All Forum Posts by: John Lee

Doing some property shopping lead me to a house on auction at hudson & marshall. The property is occupied with short sale. But it is bidding on auction house. What is the situation here? 

"Short Sale properties with List Price AND Co-Op Commission Approved! Quick approvals with no seller underwriting package required! Co-op Commission Approved, List Price Approved by Short Sale Lender, A Buyer’s Premium of 5% or $2,500, whichever is greater, will be added to the Winning Bid, Financing may be Available, Property is sold as is, where is, An Earnest Money Deposit of 5% of the purchase price or $2,500, whichever is greater, is required along with Proof of Funds, Co-op commission subject to Short Sale Lender’s Arm’s Length Affidavit" 

It's an old duplex with  two 2/1 ($750/month rent seem reasonable), 1580sf. I think I want to keep renting it out hence asking for property management. I don't think the property is good for flipping. No central ac and the comp in the area is around $200k so I only break even with flipping. 

I found a duplex in 32805 neighborhood, worth $95k. Seller asking for $130k, current rent are $1500/month. The only thing is tenants are on month to month basis. Does property management in Orlando handle month to month or do they just do annual lease? Is there different in pricing? Want to make sure everything is in place before I make my offer

I recently found a mobile home park with good cash flow. Actual number provided below. The mobile home park is located in the city so there is barely any space between them (great for lack of landscaping maintenance, but high noise level and friction between tenant). Since each mobile home is just 1 bed, 1bath, is it more difficult to turn ownership over to tenant?  Asking price $830k, 29 lots with 9 apartments and 4 cottages, 85% occupant rate . The operating expense seem high. How difficult is it to find a good on site property manager? since it is a relatively small park, can i get by with part time property manager? This is my first time dipping into the mobile home park space. Should i seek out partner in capital as well as operational?

$400-$650 per unit

I think it's a good idea to take caution and keep cash reserve for rainy day (also gun powder dry to get cheap property in down turn). if your portfolio is sfh then you going to have a bit harder time. If you have multi family, i doubt everyone would moved back to their parent house. People need a place to live. If your multi family is vacant, it's not market condition. More likely you fail to adjust to market rate. Unless you invest in place with only one major employer that close up shop, invest in major employment hub with multiple employer will reduce your risk. 

If you buy value added property and can refinance cash all of your investment out then does it really matter if the market is up or down? 

Closed on my property yesterday, received my final closing documents today and I see that lender wire me more money than expected, turn out a part of my seller credit to buyer is not included. I agree to pay buyer closing cost and additional for minor repair. Hurricane knocked out the fence before closing. So I agree for money toward the fence. The final closing documents only show the credit towards the closing cost and minor repair without the fence money. Now what? Is the closing going to be extend?

Edit: A second look found that the fence money is in closing cost... everything is fine now i guess

 turn out it's just mis communication between broker and title when i decide to change from my name to my llc 

Seller property had patio and Jacuzzi permit but during the sale process utility lines  was found and cause title issues. Owner have to contact different utilities company to get the issues resolve. Seller need to sale and giving a large discount on the price. Is this going to be a big headache if I was going ahead with the purchase? 

Initial assessment of the house seem to be ok. Only noticeable damage is the whole left fence is down. Now the increase in fixing cost, re-appraisal, the offer (VA loan), and the supply and demand of market suddenly change. I wonder if I should reconsider the offer. Do I have more negotiating power now that my house is dry and desirable, i don't have to agree to fix more damage? or wait for a better offer or one that closer to my price? my agent freak out when i said i want to reconsider put it back on the market.