All Forum Posts by: John Lee

Is this a fair offer?

ARV: 170k - 180k (wholesaler estimate 200k)

Repair: 30k for rent (wholesaler estimate 20k), 45k for rehab 

Cosmetic rehab on the main house, new roof on the mother in law unit and rehab

Wholesaler asking price: 125k can lower to 120k

Main house rent for $1200 to $1400, mother in law unit $600 to $800

I was going to offer 96k but I think I can offer up to 105k, but between 120k to 105k seem like a lot. Am I wasting time making the offer?

I'm having a GC to come look at the property to get more accurate number

The neighbor has a dog in chain outside the property that bark at any visitor. Is this an issue when I try to flip or rent out the property? Also my friend live nearby said the property is in a drug dealer territory. Should i pass on this property?

Originally posted by @Simcha Davidman:

@John Lee How has your experience been since your last post? Thanks!

Roofstock offer to credit the amount of fixing the post problem in closing.

We closed on Oct 24th, the title company used previous tax year to determine the credit for the tax in 2018 around $534.64. On November 1 I found out the real property tax was $1754. So I'm on the hook for that. Make sure to know the tax date or rate on the county that  you buy property from and negotiate tax credit with buyer before.  (Not roofstock's fault, and no one really tell first time house buyer that something to look out for)

The seller is a large multi state management company. They have not update in their system that they sold the property, so they take my tenant November rent. My initial contact with roofstock rep about the problem, they told me that the seller have no knowledge of such. My property manager has contacted them multiple time to get it back for about 2 month.  Finally I contacted roofstock again and escalate to another rep, and the problem was fixed within week. ( If you decided to buy from roofstock and encounter problem in transaction, the person to talk to in roofstock transaction manager. If you encounter problem after closing, they have another manager that handle issue after closing. So make sure to ask for that info)

My overall experience with roofstock was good. If I decided to buy turnkey again, I would look at roofstock property. 

Real estate is local so unless you live in somewhere crazy expensive, I would talk to local investor first before jump into turnkey. You buying at retail price at roofstock. Turnkey property do come with unforeseen issue so make sure you are ready for that.  The roof on my property leak after 2 months from a heavy rain. The roof was brand new installed in January 2018 and had no issue during the hurricane season. The original roofer come and fixed the roof at no cost. but finding the permit for the roof to find the original roofer was a learning lesson as well. I will save that for another story. 

So I have a good accountant that file my gross income tax down to 22k per year. Does it count against me when i try to refinance my property or mortgage? I current own two rental that are paid off.  

It seem like every real estate agent or realtor I meet reluctant to write up low ball offer even with proof of funds. Just wondering how much time does it normally take for one to write up an offer? Or what is their cost to write up an offer? It seem weird that they take the risk of wasted time to show property or talking to investor that might not buy a single property. but reluctant to write up an offer with a small chance that it might get accepted

I purchased the property in October, 2018. Title prorate the tax based on 2017 tax which was only $534.64. I checked the county appraiser, 2018 tax is $1712.76. The seller prorate me only $433.57.  So am I own the county the rest of the property tax? Is this common practice to use previous year and prorate to buyer? Shouldn't the seller pay the tax and I prorate to the seller only for the rest of the year? The sale is closed now, can I ask title or seller to fix this?

I know someone is retiring from Brooklyn NY and moving to Florida. She let the children handle the estate. They use a financial advisor to over see the sale of a triplexes in Brooklyn and a multi in Honduras. The property I'm interested in the property in Brooklyn to buy and hold or wholesale it. The property is not listed yet. I'm in FL, so I don't know the market or the condition of the property, just know that it's currently fully occupied. Do I approach the children, or the financial advisor? What to say or not to say. How do I get more info to give them a competitive price without having to go to NY and look at the property? Do I only need to use an attorney or do I need title too?

The property i bough have brand new roof installed this year up to miami dade hurricane code. But the 4 points and wind mitigation inspection report show it is membrane roof rather shingle. Will this increase my premium or make me have to look for a different company? The property located in tampa

here is Jeff Copeland explaining Tampa bay lay out Lay of the Land - The Tampa Bay Area

i would just let them take the washer and dryer, less thing to fix. New tenant can bring their own.