All Forum Posts by: Jacobo B.

I would look in to buying a small multifamily and start building a portfolio. However, you have to take in consideration the amount that would cost you to use that money plus the new loan on the multifamily. In my opinion, in order to move forward, you have to have a somewhat significant cash flow that allows you to build reserves again.

Investment Info:

Single-family residence wholesale investment.

Purchase price: $270,000
Sale price: $290,000

I found this property through the MLS expired list. I skip traced the address, but I could not find the owner's information, so I knocked on the door. We talked and she explained to me that the house was in foreclosure and that she had an auction date 20 or so days. She was ready to give up, but I was able to convince her to sign a purchase contract. I found a cash buyer and we closed before the auction date. She ended up with $80k in her pocket and I was able to negotiate a $20k assignment fee.

What made you interested in investing in this type of deal?

I got interested in this type of deal because I don't have any money for big investments and, by wholesaling, I can make quick money by just focusing in finding good deals for other investors.

How did you find this deal and how did you negotiate it?

I found this deal on the MLS by looking at expired listings. Because the owner was disappointed with her whole situation and was almost given up, I was able to tell her that she can end up with some money and it would not cost her a dime. I basically told her to give me a chance, that she didn't have anything to lose and a lot to gain.

How did you finance this deal?

I didn't need to finance it. End buyer brought all the money to close.

How did you add value to the deal?

End buyer needs property for his next project, and I was able to help the owner by getting her money to start over again.

Lessons learned? Challenges?

You need to talked to cash buyer about their needs and have them ready for when you find a good deal.

Hello everybody!

I need help!!! I'm about to sign a contract to purchase a property with a owner facing foreclosure and the auction is in 7 days. How do I stop the auction to get enough time to close on it? 

Any advice will be greatly appreciated.

Hi,

I'm looking for a CASH buyer for a Single Family house property in Hialeah FL. Four bedroom, 2 baths. CBS construction. 

Asking $342,000 ARV: $515,000

Needs around $70k in repairs.

Buyer to assume all violation and liens.

Contact me for more information and pictures.

Thank you.

I have under contract a SFH and I'm looking for a lender to fund my flip. I don't have a lot of cash but the deal is solid and very profitable. I have done several projects in the past. The last one was in 2015 and now I'm getting back on the horse. Any help would be greatly appreciated.

Hi. I went to the clerk of the courts in Miami, FL and they don't provide any type of list. I also tried the clerk of the courts website and one of the fields ask for a name and it doesn't allow you to leave it blank. Any help would be greatly appreciated.

@Jose Castillo if you don't mind me asking: What is your target list?

Thank you and good luck. I hope you get those deals!

My friend, go to a real estate attorney with all the documents that you have and get his professional opinion. 

Now, remember that anybody can sue anybody and even tough your transaction may be clear and completely transparent, they can sue you and you have to prove it.

In any particular market, there are always going to be issues: If it's going up, you may encountering overpriced properties. If it is down, you'll buy at one price today and the ARV in a couple of months may by lower and your profits may be gone.

Now, deals may come and go but consider that as you said, there are people doing it right now regardless of the market condition. Focus on the number, make dozens of offers based on your numbers and make it happen. You are the one that can make it happen, not the market

Good luck!

@Micki M. I don't have much of an advise to give you because I don't know the area. I just wanted to wish you good luck and see it as a very expensive learning experience.