All Forum Posts by: Gavin Welch

@Phillip Davis Yes, that's it. You need to make sure you have the contract that is in your favor with inspection dates, deposits, and contingencies. Once you and the seller agree and sign the contract, then take it to the title company and give them the deposit (not to the seller), and they will handle it from there. The title company is actually an insurance company that will make sure the property has an equitable title (free and clear of liens ect), I like to order a survey (its extra) just to be safe. The laws vary from state to state, so ask your local title companies. The title companies fee vary as well so shop around a bit for a better price. Before closing the title company will send you proof of a clear title and a HUD statement so you can see how the money is being disbursed, review it for accuracy and then close. Good Luck

Nathan is correct.  However, you do not have to allow either.. It's your choice.  Personally, I feel as the more people on a lease the better.  If you allow a pet, charge them a non-refundable pet "consideration" fee.  Get a picture of the pet, make sure it is not a vicious breed and add a pet addendum to your lease. Eliminate the word "deposit" from your pet addendum, because it implies its refundable (so said a judge when my friend lost in court).

@Matt Banahan. Both. If it’s your first property, you might want to start with single family, until you are comfortable with analysis and dealing with tenants(esp if you are self managing)

Multi are more challenging to analyze, finance and one bad tenant choice can cost you several good ones.. also most of the multi family properties now are formal value-add plays and they are at full retail price.. but you can still find the occasional “unicorn”..

@Matt Banahan  I don't understand your question?  They what? managed properties?

@Craig Gaydas  @Russell Holmes @Matt Banahan

Ocala is decent (its my hometown and I manage properties there) the prices are lower (compared to lakeland) but so is the rents, so I guess its all relative.   While the economy there is also stong, it's not 1-4 corridor storng.  Our propulation in lakeland is going to double in the next 10 years.  So appreciation is going to be a factor.. 

@Matt Banahan. I’ve been investing here in central Florida for over 20 years. Currently, I stay out of the metros and stay in the smaller more rural areas, Hillsborough, Polk, lake and Marion counties. The numbers are betters. The metros are too expensive.

As far as wholesales go, great deals are rare, but still there. I bought 3 last month along. You just have to know your numbers.

There are a lot of 1% or higher rentals on the Mls. I pull the list of 1% properties yesterday and of 70 properties, nearly half of them were 1% or more.

Gavin

Most of the time, the syndication from the local mls will indicate if the property is tenant occupied.  This lease you with 2 problems.

1.  Most of the time the tenant will not allow access or will be difficult to deal with because there is no $$$ in it for them and they don't want the property sold.  If you do get in, they will point out every issue the property has had and why you should NOT buy it.

2.  Here in Florida, the new landlord has to honor a written lease agreement that's in place.  If they are month to month, I HIGHLY recommend that you make the seller get them out BEFORE you close on the property.

good luck.. 

@Glen Nashua I use Andy reed of reed, Mulleny and link. If you don’t like him, I have a back up also.. good luck

@Al Pat. I just list them in the mls, then they syndicate to Zillow for free.. if you don’t have a license ask an agent to do it for you..

@Phillip Rosin. Typically for duplexes you pay 180-250k and get 900 to 1200 per side. Then you figure 20% down..