All Forum Posts by: Jeffrey Hayes

Thanks for everyones advice.  I appreciate it

Hi, I'm seriously considering buying a Condominium in the Riviera Maya part of Mexic)(Playa Del Carmen to be more specific and I'm wondering if anyone out there has had any success with vacation rentals there?  My budget is $175,000 USD for a 2 bed 2 bath unit or larger somewhere within walking distance to the beach and close to 5th ave/downtown area?  This home will be a vacation rental that I occasionally use.  I would like to achieve at least 75% occupancy and I'm not sure if this is realistic?  I could even go a little North or South of Playa Del Carmen if it will still rent well and if it's a better value.  I know Playa Del Carmen is booming now but I still would like to get in on it before the real estate is too high for me to afford. If anyone who owns any rental properties from Cancun down to Tulum is reading this I would love to hear your feedback/advice on buying down here in this area.  I currently have a vacation rental in Tucson, Az that I will be selling to pay for this rental home in Mexico.  Thanks

Hi, Thanks again to everyone who has given me advice. I know 14K is not a huge profit but I want to let everyone out there know that I have done thousands of BPO's in the Tucson, Az area and I am extremely familiar with the market. In addition to that I have read several flip books cover to cover, attended several flip seminars around the state, read many blogs, and studied repair costs extensively. I also decided awhile ago to be my own GC not only to reduce costs but to make sure that everything is going the way it should be and on schedule. There are several fresh comps that are model matches in my subdivision that further justified my decision to go forward. I got all of my bids and I'm doing part of the work myself along with my father who has done quite a bit of work on homes before. I decided to replace the fence myself instead of contracting it out which should hopfully put my profit into the 17-18K range. I was fairly conservative with my ARV so in reality I think this home will sell for at least 5K more if this home follows the newest comp trends. I'm closing tomorrow so hopefully all will work out. Since it's my first flip if nothing else it will be a great experience and hopefully my numbers work as I've had about 5 months to think about it due to it being a short sale. Thanks again to everyone that has helped me. That's what this site is all about!

Thanks to everyone for the quick responses! I just called the title company and they still aren't sure if that 90 day no sale restriction that Wells Fargo will place on the title means that I cannot list the property for sale on the MLS until 90 days after I close escrow or if that just means that escrow can't close for the new buyer after I buy and rehab home until after day 90 after I close escrow? Ideally I would like to rehab this home in 30 days, immediately list it, and let's just say it's on market for only 15 days I could then set the closing date for 45 days later(which would satisfy the 90 day restriction on my title for the over 120% of what I paid for the house($86,000) clause. Is that how other flippers deal with this issue or do they just wait the full 90 days before they even list the home they just renovated? Please advise. Thanks

Thanks to everyone for the quick responses! I just called the title company and they still aren't sure if that 90 day no sale restriction that Wells Fargo will place on the title means that I cannot list the property for sale on the MLS until 90 days after I close escrow or if that just means that escrow can't close for the new buyer after I buy and rehab home until after day 90 after I close escrow? Ideally I would like to rehab this home in 30 days, immediately list it, and let's just say it's on market for only 15 days I could then set the closing date for 45 days later(which would satisfy the 90 day restriction on my title for the over 120% of what I paid for the house($86,000) clause. Is that how other flippers deal with this issue or do they just wait the full 90 days before they even list the home they just renovated? Please advise. Thanks

Hi Alayne, according to the listing agent I can't even list the property for over 120% of what I paid for it($86,000) until 90 days after I close.  Homes in Tucson typically sell in 90 days or less and in this particular subdivision many homes sell in under 35 or 40 days.  I feel pretty confident with my repair estimates.  My biggest concern is not being able to list the home until early April due to Wells Fargo's regulation.  I don't understand how the bank can impose that on my title anyway if I own the home or why they even care for that matter? I'm just wondering how risky it would be to hold onto it for an extra 60 days in case the market starts to depreciate?

Hi, I'm a real estate broker from Tucson, Az and I'm just about to close on my first flip deal which happens to be a short sale. I made my offer on this 3 bed 2 bath townhome in Tucson, Az back in August and it's on of the most poorly run transactions I have ever been involved in. Long story short my offer of $86,000 cash was finally accepted, however I just recently found out from the listing agent that Wells Fargo is not going to pay me a commission because I'm a broker. I managed to work out a deal to get half of the listing agents commision however. I just received the paperwork today(the short sale agreement which I should have received months ago but didn't) and I read that Wells Fargo will not allow me to resell property until 90 days after I close which will be on Jan 7, 2016. The numbers work, however, I planned on renovating the home in 30 days and then quickly listing it. Even though the market in Tucson, Az is currently appreciating slightly I'm not sure how it will be on Apr 7, 2016 and I'd hate to have the market start trending downward. I calculated that my profit will be in the $14,000 range so it's not a huge margin. Does any investor out there have any advice on whether I should stick with the deal or walk from it? Any advice would be greatly appreciated! Thanks

Hi,  I'm a real estate broker from Tucson, Az and I'm just about to close on my first flip deal which happens to be a short sale.  I made my offer on this 3 bed 2 bath townhome in Tucson, Az back in August and it's on of the most poorly run transactions I have ever been involved in.  Long story short my offer of $86,000 cash was finally accepted, however I just recently found out from the listing agent that Wells Fargo is not going to pay me a commission because I'm a broker.  I managed to work out a deal to get half of the listing agents commision however.  I just received the paperwork today(the short sale agreement which I should have received months ago but didn't) and I read that Wells Fargo will not allow me to resell property until 90 days after I close which will be on Jan 7, 2016.  The numbers work, however, I planned on renovating the home in 30 days and then quickly listing it.  Even though the market in Tucson, Az is currently appreciating slightly I'm not sure how it will be on Apr 7, 2016 and I'd hate to have the market start trending downward.  I calculated that my profit will be in the $14,000 range so it's not a huge margin.  Does any investor out there have any advice on whether I should stick with the deal or walk from it?  Any advice would be greatly appreciated!  Thanks

Jared,  Thanks for the advice

Hi,  I am going to be closing on my first flip house in January and I was wondering if any investor out there has a recommendation on a good software/spreadsheet program to help organize day to day tasks along with the entire flip project?