All Forum Posts by: Jay O.

@Steve Chaisson

Hello Steve.

Really great information on your experience in always using an attorney in closing your deals, instead of using a title agent. One to grow on for me. Especially when it comes to an Investor Friendly Attorney. Keeping one on retainer sounds like a great idea to me imo. Will look into and ask about doing so, when I find the right attorney to work with.

Chewing through a bunch of those attorneys was pretty funny. Enjoyed that one. Ill keep that in mind and look out for those kind of attorneys.

Have a great day Steve.

Gratefully,

Jay

@Bill Gulley

Great topic Bill. Very much needed information. Am actually researching and networking for a RE Attorney in the Southwest FL area, who is very well rounded in many phases of the REI arena, who also works with many investors.

Looking forward to hearing from some of our BP Attorneys.

@Michael Quarles

I like #3 too Michael. Definitely clean. Easy to identify. Simple. Professional.

@Jeff Greenberg

Hello Jeff.

Incredible thanks for the advice, questions and feedback so far and taking out a moment of your time. Greatly appreciate it.

Waiting on the 12T and RR information from the owner. Using the 50% rule also so far works out to be okay.

Will definitely be bringing my own property inspector out and check things out thourougly, unit by unit Jeff. Excellent point and advice so far. Especially auditing the leases and applications.

In RE to: You are not just buying a property, but a business as well and need to know how it is performing.-How can I forget that. Ive already owned 2 businesses. Thanks for the reminder. Gotta stay on point in that aspect.

Regarding:

How old is this new roof? What damage is the broker not aware of? How old are the HVAC units? How old is the property? When was the last renovation off the units? Will the owner carry the note? What does the neighborhood look like?

Ask lots of questions!!

These are currently the answers Im waitng for from the owner.

Thanks again Jeff.

Gratefully,

Jay

@Diana T.

Hi Diana.

Okay. I'll give you just my honest opinion.

This is primarily a retirement community for folks with an income. Im far from retiring yet and very active. Not cities, unless its a phenomenal deal. But close by investments. Good suburbs rhat is. Helps to spend just a tad bit more in getting a nice and decent return for your future returns. Those are the facts. You can check out citi-data for more info on Palm Coast. It is a nice and laid back area. Just too laid back for me.

Not the particular area I would like to make investments in for now or even the future. I look for more upcoming, emerging, established and things to do kind of Markets and communitys. Active and social environments. Easy commutes and great schools, shopping, Hospitals, Librarys, Malls, Churches, Movie Theatres, etc. I think you get it. Great for a single person or a family. Something for everyone kind of Markets to invest in.

Another big one so far unless a miracle has happened.

The recession is still going full blown in Palm Coast, no jobs. Unless your a nurse. In your field, you might be fortunate. Know quite a few of CPA's. They are self employed though.

Here is a better simpler list of my opinions why I wouldn't invest there:

Speeding and crime is very high.

Highest water bills in the state and the Mayor just raised it again, 20% over the next three years. Average water bill for family of 4 is about $120.00 per month.

Limited shopping. If you want good shopping you have to go to Daytona or St Augustine which is a 30 minute drive either north or south on 95.

Palm Coast FL is mostly flat, mowed fields with subdivision cheap houses on it and very few trees. Just flat and hot with dirty canals to collect the water so it doesn't flood too much. There were some trees but most were bulldozed down to make building a bunch of flat cheap homes easier.

To get to the beach, you have to pay $2 in Palm Coast to cross the bridge or drive north on US1 to St Augustine 15-25 miles north of Palm Coast.

Cell reception is terrible too.

Some people really, really like Palm Coast Florida. Its just not for me. Used to be one of the best places to retire, if your gonna retire. Isn't anymore.

Check out the link for City Data to get a better feel of the economic situation.

Here is the link:

http://www.city-data.com/

Here also is a years back but interesting article to read on Palm Coast:

http://flaglerlive.com/5446/palm-coast-best-retirement-real-estate/

Hope this helps a bit Diana. Im more of a Central and South FL kind of Investor. Gulf Coast too. Very beautiful beaches.

@Giovanni Isaksen

Thanks again Giovanni.

Sending the email in reference to the rent roll, plus trailer for 12 month's income and expense broken out by month, once I'm under contract. Also going to request the 2 years tax returns for the property and the bank statements for 2013 when I'm under contract.

I will look to see if the expenses match those on the tax returns and the income matches the deposits on the bank statements. Excellent Giovanni.

Telling them the bank requires these for loan underwriting I think IMO, is a great idea. Hope it works.

Thanks again Giovanni.

Gratefully,

Jay

Just got the email from the agent so far.

Waiting for a response from the owner.

Checkout the email. What do you think guys/gals?

Email from agent:

Jay,

No mortgage. Title is clear. Tenants in place; some newer and some longer term. Washer/dryer utilities convey. Property management in place. No damage. New roof.

Not a war zone. Individual heating/cooling per unit

Hey BP Guys/Gals?

Should I just ask him straight forward to provide the proof in the pudding by showing me the books on this one? Would it be legal or can I even ask such a question? Hopefully their not naboodeled. (Numbers n Noodles-(In other words.........Fudged).

My Dad says only the cook in the kitchen knows what he is stirring in the pot, before it is served.

Jay

@Steve Babiak

Hello Steve.

In RE to: This sounds suspect. NOI is over 67% of gross?!?

Let's see if Joel Owens will add something.

Wow! I just sent an email to the seller and am doing my due diligence to find out everything I possibly can about this property. Especially why is he selling it. Hope I'm not being deceived in any way about it.

Hopefully, Joel Owens will add something to this.

Thanks for the heads up Steve. Hopefully it wont turn out to be one of those to good to be true deals. Waiting for the email as we speak from the seller. Lets see how he answers and provides all the information Ive requested already.

Again. Thanks Steve. Really appreciate looking out on this one. Just in case.

Gratefully,

Jay

@Raymond B.

Ooooops! Pardon Raymond. I forgot the ? mark. Works Awesome now! Thanks a million.

Jay