All Forum Posts by: Juan Carlos Castillo

@Scott Passman

Rent = $2100

Monthly Cost of Mortgage, Interest, Taxes & Insurance = $1750/mo
Utilities paid for by tenant
Management would be $100/mo but I don't plan on paying a property manager as there are already tenants in the unit and I live fairly close, so I can swing by for any repairs.

Maybe im being to naive and it could be that the insurance goes up from what the lender estimated, but those are the numbers I am working with now. There's no HOA, and tenants currently pays for pest control every couple of months as well as mows the lawn.

@Ed Beder Great advice, I will most certainly read that book! I plan to start looking into the Jacksonville, Orlando & Tampa Bay Areas.

@Scott Passman, The biggest problem is that it doesn't seem like anything in South Florida is turn key and cashflows. This is the closest thing, It already has tenants, and the numbers seem to work out with a cashflow of $2-300/month. 

I figure its a good place to wet my feet, and continue my RE education/find a better market. 

Thanks guys, @Ed Beder I've been struggling to find a duplex in south florida at an doable price, most are $250k+ and rent for about $1,800-$2,300. I am financing conventional and thinking I will only be holding this for 5 years or so. I like the idea of sitting at the table with the owner.

@Scott Passman, Thanks, I agree with everything you have said, but I've been looking since September, and am struggling to find anything that cashflows in my area. I know it sucks to think about such a big loan this way, but I just want something!

So I've started my search for my first property and with the help of my family's realtor came across a duplex in an up and coming neighborhood (high rises are being built like crazy, it is within 5 minutes of Fort Lauderdale beach). One the west side its a 3/2 (rented at $1350) and an efficiency (rented at $750) on the east. It is definitely a bad neighborhood as it stands and the current tenants of the efficiency are without a doubt crackheads on section 8 housing, but like I said, it looks like the city has been putting money into the neighborhood and the developers are flocking as the downtown area expands.

The buyer listed the property for $235k, I originally offered $220k and we came to an understanding at $230k. However after my home inspection today and speaking to the tenants of the 3/2, the tenant mentioned that the owner had reached out to her to sell her the house at $200k just 3 months ago!

I told my realtor that this is bothering me and he says we could send an offer for $220k based on the home inspection report, but would caution me to not ask for more than that. Is there a risk of the deal falling through if I ask for the $210k? Some of the repairs/upgrades suggested by the inspector are Central A/C (Currently window units), Upgrading the electrical breaker box & an in depth electrical inspection as there are some loose wires in the attic, pest/rodent control, and to fix a fence that is falling over.

Also, can anybody help me analyze this deal? The loan will cost me roughly $1700/mo (lender's estimate with taxes & insurance), and if I can keep the current tenants at the same rate, I will be able to rent it out for $2100, so at least it is cashflowing. I have no idea what these repairs are gonna cost, but I'm estimating central a/c will probably be within 5-10k and the electrical fixes will probably be around 2-3k.

Thanks in advanced, here are some links to pictures of the property.

Has anybody thought about investing in real estate in Venezuela? Why or why not?

Looking to get my first loan as an FHA, and the first question they ask is what my monthly payment towards debts are. If I have paid ahead on my student loans and technically do not need to make a payment for another 5 years, can I tell the mortgage broker this or just not disclose the debt? Will this help me get a bigger loan?

So might as well just jump straight into the tax deed auction?

Looking to learn more about Florida Tax Sales, Liens, Certificates & Deeds. I read  a book recently by Larry Loftis, but am still kind of confused. My main question is, if you purchase a tax certificate/lien, renew the lien the following year, and they don't pay again, do you automatically get the deed/can you file for quite action title or do you have to go to the deed auction as well?

Anybody in South Florida (Broward County) actively investing in tax sales that would be willing to take me under their wing?

@Carlos Rovira

Updates? Did you buy? Looking to lean more about the Sebring market.

@Jeffrey Silva

How is Sebring doing these days? A friend of my father's says he's been building alot of SFH and we went to check it out but it seems there's a lot of empty lots for sale around $5k per quarter acre.