All Forum Posts by: Garrett Masiulis

@Jaron Walling thanks! I can see this one dragging on. I will continue to be as helpful as I can be and see what comes of it. It’s an opportunity to learn if nothing else.

@Will Fraser thanks! I I will look into ways to stop gap her housing issue until she clears the waitlist.

I received a hot lead from a motivated seller who wants out of her house for the following reasons:

- Seller cannot cover mortgage alone so abusive daughter lives with seller to help pay mortgage (daughter arrested for domestic abuse)

- Seller is elderly and medically disabled (low income)

Any advice on how to help? My first reaction is to reach out to the local housing authority and get her to apply to the wait list for Section 8 and Public Housing but the average wait is very long and this lady NEEDS out of this house. Has anyone helped a seller in a similar situation?

@Mike M. Fantastic breakdown! I’ll continue my homework researching the nuts and bolts of each. Thanks again!

In terms of creative financing can you please help me understand the difference between assuming a mortgage, subject to original financing, and a wrap? I think I know the gist but want some reassurance.

Working on a direct mail lead where one of these options may come into play.

Thanks!

Off-market deals*

I am curious if anyone uses the standard state contract (FL) for offering on off-market dead? Is this contract too confusing for someone without an agent? Should I use something more abbreviated?

I am under contract to purchase a multi in Jax. The property currently has two units, each in its own building, and each separately metered. I am looking to convert a 3 car garage to another unit in one of the buildings (already has extra kitchen and bathroom). I walked the property with a contractor and understand a permit will need to be pulled for the work but one thing we weren't completely sure about was adding an address to the building. Do I do this through the post office or the city?

4 Plex, 3686 sq ft

Purchase 270k

Rents $700/unit ($2,800/mo)

Repairs = $0 (Advertised as turnkey) Will negotiate after inspected if needed

PITI = $1,475

Vacancy = $140 (5%)

Repairs = $140 (5%)

Capex = $140 (5%)

Management = $280 (10%)

Garbage/Lawn = $150

Water/Electric are separately metered.

Am I missing anything?