All Forum Posts by: Kevin Reid

We've been doing a lot of that. We have 4 different real estate agents from different companies sending us properties, but most we get alerts from zillow or realtor.com first. We check out CL and FB market place, home path, and auction.com. Not much we are interested in though as an actual place to live for 5-15 years.

We have seen many listed as preforclosures that look like good candidates, but they never seem to come to market. All 4 of the agents we work with seem to want to stay away from preforclosures.

I'm afraid I'm not much use in networking as real estate is not my source of income or involvement really. 

I will not be paying cash, so I guess my options are pretty limited. Thanks guys.

I read many of the posts here and I'm near mystified by what some of you find. We are looking for a new primary residence soon and will rent out our current one for a decent price. That said how do you guys get such great deals?

Are they bought at auction? From wholesalers? Get lucky on the web? Is there a reliable site to get a jump on bank owned places? I'm not looking to get a place for $0.50 on the buck, but a jump on a place to maybe fix up and rent a few years from now would be great. Thank you.

I'm no expert, but I'm already seeing reductions in my area, central Florida. As they ease restrictions more people are putting their houses up for sale, but it will be a month or 2 before you see more inventory. 

Really we have only been doing this shut down stuff for a few months, it hasn't been long enough yet. I think as each first of the month passes we will see more inventory and reductions in price.

I'm not super savvy as some, but I can tell you what is going on with the builders in my area, west central FL. 

We've been looking at houses for a while and they are building 2000+ homes down the road from us. Multiple subdivisions and builders. It looks like the builders built a few homes on spec, and also has had a lot of contracts canceled in the last month.

Some of the homes that were 2600-3000sqft they were getting 320-360k. Those same homes are now listed, not even finished yet, for 266-296k. The smaller homes have dropped as well. The one we were looking at was almost 2100sqft and around 275k they have dropped to 250k and are offering us 10k worth of upgrades.

So I think it's obvious right now the buyer has power over the builder to get a better deal.

Take them to claims court for the additional 7k. And add it to your flip profits?

If they aren't legally squatters, nor are they legally tenants, then you might be able to get a quick eviction order?

I would consult your lawyer again. Ask him if what they have done is a breach of contract and fraud. If it's either you might have him draft a letter to them saying so and possible consequences. I know if you sell a car, get paid, but fail to deliver it is considered theft. Houses are different, but might be an angle.

I feel for people in all different situations right now, but its no excuse for what they are doing IMO. There are still plenty of rentals available around here, and they should have been prepared well ahead of time. 

Here it means many times that they've gone to contract, but just haven't closed yet.

I'll add to this not as an expert or investor, but as someone who is actively looking for a new primary residence for a while now.

If I were going to become an RE agent, I would look to specialize in commercial properties or something else more niche. I say this as we are working with several agents now from separate firms, and I can replace them all with the cheesy zillow or realtor apps. Most agents these days in Florida seem to work for large agencies that are compartmentalized, so rarely do the agents know anything about the properties they are showing you. Most times they seem to see them for the first time with you. 

Talking with some of the RE agents I know, they tell me the market has been so hot that its flooded with agents now who have no skill or drive to do a lot of work because the houses have been nearly selling themselves.

Again I'm speaking as your average guy just trying to buy a house. If you go to show a home to a client please know things ahead of time. Don't show up without knowing stuff like what school zones the property is in, HOA details and contact info, sewer or septic details, flood zone, and if it's in a city or county. Just some of the things we've been having to find out ourselves. Forget about any details of the actual structure. The HOA stuff is particularly bothersome as most of the contact numbers listed are usually old so details are scarce.

Good Luck.

Tenants pay rent right? Charge them like its a short term rental + your incurred costs for not being able to move in. At least that is what happened to a friend of mine a while ago after his rental fell through and he was stuck in his house for another month.