All Forum Posts by: Huiping S.

Michael Haynes, I really appreciate your very experienced reply to me and others here! I have not any contract or such people or a team with me. I have a full time job which I like. I involve to RE is a tunnel for invest and try to maximize my income. I am purchasing only a cosmetic repairing or turnkey property which I can live or rent. I have no capability and time to flip or similar project now. I joined local REIA meeting but stopped for a while for lots business travels. I am trying to back to REIA and connect with people like you. Which REIA are you joining? Thanks. Huiping

I was asked by someone who has money and wants to invest on US real estate. They will not loan from US but their money.

Can anybody share some information?

Thanks.

@Michael Haynes, thanks for your always so kind sharing. The seller brought the house 11 years ago and the county blueprint is the one when he brought but the seller added since then and he provided me a blue print said from architecture who did remodel work. I have to say the home changed lots, including add skylight windows which is nice. No any permission or never let county know this. The seller said why I pay more tax by telling county. The added area is living area and a inside landlady room from the new blueprint. I didn't sign any contract or put money on it yet. To get a lawyer and go to ask county for this seems too much for me. I will not do anything if they will not 1) Add that clause on the contract;2) let me measure the sqft. I know the value of this area very well and will not be misguided or pushed by list agents tricky thing. Money is the king and I can buy other property. I strictly buy with the $/sqft. If they are so desperate then my doubt is right and I stay back. Just hope Investors of Tampa area be very careful for the very different issues which may trap us. One question: if I found the list sqft is not real and list agent has potential to cheating, where to report it? Thanks Michael.

I want to know it also. I am interested one property of Tampa and found the county blueprint and the disclosure one different: almost 200 sqft. The seller said he remodeled and didn't report to county or ask for permit because the county will charge more tax. The bank reminds me to check for permission because if any permit issue will stop the closing. Nobody of county answer the phone so I asked to add one clause to the contract: if the bank couldn't close the home for the open permits, the seller will reimburse buyer's cost. The seller refused to add this. I planned to measure the house by myself and the list agent started to push me to sign the contract. At the same time, suddenly tell me there are multiple offers. I basically give up to pursue this property and believe there are issues on the permission. Be very careful for Tampa investors! Sinkholes or fake numbers or fake information 😨

I read one very succeed investors analysis for market and she said: 17 continues month on sellers market and longest ball market now. From a cycle perspective of history market, house market is either on top or very close and stock market is too stretched and will change. I pull my area MLS data and play around and see those: 1. We have lowest inventory on market now. 2. Under $150000 house is on increasing and off market fast but expensive houses is reducing the price or staying on market longer. Based on some succeed investors' analysis it is a sign of real estate market to change. Not related to MLS fact: 3. Money is on the hands of bankers but not publics, so the quick increasing of interests will further push first home buyer off market. 4. I listened one RE podcast (not BP) and that host is so bullish for RE. Made me think about opposite. 😄 5. Drive around the city and every home is on remodel for big money making game. Wait for a while maybe is an idea. BTW, I am not a succeed investor but analyst. 😳

Thanks Rob and Doris for valuable input and sharing! The seller's new blue print on the disclosure which differ from county web map. I will call permit department to check any open permit because this will stop my closing. I will go to measure by myself with Rob's method and basically know I will not pay too more for what I should. This area had lots remodeling work and change a garage to be a room is so popular or common. I really doubt county track all those on time. The information on the web is the time the seller by the home. Big county and seems very loose tracking.

The list heated area is >2000 sqft but the county web shows this property heated area is1890 sqft. The seller added the architecture's map as evidence on property disclosure that the remodel work added new sqft. The work has been finished for more than 7 years by seller by far.

Should I trust seller or how to verify which number is correct? So much sqft be added, does the seller need to get the permission from county? The seller brought the property by cash 11 years ago, and looks the information didn't have update since then.

Thanks.

Agree with @John Thedford that to be honest and let the business be long enough and earn long enough also. Earn money is serious and do the right and serious job.

In FL MLS, there are limited number of disclosure for under $200 properties. Either estate or seller never lived there so no disclosure it, or just no disclosure, even sinkholes. So buyer needs to spend money on inspector. Inspector and seller favored situation.

I can't be trained like a fireman but I did based on my capability.

I have a full time job, so I read and get my license played all BP during Monday to Friday.

Weekends I get up early and drive to a specific area which I want to know more. If I saw a home is on sale, I stop and check it from outside or observe the neighborhood. After I got my supra key as an agent, I check lot homes. Check the specific homes' tax payment, the neighborhood, other public records.

Now, I spend time to run statistics of the MLS data to see what is a price range I can consider. This still need to go to the specific area to look.

Don't be sopped by any logic, but put some time every day and you will be there.

I still go out to check properties every Saturday or Sunday. I think I am very familiar with certain zip codes which I am interested.