All Forum Posts by: Jay Meola

@Wayne Brooks

Thank you for your response. I will pass that info on to her!

@Taylor L. Thank you for your response.

Yes! That's what I was assuming. The sellers agent contacted my mother in law and told her she'll be talking to her legal department to figure out the best solution. Sellers agent sent her a notice of cancelation, but it was never signed and sent back.

Hello all. I really need some immediate help.

Quick back story....

My mother in law has a house under contract which she will be paying cash. The HOA initially denied her. After contacting fair housing the reasons were deemed inappropriate and they immediately threw away the denial, (Within hours). The HOA contacted her and are having her resubmit all the forms, after apologizing to her for the "misunderstanding." They also contacted the sellers agent to notify them of the change. The closing date is set for the 15th of March. A few hours later the sellers agent calls her to notify her that the owner has had another couple sign a contract and set up an inspection for the following day!

I dont know much about this but this can't be legal can it? My mother in law is not working with an agent. Please help. Any and all 8nformation and advice is immensely appreciated.

@Chris Yager in deerfield beach, florida where our housing is pretty high. Its a 3/2 townhouse

@Robert Nelson Fueston

Ahh the midwest. That makes sense. If cash flow is what you're looking for then it sounds like you're in the perfect market! You said its a little rundown, does that mean you're going to rehab it?

@Robert N.
That seems a bit steep. I would shop around different insurance and title companies to try and bring some of the fees down. As far as calculating 1.5% for close, I always calculate 5% just to be conservative. Where I am in south Florida the percentages change by 2-3% depending on the county we are buying in. I closed on a place in October 2020 with $17,000 in closing costs on a $323,000 loan.  Call around to different agents in the area and ask them what a normal closing percentage is, this can help you get a better understanding of what's normal for your area.  All that said Congrats on the Triplex! What area are you in that it's only 48,000?! That's like a pipe dream for us living down here LOL

I drove by a bank on federal in Boca about a month ago called Anchor Bank.  They have only 3 locations across Palm Beach county.  Not sure if they package and sell there mortgages, but they may be worth looking into since they're not big.  

Hello BP family!  

   I have a corner unit townhouse in Deerfield Beach, Florida (South Florida for those unfamiliar).  The A/C unit is newer and works great.  We have an ecobee thermostat hooked up to it and love it.  The problem we are having is that the air coming from the downstairs vents smell "mildewy" but not all the time. It seems to get worse as the day goes on.  The upstairs vents are perfectly fine. I should mention that the unit is located upstairs. I had a company come in and clean the unit as well as the vents. I was told there was no mold, however they didn't clean the downstairs vents all the way back to the unit because "they are to narrow and the machine might rip them up".  After the company left there was no smell for about a week.  I'm at a loss as far as what to do.  Should I have a different company come out?  Could it just be humidity and if so how can I remedy this?  The downstairs ductwork is in soffits so I could just remove and replace them then redo the ceiling but I don't want to waste the money and time if it will just happen again.  Any and all comments/ ideas will help!!

Thank you!

@Axel Meierhoefer I dont believe you are just lucky. You found a niche that you thrive in and the numbers work for you, Congratulations! I think the "haters" of turnkey are either not well enough informed on the model, or cant find numbers that they like enough to make them sleep well at night. That said, it sounds like you're crushing it! Again Congrats! I'm currently looking into to the out of state turnkey model as well. Are you self managing or using a turnkey provider with a property manager?

@Heather Wear welcome to community! I am currently in Deerfield beach but I lived in PBC for many years between Boynton and Boca and saw a huge difference in the prices.  Where in the county are you? @Raymond J. Rodrigues had a good idea in that you should try calling around to other lenders and getting different pre approvals.  I was originally approved for roughly the same as you, I called around and and ended up getting approved for $450,000 in the end. It opened up a whole new world to me, especially in our market.