All Forum Posts by: Guillermo Oyola

Also keep in mind this part of Louisiana is prone to a lot of flooding. Make sure property has good elevation, or is in area with good drainage system. Also, have flood insurance. The key, is more so to have good property management in place and make sure all your numbers work for your strategy and goals.

If this house is a 3/2, then I think 170K is a pretty good price. However, with tenants living there then that a reason why priced a bit low. I had a property under contract in Deltona at 170k also a 3/2, but I backed out because roof was in very bad shape and could not get insurance to cover it. Also had tenant in place. 170-180k for a 3/2 with tenant is not a bad price but also depends on condition of the home.

For Deltona quality of renter depends on the rent price and tenant screening. Good property manger is key to getting quality renter.

Has anyone ever fix and flipped a house, but paid the seller after all rehab is done at resell? In other words take possession of the house and rehab it, then sell the house. Pay off the seller once house closes.  Seller no rush for money, owns property outright.
Example:
ARV is 240k
Seller wants 160k
Rehab is 40k
Seller closing costs 4800
Realtor fees 14.4k
Net profit: 20,800
Time frame from acquisition to close (resale) 3-4 months

Does this make sense and could it work? Am I missing something?

 Yes I listened to the audio book Bidding to Buy. I loved it. Very good information.

It's just difficult to tell on positions of forecloses depending on the state. I've noticed all the foreclosures say same similar verbiage so its sounds like its first position. However, in Louisiana, I've noticed that the in parish (county) I'm in, it shows you all in one document the positions and which liens survive and/or which get wiped away. I guess the only way to really know is to do have title search done. 

Florida is one of the top states getting hit hard with foreclosures. I know you should only bid on first position mortgages that are being foreclosed. How can I tell if that's the case? 

Final Judgement says: 

"Plaintiff holds a lien for the total sum set forth in paragraph one superior to any claim or estate of Defendants, and all those claiming by, through, or under any of the Defendants, on the real property in....."

Does that mean its first position? All other loans or liens gets wiped with the sale? Superior to any claims ? 
Thanks 

Skip tracing is when you search someones name and/or address on a data base and it comes back with telephone numbers, email, addresses. Also, shows judgements, liens, criminal/traffic. Even shows transaction history of a property. There are numerous services out there online you can use. I use one called idicore but only use it as last resort and when I'm closing in on a possible deal. I'm not a wholesaler but that's what they mostly use. I only use it as needed for properties I'm looking to fix and flip or to buy and hold. 

I would suggest skip tracing. Can also utilize Orleans parish tax assessor site to find owners and their address. I'm also interested in spec building. Btw, I got a hot lead on a vacant residential land in nice block close to oak st. I've been in contact with one of the owners but they are still needing to talk other family members into selling. 

I'm in contact with the son of an absentee owner of a house next door to the one I'm currently flipping. House was used as a vacation home.  The son is wanting his dad to sell because his health is on the decline and cannot travel. I contacted the son and he is motivated to sell and said he can convince his dad but only if the price is right. We have come to a stand still and are about 30k apart on price. Any suggestions how to get things moving and come to an agreeable price?

I live in the area so I will be there for sure!