All Forum Posts by: Gene Belaval

Purchase price on the property was a little over 60k. Comparable sales are around 105k to 110k on the conservative side. The property is still occupied so I'm waiting for the cert of title to get the prior owners out. Working on getting a writt of possession now. I'm looking to finance about 80k which is below 20% LTV. I'm self employed so showing income is hard, can't go to my back. Thanks!

Chris, I funded the deal out of pocket. Property was purchased by a Corp I formed and funded.

Check with your local real estate association. They may have a downloadable pdf that would be state specific.

Good day Bigger Pockets,

I purchased a small 2/2 condo unit in Homestead, Florida off the Dade County court house and I am in need of financing. I have the option to fix and flip but I would like to keep this unit. Property was purchased well below market, rentals in that community are quite strong so it would probably be best to keep it.

Looking for a lender that does not have a seasoning period and able to finance 20 or 30 year fixed. Need to get my money back out.

An help finding a lender would be greatly appreciated.

Thanks!

Gene

Sounds great! I really appreciate the info and will get in touch with my accountant to look into this further.

This thread is amazing!

Adding to the topic with another question. I'm a self employed small business owner interested in a solo 401k but get a W2 from my business. Any issues with that? What would be the best way to contribute to the solo 401K, by distributions from the company or by a portion of the W2 wage?

Thanks guys!!

Hope all is well out there.

I've got a quick question on offering on a an unapproved shot sale. I know the process is time consuming but I think this unit is worth it. After running the numbers, even at full price I should get a small return on a monthly basis. I've got enough to do all cash and refi later.

The question is, should I put in a full price offer (I have a feeling everyone will say no!) or go under. Will need less than 10k in repairs to make it rentable and at that amount I'm still under market value by 20% according to the comps. I'm planning on keeping it but I could flip as well.

I'm in S. Florida, any info would be greatly appreciated.

Same thing is happening down in Miami as well. The auction sites are useless because everyone with some money can bid. I've been seeing lots of promising deals in Homestead and will continue to search down there. Good Luck!

Thank you all. I'm going to pass on this one. The search continues.

@Chad U. and @Rich Baer,

I've read similar remarks as both of yours in other research I've done. The plan is to buy and hold but the original mortgage was relatively new. I would have to wait close to 20 years for the cloud to clear if I want to sell it.  If I can't get the quite title process done it may not be worth it cause it would limit my exits.

Thanks! Any other thoughts would be greatly appreciated.