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All Forum Posts by: Obed Calixte

Obed Calixte has started 0 posts and replied 299 times.

Post: FHA 90-Day Flip Rule & Buyer Offer

Obed CalixtePosted
  • Real Estate Agent
  • St Petersburg, FL
  • Posts 313
  • Votes 176

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.  

Post: Tenant Ignoring Renters Insurance Requirement – What’s My Next Step?

Obed CalixtePosted
  • Real Estate Agent
  • St Petersburg, FL
  • Posts 313
  • Votes 176

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

Post: Tenant Ignoring Renters Insurance Requirement – What’s My Next Step?

Obed CalixtePosted
  • Real Estate Agent
  • St Petersburg, FL
  • Posts 313
  • Votes 176
Quote from @Adam Bartomeo:

You will want to check your laws first, it is illegal in FL to require renters insurance. After that you should post a 7 day notice or whatever notice your state requires.


 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.

Post: Investing in a High-Risk Flood Zone (AE) – Worth It or Hard Pass?

Obed CalixtePosted
  • Real Estate Agent
  • St Petersburg, FL
  • Posts 313
  • Votes 176

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.

Post: Best Practice share: Filling Vacant Units

Obed CalixtePosted
  • Real Estate Agent
  • St Petersburg, FL
  • Posts 313
  • Votes 176

It's unclear what you mean by Buildium is a reactive approach. Buildium is just PM software and has nothing to do with filling or managing vacancies.

In regards to proactively managing vacancies moving forward - Buildium breaksdown the number of units 30/60/90 days out from lease term ending. That will help with planning. Since the property is a multiplex- I am assuming the unit mix includes multiple units with the same floorplans. 

Take professional photos (and possibly layout) of each floorplan. With future leases, as soon as it is determined there is nonrenewal, you start marketing that floorplan.  

With that said, the best proactive measure for vacancies are to have none in the first place - meaning improving retention. Not everyone will renew, but having great customer service, quick maintenance, good renewal rates, solid communication etc go a long way in retention. A small incentive at renewal also helps. 

For your existing vacancies - there are no proactive measures - simply active or passive measures you can take. I only know my market, however I am certain marketing and pricing strategies will be key to filling those units up as quickly as possible. 

 "Now Leasing" banners, open house and other analog marketing channels will need to be explored along side digital. Make touring a unit a seamless and painfree process. Consider incentives and pricing to get people through the doors. 

Post: Looking for an insurance agent to help with finding wind coverage + full coverage

Obed CalixtePosted
  • Real Estate Agent
  • St Petersburg, FL
  • Posts 313
  • Votes 176

I have great recommendations I can send you.

Post: Seeking perspective on wholesaling possibilities

Obed CalixtePosted
  • Real Estate Agent
  • St Petersburg, FL
  • Posts 313
  • Votes 176

Start with the end in mind --- what would be the investor's exit strategy for this home? 

Is it high appreciation area with a low rate mortgage?

Does it cashflow as is? 

If you can't identify why an investor would want to buy it - you'll likely have a hard time moving it

Post: Please share a template for your application

Obed CalixtePosted
  • Real Estate Agent
  • St Petersburg, FL
  • Posts 313
  • Votes 176

There are a ton of free tenant applications online and through property management software companies such as turbotenant, rentspree, zillow etc.

You will want your application to meet any state specific guidelines (if applicable). 

For your question on background, credit checks etc - what is customary in your area? And more importantly did you disclose ahead of time to the applicants there is a charge?

In my office - applicants cover the fee entirely. 

Post: First Residential Rental

Obed CalixtePosted
  • Real Estate Agent
  • St Petersburg, FL
  • Posts 313
  • Votes 176

It's always nice to have an opportunity come your way. 

Few things in your analysis.

-Interest rate of 5% is much lower than market interest rates. 7-8%+

-There are no capex reserve considerations included. 5% is a starting point.

-Is 5% property management rate the market rate? 

- Look into if property taxes are reassessed after purchase. That may impact the amount you have listed

Your most advantageous route for financing will be seller carry or finding a private lender. It will be an uphill battle to find a lender willing to lend on a low loan amount. They exist but are far and few between.

Post: Please critique my gameplan when it comes to wanting to flip my first property.

Obed CalixtePosted
  • Real Estate Agent
  • St Petersburg, FL
  • Posts 313
  • Votes 176

Great job taking the time to plan and ask questions before jumping into the deep end.

To your question - there's much more to consider:

Flipping locally is already hard enough, doing your first flip out of state is going to be even harder. 

From my experience and based on what you shared - it seems as though partnering with a local successful flipper or doing a live in flip will be your best bet. 

Few quick things: 

You will be hard pressed to find a GC that operates with no upfront deposit required. Take the time to vet and find reputable contractors and you will have alot less to be paranoid about.

Define your buy box further (currently it's 2/3 bdrm home on slab)

Determine how you will finance and their requirements

Math is easy. Do you and your CPA know how to analyze properties effectively? Ie determine ARV and work backwards to the max offer while including all costs included in the acquisition, hold and disposition of a property.