All Forum Posts by: Joseph L.

I got an investment property I am trying to sell without an Agent. What is the cheapest/easiest website to get my property on the MLS locally? I'm in Tampa, Florida if that helps.

Thanks for any help!

Joe

Hey guys,

I was trying to map out what most people do after they win/pay for property at the auctions. I live in Tampa so if anyone has experience specific to Tampa that would be helpful, if not all input is great as well!

• Research property for title/liens/comps
• Win/Pay for property in LLC. (House is only asset in company)
• Inquire about insurance
  • Do you have to wait for the COT to get insurance?
  • Do you feel it's better to get a 2/3 month policy or a yearly policy? 
  • Do you get a builder's risk policy?
• Wait 10 days for COT to be mailed 
  • Do you have to wait for the COT before you start working on the property?
• Start rehabbing property.

I'm trying to keep this a little high level so wanted general guidelines but feel free to jump into detail on anything specific as more information the better.

If anyone in Tampa has done it before and wouldn't mind sharing some experience on here/call or grabbing a beer or coffee, that would be great too!

thanks,

Joe

A meet sound awesome as I know this thread is a little old.  Does anyone know how to get a list of address for all upcoming auctions?  Can't seem to find one online in the bidding portal website.

thanks,

Joe.

were still deciding on which flooring to go with. Going to have to look at the nearby houses. 

What are normal rates I should expect to remove 1200 sqft of tile and plank subfloor?  Have a couple contractors/handyman coming out Wednesday but just wanted to see what you guys are paying for removal. 

I don't like installing tile personally as I find floating laminte flooring easy/cheap and looks good

We were thinking the tile is shot too. Since it is throughout the house we were thinking of just removing the tile/plank subfloor and laying down a new plywood subfloor and then putting flooring on top of that.  Do you guys think that would be the best bet?

Check if there is asbestos in the plank subfloor? Don't think we really need plastic as the whole house is empty and we are going to flip it. 

Hey guys , just closed on a property and need some advice.

The house is all tiled but was built in the 40's and the floor is real "bouncy" in different parts with some tile cracking also.  I believe it is because they laid the tile on the original plank subfloor and didnt install a layer of plywood sub floor.

If this is the case what have you guys done to fix the problem?  there is access to the crawl space but not sure if just sistering the joist or anything underneath will be enough.  Is our best bet just to rip out everything and install plywood subfloor throughout the house and then install new flooring? What are general cost to do this per sqft?

thanks for any help,

Joe

Agree with staying away from anything West of USF (near the fletcher Walmart)

I would look just north of Kennedy west of UT.  Carver City is also starting to transform.  Seminole Heights is up and coming due to the new riverwalk and a lot of new commercial properties. I personally won't get into anything around the nebraska/florida area just because it can be more of a headache than its worth for us.  Good luck and if were bidding on the same property you have to let me win one for this information :)  

Sorry for the confusion didnt mean right away across the board. From my understanding he has started to rehab some units already. So we are planning on 5-10k initial upfront on the landscaping/lights and outside improvements just to get the physical outside area up to par with other complex in the area. Then when we have turnover to raise rents with newer tennants in the newer rehabbed units.

What are some generally rules to go by how much to invest in each unit do u guys go by? Say I put in 2k to upgrade unit what should be my payback period to know how much to raise rents monthly?

Hey guys,

Me and some friends found someone that wants to offload a 20 unit complex off market and just wanted to see what questions do you guys ask for a deal this size? Also I know that everyone has different cap rates they want but what would make this a good deal going forward?

Here are some questions i'll ask:
1.Why is the Owner Selling?
3.When was the last time mechanicals were updated?
4.Can the owner provide two years Schedule E's?
5.Can he provide a current rent roll and income expense statement?

Our pro-forma shows around 24K net cash flow before taxes and 9.1 cap rate. Units are 2/1 around ~820 sqft on average and owner says rents are $650. We are assuming 10% vacancy and $600 rents till we can actually see the rent roll and also including is a reserve for large capital(roof/painting/paving).

With these types of units that are for lower income people do you think 10% vacancy is to high/low? They have put around $150K in rehab to the property in the last two years and from my understanding he is tired of managing the property since he lives a county away. Market rents in the area are a little higher so we are hoping to raise them to around 700-750 with a little work which would put the cap rate closer to 11% for us.

I haven't talked to the seller but from the 3rd party that is introducing us he said he is willing to take a sellers note. Are you seeing banks loan 75 or 80% of the purchase price? I already got word from a banker I could get 65% financed through bank. So if you were seller would you take a 20-25% note? Or is that over the normal range?

Thanks guys any input at all would be appreicated.

Thanks. I have decided to redo all the floors. So tile in kitchen/bathrooms. And still undecided on either a laminate wood floorin or another tile throughout the bedrooms hallways and living,dining room.