All Forum Posts by: Ashley Davis

Thank you @Andy Mirza ! 1% is noted. 

Okay let's double that $15k and say it needs $30k worth of repairs and let's add in another $5k for eviction or cash for keys.  

If the property was purchased for $145k and can sell right now for $220k in good condition, thats a 40k profit (not taxed of course.)

Also can rent for $1600 and maint. fees and monthly taxes are less than $500 a month.

Am I missing something? 

@Christen G. SMART! Yes, I might just do that. Leave a letter for them explaining the situation that I am the new owner rather than just dropping by unannounced. I like that.  Thank you!

Hi @Andy Mirza . Thank you!! Yes, of course pretty risky however if you are saying it will cost $15k max to reno a condo.. there is no way I can lose. I bought it for $80k below the most recent comp in the building AND the area is blowing up. I will say I got it for about $100k under what I can sell it for in good condition (not lux or anything.) It seems like a no-brainer to me... what am I missing?

Yes it's tenant occupied. So if they provide me with a valid lease, I have to keep them. I don't mind that... checks right away would be great! If they don't have a lease and don't want to leave I have to file an eviction which will, of course, take time and $$$. Hoping I don't need to go that route. Cash for keys is also an option.

QUESTION TO ALL, how much should I offer with cash for keys? 

@Kyle Bruns Hi!! Thank you for the input. Love hearing what everyone has to say. Taking a move in/move out inspection form is a great idea!!

What I want to do with it, really depends on the condition and how long all of this takes. The ideal would be to hold for 2 years or so. 

Yeah, I am not looking forward to knocking on the door BUT I would love to keep them, assuming they have a valid lease. A renovated 1 bed like this one just rented for $1600 a month. Maint. fees and taxes are less than $500. 

QUESTION TO ALL, who is to say that they cant forge a lease? 

Thank you Jim!! Very helpful. And yes, you are right, REO* Not foreclosure. Ok. Yeah I've seen the exterior and other units in the building. I am very familiar with the area. Even if it needs $50k work of work (it's 700 SqFt) I will still make a profit. The deal was too good to pass up. I was planning on knocking on the door myself to be less invasive and then calling in back up if needed. Cash for keys would be ideal. And yes starting researching eviction law as well. I realize this could take some time.. BUT hoping we do not get there.

Would love to work together on my properties and my clients' properties. 

Rajah I see you have no investments of your own... this is quite typical in Miami as it's very competitive to get a great deal. I bought it almost $100k under comps and I did my research so I think it's safe to say that my investment will work out regardless of interiors... 

Hi there. Closing today on my first investment property. Bought it sight-unseen from the bank. Curious on how you would approach this situation? I will be able to knock on the door for the first time, later today!!