All Forum Posts by: Joseph Stern

@Rudy Ferrara can you still double close?

Hello Emilio, there are three phases of foreclosure real estate. 

1. Pre foreclosure where you can still contact the seller and go under contract if they agree to sell

2. Purchase at the county auction (Need to purchase cash, or someone else's cash)

3. The property does not sell at the county auction and becomes reposed by the bank. They then put it on the MLS as a REO sale

Im not sure about the FHA portion but If you manage to contact the seller in pre foreclosure and go under contract, if the house is in decent shape it may qualify for FHA financing or perhaps an FHA 203k loan if the repairs fall within their guidelines.

Thank you for the reply John, did you purchase it at the county auction?

@Matt Sora Equity is the name of the game so I recommend finding a fixer upper if you believe you can take it on. Mutli family properties are not always in the best areas in Tampa so if you can find a single family home with a mother in law suite, essentially a duplex that would be your best bet because they are in much better areas that will provide cash flow and equity. Yes it is extremely competitive but there are still plenty of deals in Tampa. Purchasing a MFH in a eh location is better than renting, I would go turn key as a last resort.

@Mark Dillon having a good realtor would be the key to the door. A realtor who is well established in the area will always have contacts for landscaping, handymen, contractors, labor, lenders etc. There are multiple facebook groups for Airbnb hosts of Tampa that always have cleaning crews and STR specific vendors posting in them so that would be a good start.

Im looking to view historical price trends in America for each state, as far back as possible. I would also like to view inventory, days on market, etc. Thank you for the link!

Hope all is well, I have been a full time investor for about a year now and I've been investing in real estate for about 2 years altogether. I'm 26 years old and I live and invest in Tampa, but also looking to invest out of state as well. I currently own 2 rental properties and have done about 18 other deals between flips, wholesales, and realtor commissions to give you some context on where I'm at. Prior to that I worked a corporate job and accumulated about $25,000 in my 401k that I recently rolled over into a self directed account. I want to make use of this account but not sure where to start, if I should use it as a down payment on a cheap multi family property in the midwest to produce cash flow but not much appreciation, or if I should use a portion as a smaller down payment on a flip with a partner to try and grow the account larger before I parlay it into a down payment on a large multi family property in an area that could perhaps benefit from both cash flow and appreciation. Of course everything depends on people's personal situations but for investors who are experienced with SDIRA's how would you invest this amount of money? For investors who have been doing this a long time, if you were in my position, how would you go about growing the account? Thanks in advance!

What is the best database or software for researching US commercial and residential real estate trends over long periods of time?

@Noelle Bohlen I think you are on the right track, apply similar tactics to a larger asset such as large multi family, MHP, or strip malls whatever you are comfortable with and BRRRR a distressed commercial asset with part of the money from the cash out. Use the rest of the money for other deals or to live off!

What is the best way to structure a seller financing deal when you still owe money on the mortgage? I know traditionally seller financing is done by sellers who own their property free and clear but I know there is ways to seller finance when you have a mortgage as well. Would it it be set up like a wrap mortgage? Any advice would be appreciated, thank you!!!