All Forum Posts by: Javier Marchena

@Daniel Fisher

Also as @Will Barnard mentioned. Offer a large enough EMD and 3 days to deliver the EMD so I can do the inspection within that timeframe.

@Daniel Fisher

Not rolling the dice, once I walked the property, I write the offer low enough to cover the issued that I anticipate. No inspection contingency, cash offer and closing as soon as title company can produce the documents makes the offer more attractive.

Price may be lower than they want but hopefully the rest of the offer helps them make the decision.

Great experience with them @Mark S.

Last year I closed on 3 residential refi. Their rate was better than my local lender and they closed very fast. 10 days after appraisal. Very happy with their service.

I also write cash contracts. 3 days inspection contingencies. 

If I can visit the unit and do an inspection before writing the offer, I will have no inspection contingency. 

I try no to buy from wholesalers, but my opinion of wholesalers in not what the issue is here.

Buyer should be doing all the homework before purchasing any property and getting title insurance if they think they may needed.

One of the properties I got from the MLS went through a title company and a title search finding no liens. Purchased this property for $13,000 back in 2010. After we did some demo, we wanted to put plans on the city and we found a $77,000 lien. After a few phone calls title insurance paid us back the $13,000.- we paid for the house. We were not going to pay $77,000 for that lien, so we got a lawyer and he was able to remove the lien and charged us around $2,000.--

After learning this, we found another house in the MLS for $80K with a disclosed $30K lien. With some negotiations, we got the house for $60K, and repair the code enforcement issues on the house. Then went to the city and negotiated the lien paying only 10% ($3,000). Numbers worked much better now.

Liens are not always a bad thing. It may give you leverage to pay less for the property.

Disclosed or not, it is your job as a buyer to find everything you need to find to make that transaction work. Not the seller or the wholesaler. Expect the worse and be prepared.

@Brandon Becsi

The Department of Veterans Affairs have a program similar to section 8. They worth with the Housing Authority to assist veterans. As on Section 8, they would inspect the house before approving this property. They pay one portion and the rest is paid by the tenant.

What is different from Section 8 is that they are supposed to have a monthly inspection on the house, to make sure the tenant is taking care of it and no one else is living on this property. 

Hi @Stephanie Oxendine

I use Leading Edge Title that is close to your area.

1315 Tuskawilla Road, Suite 105, Winter Springs, FL 32708

Angie Kontny  is very nice and investor friendly. 

If I am going to keep this unit for a long time, I would do tile as @Valentina Naumenko.

If you want to keep it cheap, go with carpet. Even cheaper, keep the carpet and do a deep cleaning for the next tenant. You could save some money and think on tile on your next change of tenants.

Hi @Ralph Martinez, 

One time I was meeting a future tenant to sign the papers and let them move in on my rental. When we got there there was another family already moved and living on the house.

Call the sheriff, show them my documents and he asked this family to leave. 

Not sure if they rented the house from some scammers, or were just squatters. Never got the story straight. Try talking to a lawyer first. Not sure if you will need a power of attorney to remove them, since the owners are not in town.

Thanks everyone for your comments.

I will wait and see what happens. Will keep you informed any developments.