All Forum Posts by: Tim L.

You have to search, search, search, and then search some more, but they are still out there. 

For example, here's a triplex in West Palm that I had my eye on.  Couldn't get the wife to agree to live in one of the units though (we're searching from a primary residence right now), so alas, I provide it for you.  

http://www.realtor.com/realestateandhomes-detail/1...

@Wayne Brooks - Thanks.  I guess I will keep looking.

I keep hearing on the podcasts and seeing on the forums how the winter time is a bad time to try to sell real estate, and I was wondering if that also applies to Florida, specifically south Florida.  I've been in the market for a primary residence to eventually use as an investment property, but the market here has been insanely hot lately.  I was wondering if there is any hope of it improving during the winter months, but I don't really see any reason for that here.  

It's nice year round down here, so I don't think that we would experience the same decline as other areas that get snow storms.  Is my assumption correct?  This is my first year paying attention to these sorts of things, so any experienced investors/agents please chime in.

@Edith TenBroek - thanks for posting this question. I was wondering about this a few months ago but never got around to asking. Now I don't have to. :)

@Albert Bui @Brie Schmidt - Thanks.  That means I will have to get the tenant out (peacefully of course), or do non owner-occupant financing.  I'll definitely keep this in mind moving forward.

@Brie Schmidt - That makes sense. And thanks for the tip about FHA. We plan on using conventional for this one, and living in it for a year or so while we save up for the next one. Offering the tenant cash to move out would also be a good option, but I want to try to get this under contract before exploring those areas.

@Brie Schmidt - Why not?  Would it make a difference in negotiation?  Or do you see a problem down the road if the tenants find out that they caused the owner to lose money on the deal?

@Brie Schmidt  - Thanks, I'll give that a shot.  

I'm currently looking at a property that is rented out to a tenant, with the lease ending March 2015.  The rent is below market ($1050 when you could easily get $1200), due to the fact that the current owner knows the tenants personally (current owner is tenant's boss).  I was wondering if the owner would be willing to take a discount on the price due to the fact that we won't be able to move into it right away, and because we haven't vetted the tenants whatsoever.

The market in my area is hot right now, but I think that since I'm taking a risk with an unknown tenant, this should be reflected in my offer price.  Do you agree?  If so, what % would you use to account for this risk?