All Forum Posts by: Tyler Gibson

@Mitchell Senkowicz The Management agreement would have to be with your broker not with you. 

https://bizfluent.com/how-6708729-start-property-management-company-florida.html

@Simon Stahl All the information you are looking for should be public record. I am not certain how Indiana does it and specifically Indy but in Florida and many other states I have worked in the local county government has a property appraiser that determines taxable values and along wit that collects information such as owner owner address previous sales information and other stuff. Additionally the county records documents like deeds, liens, and mortgages that are typically available for the public to search through. Using these resources can be labor intensive but they are free public sites in most cases. I hope this helps and if you have any other questions let me know.

@Brian Hetzman I recently applied for my license here in Florida. Here you have to apply before you are allowed to sit for the state test. Once I scheduled my test with Pearson Vue testing center I started getting unsolicited emails from brokers asking me if I would be interested to join them. I haven't even taken the test yet and I get one of these emails ever 2-3 days. So there are 1 of 2 things happening. Florida DBPR is selling my information to brokers or Pearson View is selling my information to brokers. I don't really mind all that much since it is literally the only time I have had "employers" beating down my door. I would suggest calling your state licensing agency and asking if you can buy a list of people that have applied for a license. If that doesn't work check with the testing company if it is someone other than the state. Hope this helps in some way. 

@Dylan Thomas The numbers look good but I see one problem. You say you would house hack but you also say that the 3 livable units are rented to long term tenants. I know you say there is a space that could be converted but how much would that cost? How long would that take? If you think you could get in for only $4500 out of pocket I assume you would be using and FHA loan. If that is the case you would need to be living in the property and if all the livable units are rented I don't know how you would make that work. Sounds like a good deal overall but I don't know how you would make it work. If the $4500 is all the money you have in the world and you wouldn't be able to cover an unexpected expense of $2000 or so then you might want to wait till you are in a better position. Also you mention that the property has been on and off the market for over a year. That would give me pause. Usually that is a sign that there is something wrong with the property that would need to be fixed and that means extra $$$. Just some food for thought. This game is all about risk reward so at the end of the day what is your risk tolerance?

@Karla Simmons If the price is right people will rent it. I only bring up the fact that you might scare off a family because my wife shot me down on a home I wanted to buy for us to live in when she saw the traffic pattern. If there is a fenced yard it might be a non issue. 

@Karla Simmons Is there ample parking for the home? Who is your target tenant? Will your target tenant be scared off by the busy street? Is there good demand for rental housing in the area? Do the numbers work if the rent is a bit lower due to the busy street? Answer these questions and you should know if it is a good idea or not. If there is ample parking and the numbers work then go for it. I don't see much risk in a busy street except I might not attract a family with young children to live there. 

@Peter Hynes As you stated it is pretty typical for this kind of situation when dealing with a wholesaler. I would do everything you can to get an inspection in. Unless there were multiple people trying to get this deal I would try and hold off the closing until you at least know what you are dealing with. I would worry more about the reputation of the wholesaler as opposed to the reputation of your RE agent. If your agent vouches for the wholesaler then you might be ok, since they are a fiduciary and have to act in your best interest. Also I would not assume that the reason the properties are at a discount is because you can't get in to see. They are likely at a discount because they are in bad shape and could not be sold to someone using traditional lending institutions or there is some reason the property owner wants to liquidate their portfolio. I purchased a property sight unseen from a wholesaler and while I think the risk was worth it the amount of work required was about $100k more than what I had anticipated. I did this deal however because the property was being sold for about $150k less than what fair market is. If there is only about $15k in equity in the properties then your margin for error is slim. It is all a matter of risk reward. I cannot advise as to what you should or shouldn't do since very investor has a different appetite for risk. I only share my views on the situation as food for thought. Good luck to you, and Let us know how it turns out. 

@Jack Yu sure I connected with Greg Junge about new build rentals. 

@James Strawser Get the verbal agreement on a paper lease even if it is just having the verbal agreement on paper. Verbal contracts are valid in Florida but not enforceable. So talk to them and get them to sign something or get them out even if you have to do cash for keys. 

@James Strawser You can ask them to sign a new lease but I think that you have to honor it. How long are the leases for? Get to know that lease in and out and if they aren't paying on time I would be looking to get them out so you can get your own people in the property.