All Forum Posts by: Ryan M.

@John Perry I'm looking for a small local bank for construction loans on single family spec or small multi-family in Vegas. I moved from Florida recently where I had built several duplexes there right before we left. They were financed through a local credit union and local bank with construction to permanent loans. After they were completed the credit union refinanced them all onto one loan. You shouldn't have to worry about them being titled to an LLC to get funding. I also used private money to build spec homes in Florida, but banks are way cheaper, although more time consuming. I've got a short list of banks here I need to start calling on, as most of my Florida stuff is under contract to sell now.

@Sam Bandak Every state is different and each county handles delinquent property taxes. For example, in Florida, taxes are considered delinquent on April 1st, and tax lien auctions are held soon after. The winner has to wait 2 years but no longer than 7 years to apply for a tax deed auction. The property owner is not at risk of losing title to their property until the tax deed auction, and can pay off the lien at anytime before the tax deed auction.

I'm not sure how your state works, but you can look up your state's statutes for how they handle delinquent taxes.

As far as lists, you should check with the county department that handles taxes.

Why not buy a property in your area and learn how to manage it yourself and grow it from there? If turnkeys were such great deals, why would they ever sell them to you? It's because they are making a big payday when they sell to you, and then they take most of the profit in management fees, leaving you with all the risk. The only thing they give up to you is appreciation, which is not going to happen in those types of markets. You need to learn to do what they are doing, otherwise you are just a passive investor, similar to turning over your funds to a stock broker.

You can purchase it first and then try to sell it, but banks aren't going to play around with 'wholesalers' trying to assign a contract.

@Kevin Parekh I just finished building 3 duplexes in Bay County, each unit about 1100 sq ft, 2bd/2bth with a 1 car garage. $250k for all your costs, such as land clearing, septic, plans, permits, construction, bank financing at prime + 1% and other holding costs would be a good goal, plus or minus 5-10%. That's not including your land costs. Mine was in a similar looking area with mobiles and some stick built homes. I was going to build a single family spec home, but with the zoning and mobiles, I decided to build some income producing duplexes.

@Kevin Parekh Check zoning to see if you can build multi-family. Also, get some quotes on clearing that lot.

I'm curious as to the actual legal obligations of the landlord and the legal rights of the deceased tenants next of kin.

Why would the landlord be responsible to her estate to 'secure' her possessions? And what gives the landlord the right to go in and change the locks and lock out her next of kin?

Unless you can cover all the expenses for a year and get a deal, I would wait. This is still getting worse. If the summer rental season is lost or severely impacted, there will be many owners with equity needing to raise money and not many qualified buyers. Vacation homes and vacations won't be a priority during this time of record unemployment.

@Justin Jones Most will never have the opportunity to even visit Hawaii and you have an opportunity to live there. I would take it. Sure you could collect some cheap homes in the panhandle, but it's not worth the trade-off in quality of life and experience. Plus you may end up further ahead at your age maxing out a Roth IRA the next 4 years while the stock market gets cheaper and real estate is overpriced. I doubt you will look back 20 years from now wishing you spent 4 more years in the panhandle over Hawaii.