All Forum Posts by: Brian D. Beatty

Plenty of Bad in Florida, Plenty of unethical, as well! Your agent should have pushed, no matter what is said, every property needs to have a Seller disclosure. Even Bank owned properties, they are typically just a formal letter, stating the current owner has never occupied the property, and has no knowledge of property condition or past issues. This still has to be signed, by the Seller and given to the buyer, usually within 5 days of accepting the offer. Thank god it did not have a (oh by the way we had a Subsidence/Sinkhole claim)! 

Termites in Florida, regular issue, be happy it was tented recently. But my issue would be with both agents, not getting you this document in the first 5 days of being under contract. If my clients are interested in making an offer, I am asking for it, so they can review. Sometimes they are uploaded in our MLS, as an attachment, so I can have signed with the initial offer. Hope your inspection goes well and there are no active issues, but I would not sweat the future sale being affected. Every home in Florida, will have an issue at some point.

Sho, 

Have you looked into lease option deals? We have it in the Tampa Metro and I believe its also available in the Phoenix Metro. I will reach out direct with some details.  

Never to early to educate yourself and vet your team. I am not in the Miami market, have contacts depending on what you are looking for? 

I would ask if they are used to working with investors or have invested themselves. Lots of agents are investors, as well, does not mean we are stealing the deals. But typically an agent that does single family homes purchases for Bobby & Jane that are buying a 3/2 to start a family, do not know how to analyze a deal. I want my agent to at least grasp the numbers and not be setting me up to pay the most, so their commission is $300 higher! 

Daniel,

The education is all in viewing properties, walking them, scheduling showings with the Listing agent, open houses or if you have a buyers agent. You will start to get a feel for what normal #'s are. When you see a 3 bed house that is less than 1000 sq. ft, you will know that all the bedrooms will be tiny! You will start to see the neighborhoods, what you like or don't like (you cannot get this from the internet pictures and street view). Pay attention to how long a property lasts, before it is under contract. Pay attention to condition, compare it to every other property you have looked at, is it better/worse. How does it compare to the others in price? Wait for them to be listed as Sold and see if they went for List price, over or under. If you view enough properties and see what they are selling for, you will have a great understanding of current market purchase price/value. 

Now this education only applies to purchasing properties on the market (MLS). Depending on how you plan to invest, you will need to learn the current rent rates, fix and flip market (if you are planning on that strategy), or are you planning to BRRRR?

You will want to make sure you do your research in an area that has regukar turnover. If an area has 1200 homes and only 6 go on the market, per year, you will want to find an area with good turnover (our office says 6%), If found pockets of 200-300 homes that have an annual turnover rate of 18-20%. This market always has buyers and sellers. Find 2 -4 Markets within the Market, that is where you want to focus. 

Brandon,

This might work, capping the potential by using the assessed value. My question would be, would it make sense to target an area based on value, canvass a bigger market, if you were to get a good lead outside your parameters. Pass it along (wholesale) it to another investor/maybe joint venture a bigger deal. If you find the deal, you can attract others to join in or pay for the opportunity you find. It sounds like you are looking for 1 deal, what happens if you get 3 leads? Basically what i'm getting at, don't limit yourself, if you are doing the work and finding the deals leverage that for other possibilities! Hope this helps.

Darius,

Interesting find, we have some of these type homes hit the market from time to time and never seem to sell real well. Probably since most people are looking to convert it back to a regular residence? I would look on Craigslist, in that area to see what people are looking to rent a room for (per month). I would also check with the municipality for zoning issues on rental terms and allowable (we have areas that restrict rentals to 30-90 day minimums). If the numbers work, its legal and you can manage (or pay someone to manage) and make money, then I would say you found a unique niche, with little competition! 

Yes, the lender I recommend to most people does just that. I believe he works out of Ohio as well, if you need to talk with him, let me know!

David, 

There are several REI groups in the Tampa area. I am in the Clearwater, Western Hillsborough and Pasco County Market. If you have any questions, let me know?