All Forum Posts by: Stephanie Simmons

You can find a property under that price point but it will most likely be a 2/1 and need rehab.

Apollo Beach is “Tampa area” with price points in that range for townhouses. You may also want to check out Plant City which is on the East side - however schools aren’t great...

I'd watch REO sales to get a sense of what your ideal property would go for... I am making an assumption that you either have non-traditional financing that will loan on a distressed property or you have cash to start.

@Juan Orozco

What are you trying to accomplish by having an LLC? If it's to prevent litigation - then all assets have to be in the LLCs name and its hard to get a loan to the LLC (maybe some lenders can comment on that). If you are purchasing with cash that isn't an issue.

You have to file an additional tax return for the LLC and all the income or profit flows to your personal return where you would pay income and self-employment tax on the gain.

I'd suggest seeing a lawyer and pay for an hour for advice on your situation in particular.  It will pay you back twice over in not making silly mistakes.

I've never offered to cover their closing costs - usually each back has their own portal and/or requirements on what they want you to pay.  I have had banks have me pay as part of their counter offer.  

The last one I purchased the bank called for highest and best four times (over 4 months) until I continued to offer the same amount on the last three offers.  Then we closed in 4 days.  

Think about the person you are offering to - they want to get the most amount for the bank - they also want REO off their books by the end of the quarter (when public banks have to publicize financial statements to investors). So I would say simple - little or short contingency (especially if there wasn't an inspection contingency) and close at least 5 days before the end of March.

@Timothy Hero

Means prices done down and able to invest. I’d move from flipping to rentals.

Personally don’t think we will see another 2008 unless the global investment market decides mortgage backed investments are “safe” as government bonds. Don’t think that will happen again given how bad they were burned last time.

We will have a recession. Timing is the question. Your investment strategy should work in a growing or contracting market. Buying below market value is key. Having some cash to weather a storm isn’t a bad move either.

@Catherine Underwood

I live near there and my son and his wife just moved into a house rental - most of the listings are gone in 15 days but for some reason the agents or landlords don’t take the listing down. If you want to know how many are available - I’d contact the person listing them and see what the true amount of vacancies there are...

That county has horrible public schools but there are charter schools available in the area (paid by the state) so many residents aren’t as concerned about zoning if they have access to a good charter school

I would see about getting it at least 10% under market value.  

The sellers broker represents the best interests  of the seller - you are the buyer and would want a buyers agent to represent you as you are the buyer.  You can just contact a sellers agent and have no representation in the deal - BUT that leaves you no one that can provide  sound advice that is in your interests.

Interview agents and tell them your expectations - make sure they agree to it.  You can also state in the agreement you sign that you can fire them and get a different agent.  I am a licensed agent in Florida  & wouldn't keep a customer under hostage as a buyer's agent.

Interestingly enough I have been seeing more women in the local RE investor meetings.  Just talked to a young lady a couple of weeks ago that is starting to wholesale that I met through this forum!

@Robyn Dabolish

Finding good contractors is one of my biggest struggles as an investor. I’ve used services like HomeAdvisor (same service BiggerPockets uses) - I also use Google - and above all else references from other investors.

First you may want to fill out your bio on BiggerPockets & set up a free FaceBook business page - and see how to get your business listed on Google. I don’t know how expensive it is to get leads through HomeAdvisor or Angie’s List....

Once you get a customer - show up on time - finish on time - and do a better job than you promised. You will get referral business. Ask for reviews on Yelp/Google - ask people to share your FB page. Take pictures of your work and post. You will get a ton of business.

Good luck!

@Hugh Jameson

I don’t k ow what the listing agent will say but you can try calling the loss mitigation department of the bank - the same department you’d contact to negotiate a short sale. Maybe that will get you somewhere?