received my RE license.  I am looking to join a real estate company that understands the needs of investors and support investor agents while providing great initial training and ongoing support. 

Thank you!

Hello,

Any recommendations for a great real estate attorney to look over real estate investment contracts in central Florida?  TIA!

@Scott Wagoner

Thanks, sent  you a pm

Hello,

I am looking for an investor friendly real estate agent in the Central Florida area, particularly Orlando/Leesburg/and surrounding areas.  TIA!

@John Kent@Joe Villeneuve@Andrew Davis

 - Thank you all for your insight.  You all were right, this was not a good deal so I decided to not go through with it.  I thought finding for your first property was going to happen right away so I was a bit discouraged by the 2 month mark without buying one.  But after reading some other posts, I guess it's not that long.  I will keep looking...thanks again!

@Larry P. You are so right, I know some investors wouldn't have a problem with it but not being comfortable to go into a home you own won't work for me.  I decided to forgo it.  Thank you for your input.

Ok, so thanks to Bigger Pockets I was able to properly analyze my last potential deal and walk away from it and very glad and grateful for all the advice I was given.  I am back and hoping to get some more advice on another potential deal.

This property is in a class C area. The community has an HOA, although it doesn't look very involved in the neighborhood. The neighboring homes are kept up, not a war zone, but I wouldn't feel comfortable going to the house alone to do any maintenance, etc. I would send my husband =)

Asking price: $94,900. Offered 90K, counter offered by the seller at 93K, we countered at 92K and they accepted. It's move in ready, needs maybe about $1,000 cosmetic changes if we decided to do that. The rent in the area is around $950. So after mortgage ($400), taxes ($122), ins ($40), HOA ($22), the profit is $366 not counting vacancy/repairs.

I have analyzed so many deals and looked at around 60 homes in the last 2 months and it seems that in central florida, at least, the good deals are going to cash buyers as my other offers weren't accepted even after offering $10 above asking price.  Perhaps due to conventional loans and too much repair on the house, etc.

Should I keep looking or does this seem like a decent deal?

Thank you in advance for your advice/thoughts!