All Forum Posts by: Jeremy P.

You mentioned AirBNB, I would check local laws/Codes if your area is zoned for rentals, short term, long term, seasonal, etc.

Thursday April 20th meetup

https://www.biggerpockets.com/forums/521/topics/41...

I would check County Codes before using as rental:

In Orange County Florida, homes must be zoned as R-3 transient residential to legally operate as quick, one-off rentals — meaning they can be rented or leased for 30 days or less, per county code. Short-term rentals are defined as rented for between 31 and 179 days.

Only 4.1 percent of Orange County Florida is zoned for transient rentals.

To check schools why not go directly to the source the school board:

This will be find my school link based on the address, https://www2.ocps.net/cms/one.aspx?pageId=101163

Once you find the schools served for the Address here is the 2015-2016 (Last Year) School grades https://www2.ocps.net/UserFiles/Servers/Server_546...

Zillow is delayed, never updated accurately. Use it sparingly and never use it for 100% due diligence when trying to comp or estimate rehab repairs.

Have you contacted the City of Orlando for any types of plans to develop the infrastructure?

Contacting Habitat for Humanity of Greater Orlando http://www.habitat-orlando.org/ could be another option

The Amortized Over How Many Years under Purchase Loan Details is your current (Mortgage: Hard Money, Private, HELOC, or Conventional, etc.)

If hard money/private money than it is probably 1 Year

The The Amortized Over How Many Years under Refinance Loan Details is the new Loan (Mortgage: Conventional, FHA, Portfolio, etc.)

15, 20, 25, 30 years, etc.

Most Conventional lenders refi at 6 months, shop around first

It's psychology. I  did a post here: https://www.biggerpockets.com/forums/50/topics/423...

The 3 offer approach doesn't work when the Seller has a Realtor. If they do your better off coming in with your Best Offer, Terms, etc.

You might have come off very strong or the seller took it like they are dumb and you know all mentality.

This is what I am working on:

You can always try the 3 Offer Approach

1st Offer (Lowball) All Cash (Make sure you have the cash to close or you're just wasting everyone's time)

2nd Offer Little Better but you want to set them up for the last offer

20% Down 0% interest with payments over time

3rd Offer Full Price or More

20% down 0% interest with payments over time

Why would I offer more than they want? by over paying 20K or more (and them saying yes to 0%) I am saving on the Interest during the loan term.

I would do a smaller loan term:

1. Are you going to keep this for 30 years? Maybe in a Land Trust so it passes to your Children, etc.

2. Are you going to try to BRRRR? (Where is the Equity if you have 30 years? you need to wait till year 7 or 10 before you can try to pull anything out)

3. Smaller Loan Term gets Equity Faster and Mortgage paid down faster

I would follow this thread; might be kind of slow though. It was very active last week:

https://www.biggerpockets.com/forums/95/topics/416...

if you have all your ducks in a row, the house has been sitting for long time on the market, it doesn't hurt to reach out to the seller or Agent if there is one and see if they can work something out.

When I bought my Primary residence I made sure everyone knew I wanted to close in 30 days, (my Agent, Sellers Agent, Seller, & most importantly my lender.) I was kept in the loop with everything from my agent and lender. If any of them dropped the Ball I was on the phone figuring out what they needed to move forward. I also made sure I could sign electronically (very important, I was not driving across town to sign documents every time needed, definitely was not waiting for courier or USPS, FedEx, UPS, to ship it) what documents were legally allowed. There was a few that needed "wet" signatures. Easy enough to print sign and scan back to whomever needed them.

You can have an attorney draw up a Partnership contract. everything is negotiable as long as both Partners agree.

Check your local REIA (Real Estate Investors Association), other investors will have referrals and more info on this type of thing in your local area.