All Forum Posts by: Dondi Sanchez

I put in offer for my first commercial real estate deal. Parcel has 2 buildings in it. First is a house that was built in 1910 and the second is a building made of bricks built in 1986. Had the inspection done yesterday and the septic tank checked out. Which did not turn out well for the seller because whoever sold it to him jimmy rigged the septic tanks to both buildings and now it’s not up to code. It needs a drain field in the back building and there is no room for one. Learning a lot on the commercial side. Way different from residential. Any input would be much appreciated. These properties are located in central Florida

my wife and I found a vacation/ over night rental cabin in Pigeon Forge TN. What there asking is below market value. I had to get my numbers from square footage because comps in an area like that is not easy and there hasn't been a sale since the beginning of the year. And input would help. The average is 110.00 a square foot and there selling for 80 a square foot. Plus all furniture is included. They were asking 199,900 I offered to 185,000.00 it has been on the market a whole and I think they put it low to start getting people interests again because it was well over priced before. The agent told me another person put in an offer as well. I thought it was odd since it's been on the market a while, I didn't know if I was getting squeezed. So I up offer to 187,900. Now there telling me that they want is to give us our best bid without a counter offer from them. Does this sound fishy to anyone? Any advice would help

Thanks in advance

Hello, My name is Dondi. I'm looking at a house in Gatlinburg TN. It will be used as a vacation home for us. It's currently on a rental. I don't know for sure yet if we will keep it on a rental for us yet. Mostly likely we will but that's not the main reason I'm buying it. That part is actually a plus for this specific purchase. The house is currently sold as a short sale right now the price they're asking is hundred 40,000 it's hard to get comps in this area do two houses being different sizes different square footage so I'm going by the square foot what I'd like to know is if I can actually come down on the price that the bank is asking for do they normally take a lower price than what they're asking for I would assume so but I just want to check and if so how much lower do they usually go thank you in advance Dondi

J Scott Hello J, I have been reading your book on flipping, I have read many books your definitely has great information that other books don't have. Great job! I do have a question, I am looking at a house in my farm area that is selling at the same square foot price as a retail house. My question is, should I put the offer in at 50% less of the retail going price. Minus the repair cost? Or just 50% less a square foot than retail price? I also did some market research and I found 3 houses that sold in the last 1 1/2. That was out of 3. Would you consider this good? As far as ratio? I'm confused only because there were not a lot of sales in this area. I should tell you the farm area I chose is within 10 miles of my personal home. This house I'm looking at is in a more rural area than mine. About 10 years ago you couldn't even buy in this area unless you bought 5 acres. This was before the boom and developers bought it all and split the land to make subdivisions. It has slowly came back the last couple of years and I'm starting to see developers build again. What's your thoughts on that? I look forward to hearing from you.

Hello I'm looking for a buyers agent and listing agent in Orlando fl. Really the outskirts of Orlando. A town called Oviedo and chuluota.

I am in need of some help. I am looking at a Duplex in my area. It's a 2/2 price just went down. Needs updating. The problem is I can't find any recent comps in the area. The realtor couldn't find any either. I also went to the property appraiser website nothing recent at all. Should I go by sq. footage of the place? Thanks in advance. Dondi

thank you all! Very helpful. I did go to loopnet found out in q2 of 2011 it sold for about 85k. Sounds like a flip but doesn't look like the owner did much. I did find out it's an REO property. The cap rate is low in the single digits. I read that you want it to be in the double digits. Is that correct? I should pass and just continue to keep an eye on the property. Correct?

Thanks in advance.

Thank you Paul, I will get on it!

Hello, my name is Dondi. I am a newbie because I have not done a deal yet. I have a question I hope one of the more seasoned investors can help me with.

There is an 8 unit property for sale by an asset manager about 40 minutes from where I live. How do I get an ARV on a multiplex? What are some of the things to look out for?

Just to give you a bit more info, there are 4- 2/2, 2-1/1. All are full with tenants and one of the tenants lease is up in a couple of months. I don't know if he wants to stay.

Sale price is 169,000 it's from an asset manager they are only accepting cash or private money

It's concrete block

Square foot is 4760

Built in 1964

ppsf: 33.50

No HOA

Roofs are not currently leaking but can be redone, minor bath repairs in 2 units

Monthly rent is 3055.00 a month plus at closing you get the tenants deposits total of 2920.00

Please let me know if I could give you anymore details but I would like your input on buying this property.

Hello Everyone, My name is Dondi Sanchez. I live in the Orlando Fl area. I consider myself as a newbie because I still have not done a deal.

I have read many books on real estate the last couple of years, I have networked by going to my local REI's, listen to the BP podcast (love them!) now I just have to get over the fear and get out and do it! I have houses sent to my email everyday from wholesalers, I was always scared do to financing. I'm looking for mentors people who have done deals, create a network to double check my numbers. I thank BP for having a site like this and I look forward to speaking with many of you!