All Forum Posts by: Sheena Varghese

Hello,

I am looking for an investor friendly real estate agent in the Central Florida area, particularly Orlando/Leesburg/and surrounding areas.  TIA!

@John Kent@Joe Villeneuve@Andrew Davis

 - Thank you all for your insight.  You all were right, this was not a good deal so I decided to not go through with it.  I thought finding for your first property was going to happen right away so I was a bit discouraged by the 2 month mark without buying one.  But after reading some other posts, I guess it's not that long.  I will keep looking...thanks again!

@Larry P. You are so right, I know some investors wouldn't have a problem with it but not being comfortable to go into a home you own won't work for me.  I decided to forgo it.  Thank you for your input.

Ok, so thanks to Bigger Pockets I was able to properly analyze my last potential deal and walk away from it and very glad and grateful for all the advice I was given.  I am back and hoping to get some more advice on another potential deal.

This property is in a class C area. The community has an HOA, although it doesn't look very involved in the neighborhood. The neighboring homes are kept up, not a war zone, but I wouldn't feel comfortable going to the house alone to do any maintenance, etc. I would send my husband =)

Asking price: $94,900. Offered 90K, counter offered by the seller at 93K, we countered at 92K and they accepted. It's move in ready, needs maybe about $1,000 cosmetic changes if we decided to do that. The rent in the area is around $950. So after mortgage ($400), taxes ($122), ins ($40), HOA ($22), the profit is $366 not counting vacancy/repairs.

I have analyzed so many deals and looked at around 60 homes in the last 2 months and it seems that in central florida, at least, the good deals are going to cash buyers as my other offers weren't accepted even after offering $10 above asking price.  Perhaps due to conventional loans and too much repair on the house, etc.

Should I keep looking or does this seem like a decent deal?

Thank you in advance for your advice/thoughts!

@Kent R. - thank you!

Aaron- thank you...yes, a bit surprised by the realtor.

Frank-thank you, I am sure any of those states would work =)

@Gilbert Dominguez thank you so much for your insight and encouragement.  Yes, definitely will be back at BP.  Very happy to have found this place.

@Gilbert Dominguez@David Dachtera  I really appreciate both of you for sharing your insights.  @Gilbert Dominguez - I didn't realize all the potential problems lack of permits can bring.  After considering all the cons (mostly) and pros, I have decided to not move forward with this deal.  I think I will keep looking for a semi "normal" deal for my first investment property =)  Thanks again!

@Aaron Thivierge @Gilbert Dominguez

 - you both were right, no permit for duplex.  The seller is asking for 3% penalty if paid early...It looks like there are 3 tenants now not 2.  My real estate agent says these are common in some areas (no permit deal) and that he still thinks it's a great deal.  I think there are so many unknowns with this...wondering if I should move forward with the inspection... any thoughts?  TIA!

@Aaron Thivierge - - thanks, it worked! =)