All Forum Posts by: Geordy Rostad

@Kevin Grasse

How far below minimum-sized lots would be created? In my experience, cities are very unlikely to approve a variance like this.

Around here, if you petition for such a variance, they will have you post a sign in the yard stating what you're trying to do for 3-6 months. They will invite all the neighbors to a hearing about it and if there are any objections, they will deny your variance.

An alternative to this that I have commonly seen is condominiumization where the land the home on is declared common to the association you create and then each house is deeded separately. It's a bit of work but probably MUCH less than the variance you are considering.

Hi @Phil Sirmarco,

You cannot obtain a mortgage on a property that is for sale. The bank wants to make loans that will pay and perform for a while.

Is there any particular reason you are not trying to rent the property out and turn it into a BRRRR deal instead? It sounds to me like if you are $120k in and your new valuation is $170k, that's a 70% LTV and you'd still have 30% equity after pulling all of your money out. $120k @ 4.75% interest would be about $775/mo PITI. Could you rent it out for a reasonable amount more than that? If so, you would be crazy to sell it IMO.

All you need to do is get a 1 year lease signed and you can take that to the bank and use 75% of that income to qualify for the loan payment. 

If the rental numbers are better, you could even try to pull out $136k so you'd have an additional $16k in your pocket to seed your multifamily with and it would be tax free.

@Evan Rosenboom

I read an excellent book recently called "Financial Freedom" by Grant Sabatier. That book might get your mind moving in the right direction and help you weigh out some of the options. It's not a real estate book but it's a very accessible book on personal finances that can help put you in the correct mindset. As least that was my experience with it.

Only the city or county will really be able to tell you what can be done with it. I've never heard of "wasteland" as a zoning type. That must be a Florida thing?

I would add this though. Most vacant land in a desirable area is vacant for a reason. It's either unbuildable or it's cost prohibitive to build for some reason. 

Hi @Shaimeir Lesane

You can use Redfin and Zillow to do this pretty easily. Just chose the filters on Redfin or set the listing type on Zillow.

@John Paul Whaley Different areas are affected differently by recession. Here in my area, we hit bottom a full year or two after everyone else did and we recovered faster too.

Other areas still have never fully recovered from 2008.

@Kerry Baird Very nice! I would totally stay there.

@Zachary Overton 

I'd say you should be upfront with everyone. "Hey, just so you know, I have multiple agents bringing me deals."

The problems come when everyone is trying to bring you the same deals from the MLS. If you have that situation then you could be facing procuring cause issues and bad blood/bad feelings.

If you have 2-3 agents who have automatic emails going to you every day out of the MLS and you're seeing the same properties in all of the emails, you have a real issue on your hand and you need to resolve that quick. Time to make some choices.

If you have multiple people bringing you off-market deals or you have different agents for different areas, you are fine.

@Maurice Clark You should be able to refi in a year if your debt to income ratio allows you to qualify for a new loan. You should speak with a mortgage broker or two. They would be a valuable resource for making something like this work as opposed to a big bank. Maybe have one of the brokers pull your credit so you know where you are at but don't let all of them do credit pulls. You can just tell the other ones verbally what the first one says.

@Account Closed  

I like your suggestion of getting a dialer and hiring someone to call 600-800 leads a day although I'm looking specifically for multifamily properties in certain areas so that volume might be ambitious for my purpose.

I've been a real estate broker for over 16 years. I'm always trying to improve though and add new tools to my repertoire. I have no problem at all calling my clients and calling warm leads.