All Forum Posts by: David Collier Jr

Have an investor friend doing the inspections now in Ft. Laud. What stood out to me was that you are required to have a hardwired land line phone and hard wired smoke doctors. The landline phone is laughable and speaks to how antiquated Gov can be. 

Liens are on the property or the bank is stating they show on your credit report? If so you can request your city do a lien search on your property. Small fee to do so. See what comes back. Takes about a week. I just did it for my properties in Pompano. 

Otherwise obviously do a credit report run and contact each of the three reporting agencies in order to have them removed it reflecting incorrectly. Sounds like you may want to do both. 

Multifamily off market with FHA is not impossible. Ive don't two in Broward County in the last 36 months. Rehabbed and REFI-ed both.

You don't need a wholesaler and being new to this you're not going to get first look at any deals from a wholesaler especially since you are financing (especially true if FHA) as the wholesaler wants cash and quick confident close. FHA is just going to translate into time consumption to them.

Focus on a target market, neighborhood not city, and start driving around, writing down addresses, calling owners, mailing owners. Look for long time personal owners and not LLCs. 

City of Fort Lauderdale looks like signing an affidavit stating you have removed the listing then $500 per day that you continue to operate unlicensed. I am about to launch 3 units in Pompano. Different with each city. 

https://www.fortlauderdale.gov...

@David Johnson PenFed was fine. All electronic. Actually closed it while on vacation. The rep I dealt with was young but thats to be expected. I went fixed rate. Depends on how long you want to keep the line open I guess. Shorter = variable OK in my opinion. 

I used PenFed as well. Best deal I found. I found that many big banks stopped offering HELOCs last year unless your primary loan was with them. I also tried with Brightstar Credit Union locally but their appraisal came back too low (desktop versus in person so my rehab updates weren't considered). They also weren't the best to communicate with but this was during quarantine so maybe its improved. 

If I'm understanding you correctly and the properties have no mortgage you could cash out refi and the cash you take is now your mortgage. But you obviously start paying interest on that right away where as a HELOC sits with no interest incurred until deployed, like a credit card.

I used Penfed for my Broward duplex. I tried the big box banks like BOA, Wells and TD however they would not offer me a HELOC unless the primary mortgage was with them already. I also got terms from Brightstar however the appraisal came back low. Both Penfed and Brightstar were online processes.

Just acquired a duplex off market. Got it much below market but I had been asking the original owner to sell to me for two years. Small multi family prices in my area (Pompano) are inflated. I don't see how people are justifying the purchase price unless its all cash and/or a 1031. Possibly being purchased using short term rental projections but obviously that is ill-advised being that you want to acquire an asset running numbers as a long term rental to be safe. 

Long story short, look off market but every owner including myself is getting hounded by wholesalers so there's competition. Other competitive edge is to buy as an owner occ. 

Thanks @Fred Cannon, you answered my next questions in your response. That is something I had not considered and is useful.