All Forum Posts by: Wryland Reed

What is the best place to find a general share agreement for a property in Florida? Are there local attorneys that offer a standard agreement for $1,000? Or.. who would be the best person to contact to find something like this?

Please contact me if you have a good attorney you used for a general agreement/share terms for an LLC for a property purchase in the Miami area.

I am building a ground up construction modern 1,800 sq ft, 2 story home in Miami with lot currently under contract and construction elevation survey with lot lines complete. Seeking an experienced architect that can draw complete plans for around $4/ft for PECUC zoning. Please contact me if you have experience in this area.

• Will need to visit existing projects / see references & portfolio

We would also like to continue work on 2 more projects this year with you, and 3 next year.

I am building a new construction 1,800 sq ft, 2 story home in Miami with lot currently under contract and construction elevation survey with lot lines complete, still finalizing architectural plans. Can you please recommend an contractor with single family home ground up construction on a fast timeline?

We are seeking a construction partner who can bring his lender for a land + construction loan for a % of the project profit, along with building profit as well. This is our first project in the US, so we need an experienced contractor that can bring their lender.

• -Building+construction cost initial estimate: $300,000

• -Sales Comps: $425,000-$475,000

Will need to visit existing projects, see references. 

We would also like to continue work on 2 more projects this year, and continue the relationship for years to come!

Originally posted by @Simmy Ahluwalia:

@Wryland Reed - due to the lack of real estate experience, and development, on your end, you will have to purchase the land with cash, take it through entitlement and permitting, then someone like us can come in and do the vertical financing.

Hi Simmy, if the project goes that route I am happy to contact you and see what is possible. I am meeting a few lenders that are qualifying us to offer a % return to their preferred contractor to help get us funded and moving with an experienced construction partner incentivized with profitability. 

I am looking for a new construction loan on land to build an 1,800 sq ft single family home in the Miami, Florida area.

We have a lot under contract with a new LLC, first time new home construction in the US.

My business partner has years of new construction experience with multiple projects: hotels, offices and others, but all outside of the US.

We are looking for land ($85,000)+construction loan total of $300,000. 10% down. Sales comps range from $415-$475k in the .5 mi area in the past year.

My credit score ranges from 750-765. I have 5 years solid W-2s. Going into real estate full time now, also am B.S.A. Eagle Scout with character references available.

We have 2 other properties we can also get under contract, but want financing.

Please contact me if you specialize in first time new construction loans, especially land+loan, or if you can recommend a credit union in Florida or Miami area, or any other new construction lender.

Due diligence with title company should be complete within 2 weeks, completed survey with lot lines and construction elevations coming this week.

Originally posted by @Ned Carey:

@Wryland Reed you do not "pay the taxes" and get a lien on a property. You buy property tax liens at auctions from the county or city. County or city property taxes are an automatic lien against the property. 

The liens are then sold at auctions to investors. I buy lot of tax liens but never in FL. My understanding from reading here on BP is that tax liens are bid down to very low rates of return in FL.  Fl has somewhat of a hybrid system. The tax lien holder cannot foreclose and get the property like in most tax lien states.  In Fl the tax lien holder can force a foreclosure to happen but then the property is sold at second public auction. 

My understanding is that the low interest rates tax liens are bid down to, make no sense for the typical investor. In Fl the best play is to bid for ownership of the properties at the second auction. I suspect in today's competitive market, bargains will be a rare exception rather than the norm. 

Hi @Ned Carey, Ok interesting, I will check on that. I do know where to buy them at auction, as well as the foreclosures at auction. There is quite a sizeable down payment requirement to bid at these auctions.

So, would there be a benefit or potential for a legal process for placing a lien after paying a property's taxes that are past due prior to it hitting auction? Why are they public to pay here: https://miamidade.county-taxes...

There are some addresses that owe 10s of thousands from past years searchable on that site.

What is the process for a property getting unpaid taxes sold to public bid in Miami Dade County?

If I found a property that has not paid their taxes for a year or two, what is the exact process for paying the taxes and placing a lien on the property?

I can call the Miami-Dade County tax collector's office and find homes that have not paid their taxes... how long is it before I can pay the taxes and place a lien on the property for that amount? Or what is the length of time I have to wait before it is offered at public auction and can I only wait until that time?

Please respond if you have purchased tax liens or if you have an example from your county or especially Miami-Dade.

Thanks! I am not sure about thr number of doors, I walked about 7.5 miles and knocked on every door I could reach without a gate, I just focus on the result of finding 1 or 2 homeowners that will sell the day I door knock, and knock until I find some tangible results for the day.. mostly marking followup for a mailer in my notes, or marking each property into lists I have in google maps.

The referral fee would be a marketing expense to get a conversation with a potential property I buy, or offer a wholesale contract to, so it can be counted as a marketing expense to get a conversation, otherwise noone would be able to source a home with the help of another person to buy themself or pass on to a buyer, right?

Door knocked for 6 hours today, here are the results:

-2 off market homes are considering my offers at a formal meeting set for tomorrow

-Met 2 local realtors who are helping me find off market land owners and flips from contacts they know in the neighborhood, and sending off market flips and pocket listing my way

-Added 2 local scouts, paying $3k for any off market deals they send my way that close

-Added more target land and flip homes to my google maps that are not accurate on google and will mail letters to them

-Added 2 new modern construction homes not accurate on google maps to see what new high comp they can bring.

-Added a buy and hold rental lead to follow up with

Each time you speak with someone:

-Care about them

-Get to know them

-Ask about their day, genuinely care, genuinely listen

-Find out what their goals are, what family they have and where they are, where they go tk school, and what they want. Listen and truly try to help them reach their goals with your real estate offers.

Ask about your goals after, surrounding houses, surrounding land, surrounding opportunities, opportunities their friends and family may bring your real estate business.

All of these people I met get letters, calls, and once in a blue moon someone walking the street like me, usually only a realtor with a listing next door, but if you take just 15 minutes to maximize your conversation going to each door, follow a system of saving them in your phone notes as leads, and leads for google maps, you can wholesale, BRRR, find rentals, build new construction, and build a network worth $1 million in 2 years by truly caring and connecting people first.

I also have met a real estate investor who will invest $50k as part of $200k I have raised door knocking.

Now have 7 people hunting deals for me for a $3k commission.

Have found 4 off market houses that can be rehabbed or we can build on.

Met 3 realtors that are looking for local off market deals to bring a deal to me in a target area that live in that area.