All Forum Posts by: Stephanie Simmons

I need a referral to a commercial agent in Atlanta GA - commercial lease needed. Please let me know if you recommend anyone

I'm a licensed agent in Florida and based on a class my broker did - we were actually seeing double digit increases in REO's in about 75% of major metro areas YOY before COVID.

I think anecdotally - middle class unemployment rates will probably be the leading indicator here.  If people miss 2-3 payments and then get loan modifications but are back to work at the same level of income - I don't think there will be a spike.  If we are seeing more than 90 days of inability of someone to work at a level of income they were at previously, then I believe we will have a spike.  With that said - depending on the state it can take a long time for the foreclosure to occur, the bank to take ownership, and then get it listed.  I'm thinking we will see some good deals between Thanksgiving and February 2021.

@Matt Groth. Thanks Matt. So far I’ve only been able to get this pics from a prior expired listing. I didn’t even think about the roof. Thanks!

We will see if the seller will meet with me - it’s owned by a trust so that make add some additional complexity.

@Robert Dobbs

I’m a member and not a lot of them are active on the FB page and next virtual meeting is weeks away but I’ll try a post there too!

I am going to be meeting with a owner of a property that had a home partially built in 2002.  It is basically dried in, all studs in, and then nothing more was done to it.  I'm good with estimating the interior finishes - but it's in Florida and it wasn't built on a slab foundation.  I am not very versed in foundations - is this typical if you were going to built it on a crawlspace?  It was a professional builder that started the home and pulled permits.

It is still listed in tax records as vacant land.  It also needs a septic installed - anyone have experience with that in Florida that could create issues or unexpected costs over the cost of the actual septic system and installation - I am thinking EPA or soil studies?

@Charles Carillo

Update - got two leads from 163 DMs.  Now I have to figure out how to determine impact fees, septic system install costs, etc. - one is a partially constructed house in a family trust that was started in 2002....  I swear real estate investing you find some really weird things!

Yes you can unless you signed an agreement with the agent that would prevent you from doing so.  With that said - if you have a location/special niche; most agents will do a direct mail campaign for you.

I agree with you - that we help communities; but a lot of people assume we are out there to take advantage of people.  If you are planning to approach sellers that don't have their properties listed - you may want to see someone (preferably an attorney) to draw up a standard offer/contract that you can use; that way if you find a deal you have something prepared already.

You would need to list comparable properties that have sold in the area in the last year - I am an agent in Florida and even with my tools it takes about 30-45 minutes to figure out the ARV (After Repair Value). You would need to look at the property and figure out what rehab needs to be done. Also do you intend to flip it or hold and rent? I may pay a little more for a rental because I only need cash flow and don't need to get it retail ready.

ARV-Rehab Costs - buying costs - ( &if you are flipping selling costs +holding costs +your desired profit) = max you should pay

Since you are not an adult - most states will not allow you to execute a legal contract.  Do you have a parent that will purchase or will you be over 18?  

ROTH IRAs are allowed for minors (under $15k in Florida) - depends on state laws