All Forum Posts by: Brock Lister

@Adam Ulery great advice I will use those numbers for sure. Thanks @David Dachtera, yea Hubzu is definitely an interesting way to buy properties. I've been watching them and it seems like less of an auction and more of a way to generate interest in properties. I've also noticed the same bidder is always bidding on all the houses which is a little suspicious. Thanks a lot @Mike Reynolds that's good advice to make sure to bring the property up to neighborhood standards or better in order to get a good return.

@Philippe Eversdijk, Hey thank you for the quick reply and the solid advice! Will definitely make sure to follow proper protocol with permits now. 

Hi everybody, I have a question about a property for sale on Hubzu here is a link to the same house listed on Zillow http://www.zillow.com/homes/46-Harbor-Oaks-Circle-Safety-Harbor-FL-34695_rb/?fromHomePage=true&shouldFireSellPageImplicitClaimGA=false. This property is in Safety Harbor, FL which is just outside of Tampa near Clearwater. The bidding opened at 137k and like most Hubzu auctions the reserve was not met so I put a backup offer of 140k. The seller is now considering this backup bid and I have 3 days to either confirm or reject this bid. 

My question is whether this seems like a good deal or not. This would be my first purchase so I'm sure I'm overlooking some things due to rookie mistakes. While trying to be conservative I estimated ARV at 220-230k. With the buyer's premium and technology fee the price would be 147k. It definitely needs a new roof and heavy cosmetic including renovating kitchen and bathrooms. I will be doing much of the work myself but will contract out as needed. Craigslist search showed similar houses in the neighborhood renting for $1500-1800. With an owner-occupied loan and a pretty favorable rate I am estimating P&I, taxes, insurance, PMI with 5% down the monthly total would be around $900/month. With vacancy, repairs, cap ex, and leaving room for potential property management down the road I'm wondering if this property will still cash flow positive.

I would greatly appreciate any feedback as I know experience trumps all the books I've been reading. Thanks and looking forward to hearing from some of you!

Hey @RobertWilson that sounds great and also a great rationale for why they would be great tenants! Thanks for the tip and would love to meet up. Thanks @JoshuaSclafani really appreciate the great info, looking forward to check out those neighborhoods as well! 

Hey @Robert Wilson that sounds great and also a great rationale for why they would be great tenants! Thanks for the tip and would love to meet up. Thanks @Joshua Sclafani really appreciate the great info, looking forward to check out those neighborhoods as well! 

Hey everybody, another newbie here! I am a physical therapist from Buffalo, NY relocating to the Tampa area next month. I'm so grateful that I came across this community and have been reading everything I can get my hands on as well as listening to the podcasts. Very interested in rehab rent refinance strategy as well as buy and hold. I'm going to start driving the neighborhoods as soon as I get there to get a feel for neighborhoods but any tips on good local markets would be welcome and appreciated!  Looking forward contributing back to these forums once I get my feet wet!