All Forum Posts by: Rosemary Rendon

Hi, I have applied to multiple lenders and the best deal I have received so far is 20% down , 4.75% for an investment conventional loan. He also said “most likely “ I won’t be charged any points at time of closing. Is this good? Or should I keep looking. My credit score is around 710

thank you all for your responses. 

hi thank you all for your replies, one last question, when buying in auction or a cash property, with a title search i will be able to find out the first mortgage amount, any violations, taxes owed , liens against the property?  Or even if i do a title search I am at risk of something coming out later after i pay off the property. 

hello @Jack V. Ospina, i called HOA and they replied they cannot give me information about any upcoming assessments but at the current moment there are no assesments. Similar property is for sale at $80K. Renovations will take about 6-8 weeks.

Hello! 

I am looking for my first investement opportunity, i was looking into miami dade auctions website

https://www.miamidade.realforeclose.com/, i have never done an auction before so i was wondering if anyone here is familiar with the process for some advice. 

Instructions on the website for the bid are pretty much clear, says to do a deposit $5k to the courthouse cash, then if you do win an auction you have 24 hours for the full amount. 

My questions are, can the houses be inspected ahead of time? at which point do i do a title search? Do i need to get a title insurance when doing the closing?  Is there additional fees i should be aware of?   I will really appreciate any advice you can give me. 

Thank you all in advance!

Rosemary 

Hi. I am looking to buy my first investment in Miami. I found it through a wholeseller. It’s an apartment 1/1 by North Miami area, close to Barry University,  it’s needs a full renovation, it’s pretty much an empty space.  

Apartment is selling for $62k cash.

HOA is 200

Owner owes last 3 years of taxes( wholeseller says he will pay that before closing)

Full renovation will be $20k (My husband is GC)

Similar apt rents out for $950 monthly

looking at my numbers I am thinking of $400 monthly cash flow.

Please let me know your opinions please.