All Forum Posts by: John Bastidas

@Brandt Fanion appreciate the advice. ty

So I have an opportunity to purchase a piece of land from an older gentleman that is retiring. He planned on doing this last project in 2019 but his health has deteriorated and is now looking to sell the land with all the architectural plans etc. I have been flipping for the past few yrs here in Central Florida and am interested in pursuing this deal with an intention of doing the townhouses, but my lenders won't lend me the money due to experience since I have only been flipping. They tell me they would lend to me the funds to do a sfh but not this big of a project. Any lenders out there that might be able to assist? 

@Wayne Brooks I am a gambler wayne, but i take calculated risks. Not sure about this one, i will know more Friday. If the lien can be removed it would be a great deal. 

@Bryan O. thanks for your input. so the title company is telling me that it is a double close and by the time it gets to me the title will be cleared with the seller having paid the discounted fine. I would just need to update the compliance issues within 90 days. I have spoken to my lawyer and she says as long as there is a line item that says title will pay for the discounted fine (lien) and document that states proof of days for property to be in compliance i should be fine. Have you closed on something similar? 

Hi all, 

I am getting ready to close on my second deal and its a whole sale deal that seemed to be awesome until i find out yesterday it has $100,000 fines in code enforcement violations since 2013. The wholesaler which is also a realtor stipulated that he is in the process of having the fines reduced by the county prior to closing and having the buyer pay those costs (lien) at closing. The county would then provide a document to new owner stipulating a specified time to make all the  corrections. I am looking at a 60 day rehab with most of the code violations being addressed.

Here are the violations:

-housing violations: roof, peeling paint, vent screen

-fallen tree branches

-THIS IS HORRIBLE! THE CEILING IS FALLING DOWN. RAT FECES ARE EVERYWHERE AND THERE IS EVEN RAT CARCASSES ALL OVER THE HOUSE. THIS IS A HEALTH HAZZARD! 

The contract i signed and my lawyer reviewed did state that the seller would be responsible for any liens. I can walk away with my 5,000 grand back. Deal or no deal?

Deal info:

Purchasing home at: 129,900

Rehab budget: 25,000

ADOM: 32

Current condition value (appraised in current condition): 139,000

ARV: 205,000 to 220,000 comparable within 1 mile

@Bhatti thank you for the info, i purchased the property with a personal loan so it doesn't have a mortgage. Would that make a difference?

Hi , 

I just purchased my first investment home, a 2/2 single family home, and i am looking for some bank recommendations that are BRRR friendly.

Specifically:

1. Do they offer cash out?
2. What seasoning period do they require?

Thanks,

@Kim Meredith Hampton thank you, i will definitely look into that.

@Kim Meredith Hampton and @Tom Parris do you think a condo would be a good first investment. I am looking at a $43,900 asking price with current tenant that pays $830 in rent, HOA Fees are 218 a month, and taxes are $283. Quoted insurance premium is at 408 yearly (covers interior). I have run the numbers and it shows a 17% cash on cash ROI, but like i said i am a newbie..lol

Kim thank you for the feedback. I called today and they said they usually do the roofs and outer walls every few years, but thank you for the other recommendations.