All Forum Posts by: Khari F.
Khari F. has started 13 posts and replied 149 times.
Post: FHA BEST INVESTMENT NAHVILLE
- Kissimmee, FL
- Posts 150
- Votes 27
Have money for reserves (capex, vacancy, utilities, maintenance, repairs)
Post: FIRST PROPERTY, SHOULD WE USE OURSELVES AS AGENTS?
- Kissimmee, FL
- Posts 150
- Votes 27
If you must - pick up a copy of "the book on negotiation real estate". Seller's are more focused on price and MAO. You as buyer will focus on terms, concessions, intel you gathered about seller, and market conditions.
Post: Partnering with a contractor on deals
- Kissimmee, FL
- Posts 150
- Votes 27
What am lost on is what value is he bringing to you and how much is that value worth in dollars? He is saving you from larger upfront costs but how being paid out of cash flow. I assume you already accounted for reserves? How are you managing his construction costs? Does the partnership end after he is fully paid back + interest?
Post: Seller Financed 16-unit with only 8% Down!
- Kissimmee, FL
- Posts 150
- Votes 27
Quote from @Joe S.:
Quote from @Khari F.:
Hi How would you cash out the equity if assumable? If its assumable would that mean you didnt really sell it? Or Is this just cash flow deal?
I was just unclear on exit strategy. He mentioned he wanted to build equity, hence hold forever. how much of equity would be loss to penalty?
Post: Memorandum of contract- How to settle with seller?
- Kissimmee, FL
- Posts 150
- Votes 27
based on this experience what would do differently next time? ive often wondered how to get compensated if seller breaches contract.
Post: Owner Finance - What if owner/seller passes away?
- Kissimmee, FL
- Posts 150
- Votes 27
@Chris Seveney Hi is there a LSC that works nationally?
Post: Best way to acquire 2nd property?
- Kissimmee, FL
- Posts 150
- Votes 27
Quote from @Sylvia H.:
Quote from @Kerry Pangan:
I just purchased my 1st duplex in January. Renovated and tenants area now paying 100% off the mortgage.
What is the best way to acquire a 2nd rental property? I've already used my FHA so I'm thinking conventional 20% down?
Which route do I go to fund it? I’m starting to work more hours at my job to save 40k-50k. It’s not going to be easy but if there’s other routes to achieve capital too that’s easier I’m willing to hear it.
Hi I thought there required a couple years between FHA loans at least?
Post: Tap into Equity of property with back taxes
- Kissimmee, FL
- Posts 150
- Votes 27
Quote from @John Warren:
@Justin Williams I don't think you can purchase the property without taking care of the back taxes. Any time you close, you will have to take care of those before you get title to the property for sure. I would also be a bit nervous about the 35-40k estimate for gut rehabbing the property. I think you might be underestimating how much this project will cost to be honest. Do you have the capital to do the reno? Do you have a solid GC?
Would they have to if paying cash? Why is it?title companies business if there is back taxes if buying cash?
Post: Managing Out-of-state Rehabs
- Kissimmee, FL
- Posts 150
- Votes 27
@Britt Smith will you be in state at all anytime before rehab begins?
- install live feed camera
- smart locks to monitor entry times
- get friendly with next door neighbor and let them know to send you complaints or contact you if there seems to be an issue
- always have written approval before any change orders
- perhaps a % of contingency can be applied as a bonus if they complete the job ahead of schedule.
- let them know you will pay them within 48hrs and have a signed w9 before any payment is made.
- does GC have 2-3 subs in each category as backups
- will they work on weekends if behind schedule? Great gc should be able to delegate and trust their subs
Post: Seller Financed 16-unit with only 8% Down!
- Kissimmee, FL
- Posts 150
- Votes 27
Hi How would you cash out the equity if assumable? If its assumable would that mean you didnt really sell it? Or Is this just cash flow deal?