All Forum Posts by: Jesse O.

@Account Closed thanks for gat, sounds like you are a pro at it. Some thoughts that carry. But my target seems to be more investors who don’t have th me cash right now so would need hard money. But nonetheless, can you talk more about your legalities of how you make all this official?

hi all, I have a small home in Riverview, FL that I’m looking to sell. I’m not here to market, plenty of buyers / shoppers.  It needs a rehab before it can have traditional financing, so I prefer to sell it as is. 

I’ve had a few people ask about seller financing it, and I’d consider for the right terms. Anyone have any guidance on doing that? I’m curious on any restrictions (I’ve heard that dod  Frank could come Into play??), if you used an attorney to review the note? If you didn’t use an attorney who wrote the note, or what did you base it off of?

I’m thinking to make sense for me it has to be more than the cash offers, and a balloon after a few years tops. I know everything is a negotiation, but what is reasonable to ask for interest currently? The buyer asking for it is an investor and would refinance another property to pay this off eventually. 

@Karen Margrave

 Haha, thanks Karen. I have some, but am not a pro for sure. Maybe one day. :) I have some lots in a 2 areas, the ones I am talking about now are 3 lots in a row, and the zoning allows duplexes. We received an offer from someone driving by for 60k for the 3, so I'd guess thats about the value. I'd hoped I could use that 60k value as the down payment for  a loan if this can work. They are owned free and clear. The lots have roads up to them, there are no sidewalks in the area though. Other than these 3 lots there is only one other vacant lot on the street. I've called a number of banks, and none would do construction loan on investment property. I have other properties I could leverage if need be..

@joel  

@Joel Owens Thanks, I would do that without issue, its the investment property that they don't like. Maybe I need comercial loan?. I got a referral to another small bank, so I'm looking to see what they can do...

Hey @Karen Margrave, My experience in construction? Very little, I've built one house myself, owner/builder 14 years ago. I reno flipped 3 places, and and renovated the 6 rentals I have. I'm definitely not a developer. I am not looking to do anything spec, I am looking for longterm rentals. I've been trying to buy more, but the numbers aren't working for most things I find. I have a number of vacant lots, so was thinking about looking into building new rentals. Not sure if it's a good idea, but wanted to see if I could even finance, and what the terms may be like.

Thanks @Bryan Hancock Wow 10's? Are you a GC, or are you having specs built or something?

Hi all - Quick question, has any had any experience with a lender that will do construction loans on an investment property? Duplexes in particular is what I was wondering about, I'm in FL.

I'd try and keep as much cash flowing while you rehab, unless it's very much 'the wrong people' and they are causing problems, or bringing bad elements in. I haven't seen 12% be the norm around Tampa, how far out of Tampa are you going to see that?

How old are the buildings? Have they been leaking, just need roofs but not leaking yet?

I don't know if Joe is joking, but I bought some land in Lakeland 9 years ago, and still regret it. I have friends that live their, and value just never goes up much in that area. I'd not expand out that way personally.

@Account Closed With condition you describe, assessed values mean nothing, don't what area this is in, but if it's 50k at the tax assessment, is 30k too much for it? with a roof, possible mold, kitchen, taxes, and liens, that just seems like it's got a lot of baggage to me. 

As for closings, you do not need a realtor, but definitely you need a title company involved. You can arrange this with them yourself, there will be some costs, but with liens involved I don't think you want to risk not doing this. Otherwise you are looking at getting the seller to sign a Quit Claim deed, and you take all the risk. That is doable too, but you really need to know what you are getting into, and be pretty sure it was all in order prior.

 Unless you have many transactions behind you, I would recommend you go the Title company route.

@Kyle D. Maybe I'm way off, or really confused. Not the first time! But does that sheet expect the annual cost of hoa/insurance? The numbers look amazing If not, but at a quick look it does not seem to add up to me. 

I've looked at so many condo deals and most are killed by hoa. I'm terrified of the hoa power too, you aren't in control anymore for so many decisions.