All Forum Posts by: James Jacobs

Thank you so much for the responses! I'll be sure to reach out to you guys (@Stetson Miller and @Vance Olson) as I get more serious! I know real estate is absolutely crazy most places these days, but I figure if I'm going to bring my family down for vacation for the next 15+ years...I might as well target an STR in that area and build equity and get some utility out of my next investment property. Especially if the numbers still work with the inflated market prices.

I'm hoping to find a 2/2 (or bigger) in the $450k to $575k range. Preferably right on the beach. If you happen to have any listings or properties in the queue, feel free to let me know. 

Hello,

I am from Michigan and am serious about buying a condo for investing on the Gulf Coast of Florida. My family and I would be vacationing in this condo for 2 to 3 weeks per year and rent it out the rest of the year. I'm looking for a 2/2 or 3/2 condo. 

I currently own 9 units in Michigan and have REI experience around here, but do not have any experience in the Florida market nor in vacation rentals in general.

I have two main questions:

1. Does anyone have knowledge of how to gauge how much of the year it will be rented out? I really don't know what numbers to use to run the calcs on the investment. 

2. I am most interested in the Sanibel Island to Marco Island area, but am open to suggestions. Does anyone have an opinion on the best vacation spot on the Gulf Coast of Florida? 

Thank you so much for your time and consideration! 

James

@Brian Gibbons Thank you VERY much for all of the info! I am always humbled by responses from guys like you who are so generous with your time and knowledge. 

@Jeff Rabinowitz I also greatly appreciate your response as well and will definitely look to your blog posts for advice! 

I am always willing to work hard and take some risk, but without info from guys like you, I would be very leery of getting this creative with "nontraditional" financial tactics. Have a great evening! 

@Steve Vaughan I'll add wraps to my research list! Thanks! 

@Andrew Johnson As of right now, I don't have any terms in place. Honestly, the only thing I "know" is that the owners are interested in selling and would obviously like to do a deal without paying a realtor. Based on some of the comments from the sellers, this one sounds like a good opportunity for me to get creative. I currently own two duplexes and have a lead on another that I would like to get under contract if I can structure the right deal. I definitely won't go to an attorney until I lock things down, but I didn't want to push the deal in a certain way until I got advice from investors like yourself. 

Thanks, @Alan Grobmeier! I'm open to all advice/info! 

Who should I contact for help in structuring a seller financed deal? 

Situation: I am the buyer. The seller (two brothers as a partnership) has a mortgage on the property and let's assume they only have 20% equity in the property.  

Let's assume that the sale price is $165,000. I'll give the sellers some cash (maybe $15,000), I take over payments and structure an agreed payment to them, and I take over the property as if it is my own (property management, rehab, etc.). 

Who do I contact to make sure that I am protected as the buyer and that the seller doesn't walk away and sell it to someone else or something like that? An attorney? A title company? 

Do you have creative ideas that you have done in your seller-financed deals? 

Also, are there any other things I should look out for or make sure I negotiate as part of the deal? 

Excellent!

@Nathan Miller and @Andy D. 

I'm not sure what you're telling me to get in writing. I verbally gave him 30 days. However, as I mentioned in my post above, I get possession of the property at closing per my contract (purchase agreement). Technically I could kick him out on Day 1. I'm simply asking if I should give him a document on Day 1 stating that he needs to move out within 30 days just in case he keeps asking for extensions. 

@Account Closed the reason I gave him 30 days is because his wife died which is why he is selling the property. Therefore, I figured I could be nice and give him a "free month." 

I want to cover myself legally as best I can, be firm, but be nice for a few weeks. Maybe a 30 day notice to vacate letter would be appropriate after closing? Thoughts on this? 

Tuesday, I am closing on a seller occupied duplex deal in Michigan. The seller has been VERY unmotivated throughout this deal. I get possession of all things at closing per the contract. However, I verbally told the seller he has 30 days to move out. Is there any document I could or should issue to the seller to ensure that he moves out of the duplex within 30 days? The guy seems nice but just v-e-r-y s-l-o-w at everything. I would like to prevent a bad situation in case he's still in the unit in 30+ days.

I'd like the addresses and info too.