All Forum Posts by: Brad Fitzpatrick

You may have a hard time having a bank lend you money on a house in Tulum.  Costa Rica for example is nearly impossible to get banks to lend so most buyers have to pay cash.  

The market shot up in the 2006-2008 years because of improper lending tactics - the prices have increased this time because of supply and demand.  Way different.  The foreclosures you are mentioning will be interesting to see.  IMO those foreclosing in this market were hurting before COVID and are middle to lower income earners and don't have luxury homes.

I just bought a building that is in bad shape.  Got a smoking deal on it.  Its about a 4,000 sq ft building that was previously 2 commercial units (warehouse/industrial type) and an apartment in the back.   I am torn on what to do with the building.  We are considering the following and I'd love some thoughts:

1)Keeping it as - demoing and clean it all up and rent as 2 commerical units and an apartment

2) Convert the entire building in to like 4-6 apartments and rent those out. 

3) Open to other ideas.

Thanks in advance.

Brad

id find them through fannie, freddie, redfin, etc... normal means. if cheap enough i could pay cash and get them fixed up. i would probably stay away from the more expensive properties to begin. i would set myself apart by selling these at a fairly low price...low enough so the rent would create a cash flow after the taxes, P&I, etc...have been paid. to me, if i was an investor a property that has a renter and creates positive cash flow immediatley is intriguing, but i dont know if im missing something.

Im thinking about buying foreclosed property at a low price, fixing up the properties so they are nice, getting renters in the house then listing the property for sale as an investment. Anyone have any experience with this and what potential problems I could face.

I am thinking about normal renters and Section 8 tenants.

Any thoughts would be greatly appreciated!

The building is a 3 flat ( 3 condos). I actually live in one of them and am the condo association president. the one for sale never finished as the builder went bancrupt...its about halfway done. It is the only unit not occupied.

I believe the permit is expired but the only items left to do in the unit are flooring , finish off 3 bathrooms, applicances, fixtures and trim. Not really sure if any of that needs a permit to do. all the walls, drywall, electrical, heating, etc...is done.

Should I still be concerned about a permit?

I was doing some reading and found Contract for Deed...which defers the actual "final loan" but the buyer (me) pays the current note on a monthly basis. Could that work?

The purchase price would be 90k with about $70k in remodleing costs. I beleive the finished condo is worth around $250k but could probably sell it for $220 fairly quick. For a HML My exit strategy would be to refi and pay the HML off or to list and try to sell. I have 730 credit I also could use this as a owner occupied unit if I need to...

I'm trying to buy a bank owned property that is probably 50% finished and needs a lot of work done. Any creative ideas on how to finance this? I was thinking about how I could get the bank to agree on a purchase price then deed me the property (without paying them or getting a loan) so I could get all the work done on the property so it was finished...Then I could get conventional financing and pay the bank the agreed upon purchase price. Anyone have experience or ideas on this type of deffered arrangement?? Thanks.

how are people funding multiple rental properties? I have one rental property but my debt to income ratio property wont allow more purchases...what strategies are people using to build multiple rental properties? any help is appreciated.