All Forum Posts by: Patrick Bavaro

@Kenneth Dai Thanks for sharing and continue to keep up with the thread. In terms of finance, did you obtain the 30 year note through one of MIs affiliated lenders? Or did you have your own institution lined up for that? Thank you in advance! 

@Ray A Delfi Yes, someone has purchased the 2017 and 2018 tax liens for the home owners back taxes. The 2019 taxes went unpaid too and go to auction in April here in Broward County. Still patiently waiting with the homeowner!

@Paolo Alejandro Gregory Taylor Professional Associates out in Fort Lauderdale is my recommendation. Ask for Holly Maseda, let her know I sent her your way if you do. They are comfortable with double closings and are always great on communication and helpful. I actually closed my personal residence with them as well. 

@Jon Huber Have room for more? Would be interested on the details behind this. I reside in W Hollywood, but can certainly make that drive. Sadly, PB Gardens is a bit far of a drive with a gas guzzling truck. 

I'll provide my email if thats what you need!

@Ray A Delfi Terrific idea and advice. With this being my first investment opportunity, I'm not sure im comfortable enough yet in taking on the work for the tear/down rebuilt, although its certainly in my mind now! 

The seller is highly motivated as this will now be his 3rd year being delinquent on taxes, and here in Broward County after a 2 year period the investor who purchased the taxes can begin proceedings for the county to sell their home. 

@Ray A Delfi I certainly appreciate the help! Totally agree regarding the ARV. Sadly the home owner still owes $115k on the home, which may make It a deal breaker all together to get any lower. I figured $130k for two reasons. 1) as I mentioned across the street was a near identical home that was purchased for $130k by an investor who decided to tear down and rebuild (think they are doing multifamily) . 2) the seller shared with me a contract from a known wholesaling/buy and flip investor group that offered $130k out the gate. The difference is that the seller does not trust that group, and feels they will try and renegotiate as soon as they have the contract signed.

That group offered a $5k earnest deposit as part of the contract which leads me to believe they may be genuine about the purchase price, and if I were to get It under contract at the $120k I’d first approach these two contacts (across the street and these guys) for the buying price of $130k with a 2k nonrefundable deposit.

Thoughts?

Hi BP! 

I am writing with exciting news as I am closing in on my first wholesale deal. Currently, I've been back and forth in contact with the leader for several weeks and really feel I've built some rapport with him. Long story short, there is a house across the street from the one I am looking to sign that was purchased and demoed for rebuilding @ 130k (got to love the expense of Broward Co real estate), and I am looking to sign the deal for 120k and then double close/assign for $130k. ARV for homes in the area and size range (its a 2/1 with 950 sq ft) are going for about $175k.

Anyways, I haven't had the chance to ever write up a contract but the title company I worked with during my personal house closing has let me know they are comfortable with double closing and suggested utilizing the "as-is" FarBar Contract from the State for the deal, in which has an assignment clause. The title company also suggested utilizing the Miami Dade/Broward Regional Provisions box which entails the seller covering the title search. Is the title search something the seller usually does in a wholesale deal? Anyone have experience with use of this contract for wholesaling? Recommendations? 

Thanks for your help and time in advance!!! 

@Jose Castillo what happened with the rest of this thread?! How’s It going? 

@Wayne Brooks Thanks for the help Wayne! I'm going to be dropping by Tuesday. Looks like from tax records the home is a 2/1, not a "3/2" meaning there are also non permitted additions. 

Hello, 

I am a first time home buyer in the South Florida (Broward County) area utilizing a VA loan as my first home purchase. I am 25 years old, and have a savings of about $20k. I am pre-approved for a 300,000 loan that I plan to NOT put a down payment on. Earlier today, I found a property in a decent area (I'd rate it a C+ to B-) that is listed at $290k, and states that is a 3/2 with 1600 sqft. The home also has a stand alone, enclosed garage in the back of the property that has a water heater (meaning it has water running to it). I'd estimate that the size of the garage is about 600-700 sqft. I went to go see the home today, and found it to be appealing. Kitchen and living room have been redone, floors redone, fresh paint, etc.. The home features 2 large bedrooms with a large full bathroom (not connected to a bedroom..standalone bathroom). The problem is that the "3rd" bedroom is a small room (cant fit a bed in it) with no closet. The other bathroom in the house is also a full bathroom and large and connected to a part of the house behind the kitchen that they call "the den".

Here are my thoughts. This house interests me because I feel that the standalone garage (literally an actual building with a garage door) can be converted to a 1 bedroom studio (I'd estimate $20k), and the "den" can be drywalled making it an enclosed master bedroom. For the area I am in, I spoke with my realtor and are confident that the studio would rent for $900-$1100, and if I were to rent the actual house (in a year or so) comparable show it'd rent for $1800-$2000. 

The home is clearly a flip, and I feel that the asking price is way too high for the area and not listed appropriately since the home is not a 3/2 right now, but an actual 2/2. I plan to make an offer of $265k (I have a few outstanding questions for the seller first that I will need answered). 

From experience, does anyone have any thoughts I am not thinking of? Is there a way to check if the city would allow the garage to be converted? I am happy to provide more solid numbers, location, pictures, etc. that would help evaluate the opportunity. 

I appreciate your time reading this, and help you can offer. 

Patrick