All Forum Posts by: Guillermo Oyola

City lien search is also very key. I bought a property that had code enforcement liens and municipal liens in Florida. Luckily code enforcement liens in my city you can have them wiped out to $1000 per open cases. However, municipal liens do not go away. Those are for services the city had to pay for such as trash abatement or cutting grass or other sightly thing on property that caused a nuisance.

The best think you could do is pull title on the property. Many title companies can do that and if you work with one regularly they do not charge for it. When they pull the title, it will show all the liens and encumbrances against the property. 

If there are multiple loans recorded you would have to see which loan is in first position, like was recorded first that has not been satisfied or paid. I'm not sure what county in Florida you are in but invest regularly in central Florida and have bid at county auction as well. I would only recommend bidding on first position liens. '

I would never bid on a property without doing due diligence first. That will tell the story of the any possible title issues. Feel free to dm me if you have any other questions.

I messed up on my points, I actually put the amount and not points. Fixed it.

Yeah vacancy in my market is very low. For the past 6 years on my single family homes I have had no vacancy, because my tenants stay long term. I'm assuming low as well for these duplex because they are in same market about 20min away. 

I inputted my maintenance now at 3% because we are doing renovations now. Everything is new and updated. I also did not put CapEx because property has new roof that was put on right before I closed. I'm also doing new AC, new hot water heaters, new pretty much everything in the units.

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Can someone help me properly fill this out? I already closed on the deal with a private money lender so I have accurate numbers of what I paid up front at closing. However I'm not sure how to fill out the refinance part.

Yeah it can be difficult to come up with comps in New Orleans. Try redfin and zillow to look at sold in the past 3 months first. Filter out by beds, bath and square feet. Year built and style should not make any difference in pricing. Square feet should be similar but not exact. If you find nothing sold in 3 months matching your criteria then move to 6 months. If nothing in 6 months then I would suggest expanding area to look for sold comps further away but in similar or comparable neighborhoods. More importantly is the block its on. As you may know, NOLA prices vary from block to block. Same house on same street but 2 blocks away can be 100k difference.

Another easier option is to build a relationship with a local realtor that does business specifically in New Orleans. Then ask them to send you a CMA (comparable market analysis) for your subject property.

Oh and I should also add, that this was done from out of state. I live about 9 hours from the market I invest in. I know the area very well. I have family and friends locally. More importantly I also have local lenders, realtors and closing companies that I have relationships with for a few years now. 

Wanted to share my first fix and flip. This was a property I purchased from a women who foreclosed on her ex-husband for child support and alimony. I followed the property all the way from pre-foreclosure till when it went up live in auction. I did my due diligence finding as much information I can about the case and the property. Searched all records with city and county. Was able to determine there was no there mortgages on the property. I reached out to the attorney for the ex-wife. I told her that I knew the property was not going to sell at auction and the ex-wife would get the property. Sure enough, no one bid on it. The day it sold and foreclosed back to wife, I immediately reached out to the attorney. As soon as certificate of title was issued, we worked out a deal and I purchased the property.

Purchase Price 119,000

Closing costs $2,377.50

Delinquent taxes $3,629.04

Code enforcement and Municipal liens $4,478.00

Rehab costs 65,923.00

Sold price: 272,700

Net profit $52,000

Best of all, this was all done in just under 90 days from the date I purchased to the date I closed which was yesterday March 30th.

Hey this sounds like something I'm really interested in getting into. I recently completed my first fix and flip in Central Florida and have next property under contract there as well. I live in Slidell, so ideally I would like to get into it here in New Orleans area. 

That sucks and really sorry to hear that. But hey, take it as a learning experience. Also it was not necessarily your money. So more than likely being that it is government and their own consultant messed up big time. You should definitely have a case.
I'm sure it will all play out well. Be positive and good luck