All Forum Posts by: Joshlee Ulysse

From my previous post, i was able to obtain the address of property and so here are some of the numbers:

2BD/1BTH

1327 SQ FT

ARV- $356,798

ASKING PRICE- $360K (NEGOTIABLE)

REPAIRS- $20K (estimate)

Seller: Technically free and clear, however it is collateral on another property, but the bank is ok with a sale so I can pay off the loan.

Reason for selling? Heading back to Ft Lauderdale, LOVE my house, but my life (after 14 years in FtLaud) is really up there.

Does it need repairs? Needs exterior work, paint & Windows.... beyond that minor inside stuff, like a new fridge would be good and probably new stove


Seller: I do have a number in mind and I know that folks like you usually low ball the offer.

From some of the photos, there is some updating to do.

I am thinking about offering 280k with terms, since it doesn't have a mortgage on it. 

i do believe i can negotiate the price with the owner, i want to find a way to do a sandwich lease with this one, i believe i can make a profit with this one with  tenant buyer. is there anything else i a missing? would love your input.

Deal is in South Florida

Just trying to keep you out of trouble. Look up Sean Terry and Max Maxwell on youtube and see if that appeals to you. Also, Ron Legrand.

I have been following Ron LeGrande and I have downloaded all his agreements and forms, i am in Florida too, so i believe i should be ok with his agreements.  Because my funds are limited, i am leaning towards lease options or owner financing as strategies. I just figured that since landlords are already getting monthly payments, they would be a more sensible market to target to do this with. 

ive been talking to this seller, and im trying to build rapport with her, and here are some of the results of our conversation. I think that i may have a deal with this one, i am in South Florida, and i dont have a mentor, (but i am looking for one) to help me with this. here is our convo so far:

1st contact:
so you are looking to buy and flip? The interior is awesome! Outside needs some work, see below:

Asking price? I am asking 360, as I have been told 345 is too low for this area

Is there a loan on the property? Or is it free and clear? Technically free and clear, however it is collateral on my other property, but the bank is ok with a sale so I can pay off the loan

if loan is so, what is the balance and payment? Not sure why this is relevant

i just need balance and payment amount.

is payment PITI? is it current? dont know what PITI is and yes

Reason for selling? Heading back to Ft Lauderdale, LOVE my house, but my life (after 14 years in Ft Laud) is really up there

Does it need repairs? Needs exterior work, paint & Windows.... beyond that minor inside stuff, like a new fridge would be good and probably new stove

Is the house listed? Not yet

Is there an HOA? No
If so, is it monthly or yearly? N/A

Are you the only owner on record? Yes

PHEW! Did you want to come by on Friday to do a walk through and see it for yourself?

2nd contact:
ME: So since it technically doesn't have a loan on it,
would you entertain taking monthly payments if we can agree on a price and terms?

We usually buy with nothing down, OK?

What’s the lowest monthly payment you could take?

And last question, if I come to your house and like it and we agree on the details — are you ready to make a decision now and get some paperwork done while I’m there?


SELLER: OMGosh...that is a lot to take in after 13 hours of work....let me get back to you tomorrow after work at 9PM.....sounds good....almost too good. I also do not do paperwork that quickly, I prefer to have my lawyer look over it before I make a decision....especially when things are so crazy right now, would need more than an on the spot decision.talk to you tomorrow after 9

SELLER: I do have a number in mind and I know that folks like you usually low ball the offer. If I give you the address, would you be able to give me a range of what you would offer to determine if it makes sense for us to move forward. If we are going to move forward maybe you can swing by on Friday sometime between 11am and 1pm? Let me know, as I prefer not to share the exact address unless we are moving forward.  Interior is good, exterior needs paint and windows.

ME: i understand your concern, but you can't expect me to give you a number without me having the info I need to make the offer, is that fair? No investor would make an offer without the address.

SELLER: I do understand, but it is also a security thing for me as a phone number means nothing, since I do not have a full name, email address, company name, or anything else from you to identify you with. If you can please send me your full name, company website and/or FB presence I would know I am speaking to a real person that does what he says he does.

ME: No problem. gives her all my info that she asks for.

Now im just waiting on her to reply.

im thinking to either do owner financing, or a lease option with the seller.  So how should i proceed with this?

@Account Closed Thank you my brother!

@Account Closed  I have not done any, i am new to investing, but i do like the subject to and lease option strategies, since my funds are limited, but my creativity is not.

I wanted to market to landlords about subject to, owner financing and lease options for their rental properties, is this still a good strategy, and where should i look to find them? What should i say?

I am looking to network with an independent investor friendly real estate attorney in Miami, who is familiar with closing assignment of contract, lease options, and “Subject To” deals.

@Michael Glaspie Thank you sir.  you are absolutely right, i didnt even think about brokers. I dont know if you are familiar with Cherif Medawar, he's into the single tenant commercial real estate. Finding vacant single tenant buildings, and putting them under contract, and then sub leasing to retail tenants, is more or less the method. I love his strategy, because it seems very lucrative, but i don't have 7 stacks for his program. So if i can do it without having to pay that, then that's the path I am on. So you just helped me get further down the path with your answer my good sir! if there is anything else you can tell me, i would greatly appreciate it. I so thank you for your time.

Since i am in florida, If i found a vacant  single tenant commercial property,and lets say it used to be a liquor store, Could i do a master lease option with the owner and do a sub-lease with a national tenant? And if i can, what type of retail tenant would be good for this type of property?

@Jack V Ospina, brother you said a mouthful!! And I plan on being around to take over there markets!!