All Forum Posts by: John Kent

Hi @John Heffren, feel free to connect with me. I am in your neck of the woods.

Also, if you are looking for the local REIA groups:

• www.goreia.com
• www.cfri.net

Photos would not be accepted. Expect to have to order an appraisal update for lender required repairs. There will most likely be an additional fee. 

If the pond isn't attached to the house or a code violation then it is unlikely to be an appraisal issue. However, this would be a good question for your loan officer just to be on the safe side. 

Are you by chance farming Tilapia in the pool? An interest of mine.

@Lance Kamiyama welcome to Bigger Pockets. If you have any questions about Orlando, Florida feel free to connect/PM.

@Michelle Elsaid that is a very good problem to have. 

@Andrew Davis always love your posts with those nice charts. They definitely tickle my data fetish. Thanks again. 

@Michelle Elsaid if you are a first time home buyer look into the down payment assistance program. Up to $15k in DPA is available in Orange County. 

In our area it is almost a standard that REO properties be listed just below retail. The loan servicing company will hire an asset management company to manage the sale of the property. An individual asset manager is assigned to the property. He/she will hire a real estate agent to complete a BPO which will be used by the asset manager to set the listing price. As Steve mentioned the goal is to get as close to market value as possible. Then the asset manager will hire a listing agent to market the property. The decisions regarding list price and offer acceptance are handled by the assigned asset manager. The listing agent is generally the person the asset manager communicates with.

Getting a deal on an REO is more about timing and strategy than logic. The asset managers don't seem to run on logic. I am an investor friendly agent. Feel free to contact me if I can be of assistance.

@Daniel Wurl welcome to BP. There are a lot of good, helpful people here. Enjoy!

@Matthew Broderick welcome to the Bigger Pockets community. I promise no Bueller jokes if you swear to no Superman jokes. 

@Zamir Kazi I work for a residential and commercial property management company. We service the Orlando Metro area and have an office in Tampa. Only our Director can quote a discounted rate. I would be happy to arrange a conference call at your request.

With respect to management duties, once the properties are stabilized they should be turned over to a third party manager. This way your business can focus on acquisitions. At the point where holdings are large enough to see a cost savings from a centralized model then consider building a property management unit in your company. 

If this has been his primary residence for the past 2 years then he can take the capital gains exemption without the complication and cost of the 1031 Exchange. 

I personally am not a fan of rental homes with pools.