All Forum Posts by: Martha Daisley

thanks for your replies everyone. 

@Ron Orr i actually do see workers hanging around home depot in the morning but i think maybe they are construction workers looking for work. Im looking for a licensed general contractor.

Thanks Matt and Antonio for your suggestions.

hi everyone

Im an investor thats always done buy and holds. Now im looking to do a flip. Can any experienced flippers shed some light on how you find good, reliable contractors to do the work. Im in the Orlando area.

Thanks

Martha

im looking for any referrals for good contract workers in orlando to do fix n flip rehabs

i came across a deal that seems a little suspicious. Theres a 4 bedroom house thats for sale by owner for 90k. Its in great condition, doesnt look like any repairs needed. The value of the house us 270k. I thought this was strange because houses in that area havent been 90k since 1995. My friend looked up the house in public records and found that the guy has a loan on it for 248k. 

So why would he be selling it for 90k when he owes 248k? Im sure hes not really planning to take that loss...could he be planning on pocketing 90k and walking away from the loan?

Martha

The seller is eager to sign it over for $1000 , because of all these issues.  But, no, the property is only worth like 80 or 90k. So what will happen to it? Stay vacant like that till one of the two banks finishes the forclosure process? The owner told me hes active military and thats why the banks havent forclosed. I dont want to go the short sale route, although the owner would just sell it to me, i dont think the banks would take 16k on a 17Ok note. 

Hello all

I have a scenario i need advice on. I found an abandoned property while driving for dollars. I was able to get in touch with the owner and they are willing to sign it over for $1000. The catch is that there are two liens on the property. Mortgage one for $122K, mortgage two for $38K plus they are behind on hoa dues, The property has been abandoned for 8 or 9 years and they havent been paid in that long. The first bank started a forclosure years ago , then canceled the lis pendens. The second bank started a forclosure 3 years ago and then never finished the process. The hoa never put a lien on the property. The property needs about 11k worth of rehab. My question is, is it possible to negotiate with the banks to get the liens taken off ? I spoke to a couple of real estate attorneys and they seemed to indicate that the route to go would be to negotiate a short sale. I dont want to go that route, I want to know if its possible to have an attorney negotiate with the banks directly and offer them an amount ( 16K, for example), to just remove the liens. Has anyone ever done this?

Thanks!

Martha

Hello all

I have a scenario i need advice on.  I found an abandoned property while driving for dollars. I was able to get in touch with the owner and they are willing to sign it over for $1000.  The catch is that there are two liens on the property. Mortgage one for $122K, mortgage two for $38K plus they are behind on hoa dues,  The property has been abandoned for 8 or 9 years and they havent been paid in that long. The first bank started a forclosure years ago , then canceled the lis pendens. The second bank started a forclosure 3 years ago and then never finished the process. The hoa never put a lien on the property. The property needs about 11k worth of rehab. My question is, is it possible to negotiate with the banks to get the liens taken off ?   I spoke to a couple of real estate attorneys and they seemed to indicate that the route to go would be to negotiate a short sale. I dont want to go that route, I want to know if its possible to  have an attorney negotiate with the banks directly and offer them an amount ( 16K, for example), to just remove the liens.  Has anyone ever done this?

Thanks!

Martha

Hello,

I am looking for any portfolio lenders in the Orlando, FL area to finance my BRRRR deals. If you are a portfolio lender in Orlando or know of any in this area, please reach out to me! I am currently working on my fourth deal and will needing a refi for this deal.

Thank you!

Martha

Hello

I am an investor in Orlando, Florida. I have three buy and hold properties and am currently working on a fourth. I am looking to establish a long term business relationship with a private money lender to make financing easier and allow me to do more deals via flips and BRRRR. Please contact me with your terms if interested.

Thank you!

Martha

Hi guys

My interest rate would go from 4.25 to 4.75% with the cashout refi on the duplex. I dont think thats too bad. @Jon Huber, yes it would be cheaper monthly to do the cashout refi on the duplex than pay the LOC , I actually used two, would be like $1000 a month. If i refi on my duplex, I would be looking at the P & I increasing from $185 a month to about $433 a month. With taxes and insurance looking at about $580 a month and i rent it for $1000 a month currently. So rent would more than cover the expenses and it would still cashflow.

If i cash out refi the condo itself, because its a commercial loan and the bank is only offering me a 15 year fixed term at an interest rate of about 4.75% also, i am looking at having a payment of around $900 to $940 a month including taxes and insurance and HIOA.   

So to me, its looking like the cheapest route is the cashout refi on the duplex to pay off the LOC's i am using to buy the condo. Then i would own the condo free and clear.

Martha