All Forum Posts by: Charles Terrizzi

If you identified the cause of the growth, then why not clean everything up and kilz the place.

Or you could call Service master and they could do it, not sure it would be any better. 

There are so many different factors on mold, that no one can give conclusive advice on a forum. I'm an HVAC contractor and deal with this almost daily(in Florida also) We just Kilzed a lot of drywall and installed a dehumidifier in one today. 

It was covered with tons of dirt also. It's a half acre in a good neighborhood. I desire to build a house on the property, but the concern has been raised that the land may not be stable over the long haul. The property rarely has any standing water and has no sinkholes. This info is from the neighbors who all have houses near the property. Any swamp rehab exerts here? Before you just patently say this is s bad idea, remember my entire state is a former swamp and most of us are very close to sea level here.

Originally posted by @William Byers:

Subdividing land in Jax (defined as more than two lots) falls into a whole myriad of regulations including road building, stormwater (St. Johns River Water Management District), etc.  Are there wetlands onsite?  I encourage you to engage someone who knows about land development matters before you assume it can be easily (or financially feasible) to subdivide property and get all your permits and entitlements.

 No wetlands, it is zoned RLD-60 and is big enough to make two lots conforming to that code. 

We did the same thing 13 years ago with our own property, subdivided it into two 1/2 acre lots. Seemed pretty easy then. 

One house would be good on this property, Two would be even better. Just looking at the zoning regs, it looks doable. I'll check on that. 

I have a signed contract on a piece of land, the idea being to build some SFR units. Trying to make sure all my bases are covered here.

1. Looks like septic tanks are needed here, so I will have the health dept soil test prior to closing, this will ensure that we can put a septic on the property.

2. Contacted the local utility for an availability work sheet for the exact property

3. Should I contact zoning? The property is zoned for SFR. There is a city easement to get to the property, as it sits behind (off the road) some else's property.

Any other due diligence ideas? Title search will be done. 

Originally posted by @Jeff Tumbarello:

We just had an investigator from the DBPR at our meeting this month. One thing I will share, they are serious about unlicensed activity. That is a new development. 

we did a blog post to share some information gained in this meeting http://swflreia.com/2016/01/19/unlicensed-real-est...

This information was enlightening: 475.43 Presumptions.—In all criminal cases, contempt cases, and other cases filed pursuant to this chapter, if a party has sold, leased, or let real estate, the title to which was not in the party when it was offered for sale, lease, or letting, or such party has maintained an office bearing signs that real estate is for sale, lease, or rental thereat, or has advertised real estate for sale, lease, or rental, generally, or describing property, the title to which was not in such party at the time, it shall be a presumption that such party was acting or attempting to act as a real estate broker, and the burden of proof shall be upon him or her to show that he or she was not acting or attempting to act as a broker or sales associate. All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter; however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserved.

 This seems to sum it up, if you don't own the property, you cannot broker it to another person without a license, no matter what you call it. 

Originally posted by @Ned Carey:

That doesn't sound like much of a deal to me. You haven't figured in costs to purchase costs to resell, carrying costs. Seems like a both a tight and risky deal. 

That said, many good deals are negotiated not found. Asking price is not necessarily the sale price.

 I think I would have to keep total purchase cost to no more than $42k ....rehab and holding cost $50k I'm pretty sure I can do it for that. 

Since I plan on owning it for the next 30 years or more, It would profit me $238,350 over the next 30 years from my initial investment of $92k. 

$7945 NOI yearly on $92k.

If I could do this ten times, I could bring in just shy of $80k per year, twenty times would be $160k per year. I know, brilliant math skills right?

I own a company that brings in high income to fund this. I will use some leverage.

Asking price is $42k house needs everything almost

neighborhood is C+, likely would sell for $110-129

Needs complete kitchen, 2.5 baths total remodel, large amount of drywall repair, complete siding replacement, windows, lighting, garage door, flooring....

1400 sq ft, two story, layout is ok, but slightly quirky. Garage is 9 feet deep...why did they even put a garage door on this thing? Kitchen has a doorway to it with an actual door on it. Can remove door, but the wall is bearing the upper story, it is a decent size but definitely different. 

This would be like new construction, except the roof and bones, trades rough would be done, repiped this year. 

Yes this would be my first house. (before you warn me about how hard it is, I am an HVAC contractor) HVAC contractor status makes any project doable. I built a home from the ground up 12 years ago....that was hard, but I have learned a lot since. 

I figure I have $43k in renovations. That makes total investment $85k. Really probably more like $50k in renovations....so $92k. Again, It may only be worth $110k after all that.  Buy and hold is my main concept. 

Rent would be close to $995. 

This local market is tough to find deals right now. 

Since you are young, you could use the higher risk methods of building working capital.....crime spree.....not for the faint hearted. 

It's simple really, buy any cheap, scary looking gun, it doesn't even have to work and wala....you're in business. This is the ultimate use of other people's money. Talk about easy leverage. With this method and some luck, you will have working capital within hours.

And if the local authorities do stop you, you still will be relatively young when you are released. Hope this helps. ;)

There is plenty of risk when you are in debt. It must be "manageable". You should have large, I mean large, cash reserves to operate a stable business, family and country. 

Originally posted by @Dustin Rose:

Wholesale deal in Jacksonville. 46k rented for $925 on month to month

ARV 115-120k retail

Rehab for retail flip 25k

Can't give full address yet- tying up deals this week. Will have pictures soon. Will have 7 deals like this.

 I have an offer on a house that may not go through, I've got 80K to spend (cash, like hundred dollar bills cash)....I'm interested. I have driven this city every day for 25 years and know every neighborhood. Looking for good deal on rentals.