All Forum Posts by: Nick Liddell

Thank you everyone for the input, Lots of great responses!

@Anand S. Could you elaborate on the opportunities you are seeing in Fort Lauderdale?

@Keith C. Just sent PM

@Jill Haselman I have a good friend who just bought a home in Place Au Soleil (I guess its technically Gulf Stream?) but he really loves the area so Delray was on my radar for sure. 

 When you say Hollywood has a "beach bum vibe", is that where the term "Hollyweird" comes from? I was looking at homes around the Hollywood Lakes area due to the lower price points compared to neighboring markets. However it seems many homes there have been on the market for a really long time and very few under contract so I thought either they are still overpriced or the area is on a downturn. Could you elaborate on whats causing the upswing you are seeing?

Thanks again everyone for the responses!

Hello everyone,

I’m currently looking home to purchase in the next year or so somewhere in South Florida (considering both east and west coast) as a second part time home as well as a vacation rental to cover the holding costs when I am not there. My question is, does anyone see any future buying opportunities in particular markets that may be heavily affected post COVID 19 pandemic? My initial prediction was markets that were oversaturated with newbie Airbnb investors who were attracted to the increased monthly cash flow will eventually become forced sellers, ultimately deflating single family home prices.

I’m looking in the 1-1.25 million dollar range with a minimum of 4 bedrooms. I know that in certain markets that is considered a lot and others, not so much. Areas that I had my eye on were Sarasota, Key West, St. Petersburg and SE Florida.

Any input would be greatly appreciated!

Thank you Karen. Yes I own the unit as well and apparently he is looking out for this tenant since they are buddies. So I must prove that he is sleeping there more than 14 nights per year? How can I go about doing that? He could say that he is just stopping by and I don’t have the time to monitor this tenant and his whereabouts daily...

Hello Everyone, Just went through a lengthy process of evicting a troublesome tenant on our property. It now looks like the evicted tenant is “staying” in his friends unit which is also on the same property (6 unit property). His car is still parked out front of the property and he has been seeing coming and going from that unit. My questions are: Is this legal for him to do? Is there guidelines that I have to prove that he is actually living there? Is he legally evicted from the unit or the entire property? Has anyone dealt with a similar situation as this? Any insight or advice is greatly appreciated! Nick

Hello Everyone, Just went through a lengthy process of evicting a troublesome tenant on our property. It now looks like the evicted tenant is “staying” in his friends unit which is also on the same property (6 unit property). His car is still parked out front of the property and he has been seeing coming and going from that unit. My questions are: Is this legal for him to do? Is there guidelines that I have to prove that he is actually living there? Is he legally evicted from the unit or the entire property? Has anyone dealt with a similar situation as this? Any insight or advice is greatly appreciated! Nick

Hi Everyone,

I am looking for advice on the process of purchasing a tax delinquent property. I am interested in purchasing a property that has the below image posted on the front door. I was wondering what the best way to purchase a property of this type is and if anyone has experience doing it themselves.

I appreciate any input!

(I blocked out personal information but the property owner is behind on taxes for the past 3 years for an amount of roughly $24,000)

Hi Everyone,

I am looking for advice on the process of purchasing a tax delinquent property. I am interested in purchasing a property that has the below image posted on the front door. I was wondering what the best way to purchase a property of this type is and if anyone has experience doing it themselves.

I appreciate any input!

(I blocked out personal information but the property owner is behind on taxes for the past 3 years for an amount of roughly $24,000)

Hi Everyone,

I am looking for advice on the process of purchasing a tax delinquent property. I am interested in purchasing a property that has the below image posted on the front door. I was wondering what the best way to purchase a property of this type is and if anyone has experience doing it themselves. 

I appreciate any input!

(I blocked out personal information but the property owner is behind on taxes for the past 3 years for an amount of roughly $24,000)

Hello everyone,

I am in the process of getting ready to go to the bank and refinance a commercial property (11 unit) that we fully renovated top to bottom and leased up. I have all the numbers on the property but am wondering what expenses the bank takes into consideration when valuing a property? Some line items I am unsure of are maintenance, management, vacancy etc. or any others I may be missing. Here are the numbers on the property in my current underwriting:

Gross Rent:

11 Unit Building

(1 First floor commercial space + 10 apartments):

$10,258 x 12 = $123,096 per year

Expenses

Taxes - $7800

Insurance - $3049

Water/Sewer/Trash - $7200

Maintenance-- $5,914 ( we do not know the maintenance cost so I estimated 5%) Is that high considering the building was just fully renovated?

Management- 6%- $7097 6 percent is what we currently pay our property management company.

Total- $31,060 per year

NOI- $92,036

Also, does the bank use cap rates or comps when determining the value? The building is located in a great area but I do not know of any buildings of this size that have been fully renovated and sold in the past several years. I am just trying to get a better of idea of what the building will be valued at.

Appreciate any input, Thanks!

Hello everyone,

I am in the process of getting ready to go to the bank and refinance a commercial property (11 unit) that we fully renovated top to bottom and leased up. I have all the numbers on the property but am wondering what expenses the bank takes into consideration when valuing a property? Some line items I am unsure of are maintenance, management, vacancy etc. or any others I may be missing. Here are the numbers on the property in my current underwriting:

Gross Rent:

11 Unit Building

(1 First floor commercial space + 10 apartments):

$10,258 x 12 = $123,096 per year

Expenses

Taxes - $7800 

Insurance - $3049 

Water/Sewer/Trash - $7200

Maintenance-- $5,914 ( we do not know the maintenance cost so I estimated 5%) Is that high considering the building was just fully renovated?

Management- 6%- $7097 6 percent is what we currently pay our property management company.

Total- $31,060 per year

NOI- $92,036

 Also, does the bank use cap rates or comps when determining the value? The building is located in a great area but I do not know of any buildings of this size that have been fully renovated and sold in the past several years. I am just trying to get a better of idea of what the building will be valued at.

Appreciate any input, Thanks!