All Forum Posts by: Obed Calixte

Not sure what the question is here.

What role are you playing in this scenario? 

Have you explored upgrading the windows and doors as needed? If the home has single pane windows, it would be great opportunity to upgrade to double or triple paned windows. 

Solid curtains, water fountain in the backyard, adding trees at the property line nearest the freeway, white noise generators are all other options.

If you are using an agent, they should be guiding you on this.

Aside from that, there's a few things:

You mentioned this is a house hack and your first one. I am assuming you are financing this deal (FHA/conventional). If my assumptions are correct - documented 4point issues (electrical, HVAC, roofing, plumbing) will need to be remediated in order to close. In this case , electrical panels and roof will need to be replaced. That would be my absolute minimum starting point - but that is based on my market.

Apparent issues will likely fall on you (flooring and appliances) and should have been considered in the price from the get go. HVAC is old but functions - ask for seller to get them professionally serviced if it is not done yearly. 

what are you aiming to do with the loan? 

If it's the same 212 loan that I have some high level knowledge on, they offer fix and flip loans and are generally associated with a specific wholesaling firm. 

Are you purchasing a fix and flip property and looking for a hard money loan? 

Or do you already have a property and looking to refinance into a long term loan? If that is your plan, there are plenty of products and lenders out there than can help. 

I can imagine this is a challenging decision to make.

My thoughts:

When hope is a key component of the plan of action, it is time to cut losses. We are entering the prime buying season - find other local investors and get their interest.

With that said, there are a couple things that are unclear from your post. 

- The as is appraisal was for 275K,yet you are now expecting that it would be a reach to sell for 220K. That is a steep decline in value. When was the appraisal done? and are you certain that the appraisal is based on AS IS value and not subject to value (ie value after repairs)? 

 40. It covers the cost of background, credit etc 

You can't sign a contract now - once both parties sign, it is executed. There is no ability to set execution date to the future.

The 90 day rule starts from the date the current deed was recorded to the date the contract with FHA buyer is signed. There are limited exemptions such as if you inherited the property where it would be allowed.

There are technical means to navigate the 90 day rule but your best bet by far is to talk to the lender and let them know the situation and ask for their direct guidance.  

This thread shows there is a need for a larger guided discussion on best practices as it relates to (renters) insurance.

 It's "illegal" in FL to require renters insurance?

Are you certain of this?

State statues do not require tenants have renter's insurance, however I have yet to ever find where it is banned, illegal or otherwise for PMCs or landlords to require it of tenants.

Most desirable areas in Tampa Bay are in AE or higher risk flood zones and generally sell for a premium for a comparable home placed elsewhere - all else equal . 

Areas such as Shore Acres flood with frequency and maintain high demand.  The latest storms have brought about heightened attention and buyers are more astute than years past with purchasing flood risk homes. How that will play out for long term values is unknown - however human nature has shown proximity to water is desirable. 

You didn't provide any numbers so can't answer if it's a good deal. With that said, it all comes down to your goals, your risk appetite and sufficient reserves. If the deal fits your parameters then go for it, otherwise skip it and find another.