All Forum Posts by: James Anderson

Thank you Melvin, How does that work with partnerships? In this case my Father in law would be with us as a co-owner can he alone satisfy occupancy or say we were partnering with another investor could the partner fulfill ocupancy?

Thanks Michael

Hi trying to get started with multi family but wondering if my Father in law who currently lives with us, became a partner with me and my wife on a multi family property would he be able to move in to a multifamily on FHA loan for one year to satisfy the owner occupied requirements? Thanks!

I am new to BP live in Hollywood which is a great city however not so great for finding deals at least that is what I see.  Brandon says look for destressed properties but in my zipcode there aren't actually.  Would really like to get into duplex, triplex, four plex and like the OP asks where are good areas for those.  And is there a BP broward county meet up?

Maybe this house is too complicated but could someone talk about how they put together a deal and then flipped the deal to another investor?  And how you protect yourself from having to close on the deal?

Thanks everyone as I am very new I agree not the way to get started but I will be watching this one I learned it was bought for $455.000 in 2014 and the owner took it apart looking to rebuild it into a dream house but ended up moving to another state he should have left the home as it was reminds me of berlin in ww2 but he did it himself.   Tragic really.   Appreciate all your comments.

Thanks Amanda, I wouldn’t be trying this to do the repairs but if I could out the deal together to flip the deal.  Put a deal together that would be attractive to someone to do all the construction.  What I need to learn is how to flip a deal without getting stuck in it.   This property is rarity for this neighborhood.

Thank you for the responses.  It seems like  a deal for the area its in but yes it has an agent so maybe not.  I honestly don’t know construction costs for something like this.  Wondering if any of the former house walls/structure are  worth salvaging or better to demolish all and start at zero?

Hello guys, I started the BP podcast in August and its been a daily thing.  I am interested in buy and hold rentals but my wife and I were walking in a very nice area of our city of Hollywood Florida.  And found this shell of a house.  I'm thinking I'd like to offer and wholesale this for someone who can rebuild and flip this property.  And I feel too inexperienced to take on a flip like this but this could benefit someone on BP here.  I don't know much about wholesaling and would like to know:

1) How do you get the deal?

2) How do you avoid getting stuck with the property. 

I am contacting the listing agent to find out more about this address.   I looked up both neighboring properties both were valued at $650,000 this is an area that has million dollar homes and is very close to the ocean.  

What are the right questions to ask the listing agent?