All Forum Posts by: Mitchell L.

Everything is negotiable in this business so if it's in the contract and agreed upon the 2 parties, then it is enforeceable and the seller can do repairs, give back in closing costs, reduce price, etc...

Very tough to get A or B class rents with the 2% rule down here in South Florida.. You can potentially get close to it in the C &D areas but that all depends on the risk level you are willing to take. I would look up north- Around Fort Pierce and surrounding areas as I'm sure you can get the 2% if not higher there.. Good Luck!

Successful wholesalers are good marketers and since cold calling is part of that, I would say that is essential for continued success.

MLS= Retail.. If you want to wholesale or do fix and flip, you need to buy them at wholesale prices and since our market is so competitive here in South Florida, you have to do direct marketing or have an agent literally study the MLS 24/7 and monitor properties that have significant price drops and study patterns. For the REO's, Fannie Mae/Freddie Mac will only accept offers 97-98% of list price so low-balling them is a waste of time. Most of the other banks are the same..

Good Luck

Fannie Mae/Freddie Mac inventory is priced 20% above retail... Most of the new listings that come out are way overpriced.. If they are mis-marketed, keep your eyes out on it every 30 days when there is a price drop.. Best chance of finding deals= being patient.

Welcome @Ryan Tyler 

These podcasts are indeed great and you can definately take a thing or 2 out of someone else's book everytime you listen to one.. You have a great plan but a lot of the multi-families down here are just simply overpriced.. Got to dig deep on this one!!

Good Luck!

I have purchased properties from HomeSearch and if the property is vacant and title is transferd via a special warranty deed, you will get clear title and seller will take care of all outstanding HOA dues.. If property is occupied which does not seem to be the case here, then seller transfers title via quitclaim deed and you are responsible for everything.. This is truly sold as-is, where is.

Sorry, no experience with greenlight loans but depending on the market activity of the listing and how far off from the reserve price you are, they often do go with the highest bidder.. It's a hit or miss but definately worth a shot if the price is right.. Locally, I have noticed that these auctions are going for HIGHER than the MLS which is simply crazy..

Good Luck!

Welcome aboard @Edgar Collado ! Thee are tons of valuable info right here on BP. I'm a local investor and know the market well down here but I can tell you that the multi-family properties are pretty overpriced.

Good Luck!

@Bernard Pierson 

  Welcome to BP! Where in South Florida are you as I may be able to point you in the right direction.?

Welcome to BP @Ryan K. ! Tons of great info on here and be sure to check out the member blogs and podcasts. I'm a local investor here in Fort Lauderdale area as well so feel free to reach out to me if any questions!

Good luck & Happy Investing!