All Forum Posts by: Adrian Alvarez

@Malgorzata Sadowska

Can you please provide me his contact info ?

Hey Guys,

Thanks so much for the quick replies. I really appreciate all the feedback.

Here are the steps I am going to take based on recommendations

1. Go to County Appraiser website and check to see if the units are legal

2. Look into how to apply and the things i need for a FHA 203k loan

In addition, after taking some time to think this over I thought of another idea. 

Can I get the property deeded to me then once i do the repairs/updating take out a mortgage on the property to then pay my family members for the property ?

Would this be a better move ? Any tax benefits ? Any negatives ?

Thanks so much again 
 

Hey guys,

I'm reaching out for some technical advice on how to best approach this deal.

A distant member of my family recently passed away. And she had a house here in Miami that was split into a two-bedroom one bathroom and a one bedroom one bathroom apartment in the main house. There is also an additional dwelling unit in a separate building that was added to the garage that is a one bedroom 1 bathroom.

The property was owned by a contractor who then became a city inspector, and we believe that all of the units are legal but we'll need to run our due diligence just to make sure. Unfortunately, the couple that had lived there for the past few years became very old and let the house fall into a bad condition. It will need a lot of work , such as a new roof on the main house and the additional unit in the back, updating the kitchens and bathrooms, and completely rebuilding the unit in the back as the roof caved in a few years ago during a hurricane.

Now that you have a little bit of background on the property. I am reaching out for some suggestions on what would be the best way to try to acquire a property like this knowing:

1. that it is going to be put on the market in a few months as is. But also
2. this is a family member that will give me first dibs on an offer once they get the appraisal back.

Would you suggest to do any of the following:

1. Offer to fix the property myself with funds that is have saved (around $80k) Then apply for a FHA loan to purchase it.
2. Applying for a 203K loan And then rehabbing it with that
3. Or any other creative way to acquire it

Also are there any recommendations for lenders that specialize in 203K loans nationally or in the South Florida market? because that is something that I am not very familiar or versed with.

IF more info is needed to make any quality suggestions please post and I will follow up

Thank you so much in advance for any help

My wife and I want to purchase a Duplex to house hack one of the units. We are going to use an FHA loan to House hack the property. We were using the Rental Calculator but we are confused if this is the best calculator to use. Has anyone here gone through this process ?

If you are in Miami area would it be ok to talk about this over a cup of coffee so we can pick your brain ?

Thank you 

Thanks you so much for the Info !!

Hello I am a very new member based out of Miami. 

My wife and I looking to set up our Real Estate Company, and we wanted some suggestions from Local BP members on some CPAs that specialize in real estate and are trustworthy. 

Does anyone have anybody they would recommend ?

Thanks so much in advance