All Forum Posts by: Marco Pfeiffer

I am in the process of buying a 9-Plex in Huntsville. Does anybody have a recommendation for an inspector for a multi-family property?

Marco

The ALAREIA group is excellent. Great value. They actually have their next meeting on the 9th. You should check it out.

Thanks, Melvin!!! I just found one in Fort Myers yesterday but I will keep them in mind.

Robert,

Thank you for your input. This is exactly the problem I ran into. I have an escrow officer where I live who understands the concept and has no problem with processing the transaction "Subject to". However, I am not local in Fort Myers and have talked to several escrow officers and real estate lawyers and none of them was  familiar with structuring the transaction subject to existing mortgage.

It is a great idea to reach out to the local REIA group. I will do that.

Thanks again,

Marco

I am in the process of buying a property in Lehigh Acres "Subject to" the existing mortgage in place. I do not plan to assume the mortgage. I have talked to several title companies in the Fort Myers area but none seemed to be familiar with this kind of transaction. Are there any recommendations for a investor friendly title company or a lawyer in Lee County?

Ying, I live out of state and I am in the process of buying my 3rd rental property in the Fort Myers/Cape Coral area. The agent I use is Shamus Samerdyke. He is excellent. He is doing all the walk through of potential properties with me via facetime. He has a great network of local contractors for any needed repairs. The quotes of those contractors have been spot on so far and were very reasonable. He has some good connections with some local wholesalers and might even be able to get you a well priced off-market property. Let me know if you are interested and I can message you his contact information. If you have any other questions on the Fort Myers/Cape Coral market let me know. I am more than happy to help. I am not too familiar with Sarasota though.

Brant,

I moved recently to Huntsville, AL. I own properties here and in other states. However, I am very interested in the Birmingham market and plan on buying one of my next properties there. I am still learning about the market but more than happy to share what I have learned. Let me know if you are still in the market. Feel free to send me a PM.

Marco

I agree with everyone else that your current house does not have the right numbers to make it a rental. However, you mentioned you think about downsizing. If you have the funds to buy another house I would stay in the current one and invest in a $150K home in NW in a strong rental area and turn that in a rental property. That should rent for $1,300 - 1,500. Your interest rate might be a little bit higher but with a 30 years mortgage you should still be positive cash flow on that one.