All Forum Posts by: Account Closed

I have to agree that the ratio of 1 bathroom to 4 bedrooms is going to limit the rental pool.

Anyone with the need for 4 bedrooms is going to at least want 2 bathrooms.

Are the comparables also 4-1?  If so, and if the money allowed building a second bathroom would put you   

ahead of the competition. Good luck.

Thanks everone again for the help.

I found a great realtor here at bigger pockets, flew down over the weekend and we signed the listing agreement.

The property should be up on the mls on Wed/Thursday. Its a triplex operating as a six plex with $4400 income and $1500 going out. This includes the trash pick up which I was surprised how expensive it is.

Anyway, The numbers do work, if anyone is interested. 1135 nw 33 ave 33125

Thanks,

Veronica

Thanks to all that commented. I appreciate  the helpful information.

According to my sister whom has been managing the property and lived with my father for the last two decades there has not been any violations. If the property were here in Houston I would definitly do a buy out from my siblings since I believe after taxes insurance etc.. it yields over 2k a month. However since the property is in Florida I have no desire to purchase it.

I don't have the stamina and/or temperament to "manage" a management company in another state, especially Florida. I prefer to use the money to purchase something locally.

Veronica

Jason,

There have never been any code violations that I am aware of. Please see below for zoning...

The property is owned free and clear and there are no taxes on inheritance in Fla. I would love to keep the property and do a cash out although its producing over 3k a month. Unfortunatly, my sibling wants it sold asap. 

Greetings and happy forth of July.

My father passed away several months ago leaving my sister and I  a property in the flagami area. We are remaindermen so the property is already in our names.

This property has been in our family for over 25 years and ever since I can remember it has been a five plex.

The problem is the building was originally only a tri-plex. I believe that it came with a storage area and that was made into another unit. 

I am flying to Miami from Houston in a couple of weeks to look for a realtor but am very concerned about the violations.

Is this something common in Miami?

Has anyone purchased/sold a property there with violations and if so how was it handled?

Any advice would be appreciated,

Veronica~

I recently attended the Lifestyles unlimited seminar (2 day seminar) here in Houston,Tx and soon realized that as a self-employed woman that does not show sufficient income that leverage is going to be very problematic. I was told that for someone like myself that has a decent amount to invest -150k- that the multi-family investment would be a great fit.  However, Their PIG level is $20k. Also I don't completely trust or understand their process. 

I am not opposed to purchasing SF but without leverage I would have only enough money to purchase one property. I have researched and am unable to find anything In a decent neighborhood below market price with 

good cashflow. I have  been looking in Sw houston, Pearland, Katy, richmond rosenburg etc

Any advice or suggestions, Please?

I would be open to a mentor/partnership etc.

Thanks in advance😄

That is doable and Thanks.

However, I was thinking more in line of the idividuals that place ads such as "I buy ugly houses," and how to screen on the phone, evaluate them in person,negotiate and how to actually purchase the house with the right contracts.

Greeting,

Still looking for deals.

I've come to the realization that if I'm to find any solid discounted deals I'm going to have to find them myself. Yet, I have no idea how to accomplish  this process. I suppose I would need the same skill-set that wholesalers have learned except the property would not be assigned to anyone else. 

Does being female and Spanish speaking help or hinder in any way in the dealing with distressed sellers?

Are there any good books/ how to seminars specifically dealing with this subject in a step by step format? Any mentors here in Houston?

Any help or advice would be greatly appreciated.

Veronica~