All Forum Posts by: Jay Weathersby

If you decide to take on the properties I would highly recommend getting home warranties for each. It will cost about $30 per month for each property with a $45-$60 per service call. The servicing company takes care of the repairs. This approach makes managing my properties so easy. 

Thanks. I was wondering what I did wrong. LOL. 

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Great thread. I am currently discussing a potential owner financing deal myself. In my case the seller still has a mortgage on the property. We have agreed on the sells price, but now working on the terms. This entire owner financing thing is totally new to me as well. I was advised to make the monthly payments into some-sort of escrow and have that pay the mortgage. Then the seller will get paid what's leftover. 

How did the insurance agent know about the missing shingles? I would use another insurance broker and get additional quotes. I have never had an insurance company inspect a property prior to purchase.

@Dan H. I agree 100% with Dan. It is not all about cash flow. I purposely took negative cash flow on one of my rentals just to get it rented out. I had a choice to have someone pay 90% of my mortgage while I pay the other 10% or I pay 100% of my mortgage while looking for the right tenant. I knew the appreciation would be outstanding in the long run so I looked at the 10% as an investment into my own property. I year later I was able to rent it out for positive cash flow and recoup the money I put in it.

The San Diego market seems to be more of a appreciation market where you will get your money back on the resale.

It pays to do your homework before forking out your money. This guy thought he was getting an amazing deal instead purchased a strip of land between to villas. I tied not to laugh while reading this, but it was tough.

He thought he snagged a villa for $9,100. He got a foot-wide strip of land

Kerville Holness thought he’d done a great job snapping up a $177,000 Tamarac villa for only $9,100.

But that’s not what he actually bought during a Broward online auction of properties that had defaulted on their taxes.

He got a 1-foot-wide, 100-foot-long strip of land on Northwest 100th Way — valued at $50.

It starts at the curb where two mailboxes have been installed, goes under the wall separating the garages of two adjoining Spring Lake villas, then extends out to the back of the lot.

And officials say he’s stuck with the deal.

So what can Holness do now? Make the people living there get their mailboxes off his grass? Remove the water meters that are in his ground? Maybe try to charge rent to both villas for the joint wall and roof that sit on his land?

“If I’m vindictive enough, I can cut right through the garage wall and the home to get to my air space, but what use would that be to me?” Holness said.

What he wants is for the county to void the deal and give him his money back.

“It’s deception,” said Holness, a first-time auction bidder from Tamarac. “There was no demarcation to show you it’s just a line going through [the villa duplex], even though they have the tools to show that.”

Holness said that property appraiser pictures linked to the auction site showed the villa as being the parcel he was bidding on.

But the appraiser’s site and information on the county’s tax site also show the negligible value of the property, that there is no building value, that the land takes up only 100 square feet and that the property is one-foot wide.

Officials say state law does not allow the refund Holness is seeking.

The message from county officials and real estate experts is that auction participants need to do their homework and make sure they’ve checked for all possible problems a property might have.

“He may go to court and find some error in the sale procedure,” said Gary Singer, a real estate attorney who writes a weekly column for the South Florida Sun Sentinel. “Generally speaking, he bought what he was supposed to have bought.”

https://www.sun-sentinel.com/local/broward/fl-ne-tax-auction-leaves-buyer-hurting-20190615-d573l2aw7nbk7hgf4y2d36qcoy-story.html

I just make them pay a pet fee in addition to the security deposit. That fee will cover professional carpet and house cleaning if the tenants fails to do upon moving out. All of this is documented in the lease agreement. 

That will depend on your life style. 200k can stretch a long way,

 Interested in connecting as well discuss potential projects here in Orlando.