All Forum Posts by: Tom Donnelly

@Tom Donnelly * considerably lower

@Joshua Wilson The property you mentioned got 7 offers within three days of being listed! The market beachside and in Brevard County in general is red hot. We are #2 in the country for economic growth, with both residents and businesses coming here from around the country. Combine that with low inventory and you have a situation where prices are quickly rising and good investments are more difficult to find. However: 1. Good deals can always be found with creative prospecting, financing etc..., and 2. Brevard County prices are still considerably than other areas in Florida.

@Wayne Brooks

Thanks Wayne! I was hoping that you would respond. I don't believe the title company will disburse funds based on the amortization schedule and a per diem. They actually need something from the note holder. Right?

@Peter Walther

*accountant's

@Peter Walther

Thank you Peter, this is exactly what I was looking for. What do you think about sending the note holder an independent account's determination of the numbers along with or just after the payoff request?

First, I am anticipating this scenario, it hasn't actually happened yet. I purchased a house 18 months ago with seller financing and theres a 24 month balloon. I have a buyer for the property now. Based on emails with the seller I believe he will be reluctant to give the payoff figure to the title company. He wants principal and interest paid through the 24 months. There are no prepayment penalties or restrictions in the Note. What happens if he won't provide the payoff?

@Michael J Scanlon

Hey Michael, under many state laws wholesaling falls under the real estate regs that protect the public by requiring that the individual be licensed. This is a highly contentious issue on BP because few wholesalers are licensed real estate agents. In your case, this is not an issue at all but you may be held to the standards pertaining to real estate agents in this transaction. Just my opinion.

The MLS question can be easily resolved by a quick call to your local MLS. In mine you have to have title.

@Filippo Baldo

Brevard County, FL.

Great weather, booming economy and reasonably priced investment properties.

Josh, 

Darrin's 12 unit purchase in the Space Coast/Brevard County is pretty typical of the market here, with substantial upside on the rents. Google Space Coast and Melbourne FL and you will see that the area might be exactly what you are looking for. Great weather, reasonable prices and a very dynamic economy. Good luck!

Hi Kizzy, The Melbourne area is booming. Great area for investing. Welcome to BP!