All Forum Posts by: Bryan Bacallao
Bryan Bacallao has started 8 posts and replied 15 times.
Post: What's the best way to screen tenants & collect rent??
- miami lakes, FL
- Posts 15
- Votes 0
So I'm looking to purchase my 1st rental property. How/what should I use to screen potential tenants? What's the best way to collect rent? Is it normal to get the 1st and last months rent plus security deposit OR just 1st months rent plus security deposit? Suggestions??
Post: looking to buy 1st rental property...how do i calculate insurance
- miami lakes, FL
- Posts 15
- Votes 0
Thank you for all of your input. Looks like I'll be making some phone calls tomorrow =)
Post: looking to buy 1st rental property...how do i calculate insurance
- miami lakes, FL
- Posts 15
- Votes 0
I'm working out my numbers for my first rental property and I'm trying to figure out what insurance coverage I need and how much I should expect to pay. The property is a townhouse and in South Florida FYI. Any thoughts??
Post: What's the right amount of "Seasoning" for a cash purchase???
- miami lakes, FL
- Posts 15
- Votes 0
The property mostly needs cosmetic rehab. New paint and maybe new carpeting in the bedrooms.
Post: What's the right amount of "Seasoning" for a cash purchase???
- miami lakes, FL
- Posts 15
- Votes 0
I'm looking to buy my first rental property via hard money. How long do I have to wait before I can Refi?? What banks are the best to use? I used the Rental Analysis Tool to compare the Net Cash Flow of using a hard money loan vs a mortgage and there is a huge difference favoring the mortgage. I'm not sure the BRRRR Method will if I cant refi the property quickly. Any suggestion, thoughts, comments??
Post: Pros and Cons of using sellers title company?
- miami lakes, FL
- Posts 15
- Votes 0
So I've noticed something while scouring through numerous amounts of listings online. I've seen quite a few properties that require the buyer to use the sellers title company? What are the pros and cons of this?
Post: New Rehabber from Florida.
- miami lakes, FL
- Posts 15
- Votes 0
Welcome Jermaine!
You came to the right place. Explore the site because there is a lot to get familiar with. You also might want set up keyword alerts so you'll know what's going on in your areas of interest.
Learn and Earn!
Best of luck,
Bryan
Post: Has anyone ever bought a FannieMae HomePath property?
- miami lakes, FL
- Posts 15
- Votes 0
Wow! Now I feel validated because @Mindy Jensen replied to one of my posts! Thank you for sharing your experience. I'm going to follow everyone's advice and do it the legal way and submit an offer that makes sense. Thank you everyone who replied!! Btw I'm not sure how to reply and have ur @name show up in blue.
Post: Has anyone ever bought a FannieMae HomePath property?
- miami lakes, FL
- Posts 15
- Votes 0
Originally posted by @Jim Shepard:
Bryan,
I have bought several Fannie Mae / Homepath homes including 3 in Cape Coral, Florida. Unless you are planning on living in it, don't tell them that you will. It's not worth the government coming down on you because you are a rich landlord! Wait the 14 days and then make an offer. I always work backwords when coming up with an amount that I am going to offer. How much is fix up with an extra 20% fudge factor for problems that will occur? I then build in an extra 15 to 20% additional equity for myself (Note I buy and hold). I then add the above and subtract it from what I think the house is worth after the rehabbing. Subtract a little for negotiating and present your offer. If the house is a real mess and most of them are, I will send pictures of the property along with my fix up list. One last thing that I have found in my part of Florida. Check public records to find out if water, sewer and other city improvements are paid for or not. My titles were always clean but they won't pay those debts off which can be 20 or 30 thousand dollars!
Thanks Jim for sharing. Yes I will definitely look up the public records to make sure there is nothing owed or any liens. Great tip! Thank you!
Post: Has anyone ever bought a FannieMae HomePath property?
- miami lakes, FL
- Posts 15
- Votes 0
@Russell Brazil that is what I feared. Thank you for input. How easy was it after it opens up for investors to purchase the property? Will they accept an offer below asking price?