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All Forum Posts by: Spencer Brett

Spencer Brett has started 6 posts and replied 26 times.

@Luis Pereiro, I am looking for similar deals. What tools are you using to find deals like this? 

Appreciate everyones input.

Post: Tampa Networking / Meet Up

Spencer BrettPosted
  • Sherman, TX
  • Posts 30
  • Votes 10

@Zach Welner and @Michael Lopez, I am also looking to get going on some real estate meetups that are affiliated with BP. I have never been to either of those listed above. If either of you want to team up and roll out there, id be more than willing to go. 

Post: Looking to house hack.

Spencer BrettPosted
  • Sherman, TX
  • Posts 30
  • Votes 10

@Garfield Williams, I also just recently moved to the area. I want to do the same thing that you are trying to do. I have struggled to find mutlifamilies in areas that are appealing for me to live in. I would suggest getting a good buyers agent and consider moving slightly outside of tampa. In my research, the multifamilies are expensive, or are in very questionable locations. The only way that I imagine success here is to get comfortable submitting lowball offers and hope that one sticks. 

Make sure that your buyers agent's goals are aligned with your own and that they understand working with investors. Alot of agents dont like showing tons of properties and are relunctant to put in low-ball offers.

Post: Upper 600 credit score, 10k cash and a 9-5!

Spencer BrettPosted
  • Sherman, TX
  • Posts 30
  • Votes 10

I have never heard of an ARV contingency. Very cool info. Planning to do the 203k loan myself.

Thanks for that info. 

Post: Help analyzing this deal

Spencer BrettPosted
  • Sherman, TX
  • Posts 30
  • Votes 10

Liked following this post.

Post: Upper 600 credit score, 10k cash and a 9-5!

Spencer BrettPosted
  • Sherman, TX
  • Posts 30
  • Votes 10

@Teri Feeney Styers, when you say "state that the property must be valued at 50,000 over purchase price", are you saying state that in the contract with the seller? Is this some type of contingency? How do you go through the process of getting an appraisal before renovations? Does the bank take the word of the contractor/appraiser, based on the list of upgrades you plan/they suggest?

Also, how do you keep the seller happy when the appraisal is 50k more than the selling price? 

I like what you are saying, but would love some details!

Post: Building Multi-Units in Tampa Bay Area

Spencer BrettPosted
  • Sherman, TX
  • Posts 30
  • Votes 10

I recently got the idea to newly construct a multifamily unit in the tampa bay area, as I am having a hard time finding any good deals.

Does anyone have any experience in this department, or point me to any resources?

What are the challenges with new construction. Is there financing available for new construction of multi-families? I plan to owner occupy.

ok, does anyone have tips for finding comps to provide to the lender? Is that the buyers responsibility? 

ok, that makes sense. So the lenders do have leeway in determining the valuation method used? 

A lender that I am considering using for 203k loan told me recently that quadplexes are difficult to purchase and sell due to difficulty in valuing them. His rationale was that the 4 plexes in the area do not sell often, and value is based on similar properties sold recently.

What is the implication of this statement? I plan to owner occupy the property and rent out the remaining units.

I don't understand why the bank would care to determine the value of the property, as I would assume it would be determined between buyer and seller.

He recommended sticking with a duplex. Is there any truth in this?

Can anyone present any ideas to help me wrap my head around this problem he presented?