All Forum Posts by: Matthew B.

@Guy Raveh 

Just curious, why Indy? My girlfriend just moved there for her job and I've been flying back and forth. I looked briefly into the market there, but nothing substantial. What makes you want to invest there?

Also, welcome to BP!

@David Moore 

The banks send representatives to the auctions who are authorized to bid up to a certain amount without going over. 

Sometimes there seems to be no rhyme or reason for the amount they're willing to bid. I've seen them authorized to bid $300,000 on a $25,000 shack and $75,000 on a $300,000 mini-mansion. 

Anyways, Ryan didn't get the property for less than what the bank was willing to bid. He probably bid just over what the bank was going to. If no other 3rd party bidders bid against you, it's yours!

Hopefully this helps.

@Ryan Russell 

There are guys at our foreclosure sales who buy the property and then immediately assign their bid to someone else for a fee. They usually get $5,000 - $10,000 for doing almost nothing. Sounds like your deal was a little more formal. Still easy money. Congrats!

Just do a Google search of neighborhood banks in Central Florida and call some of them. I use United Southern Bank, but I'm not sure if they have any locations near Apopka. They may be willing to lend to you though.

@Tom Reynolds 

I'm over in Umatilla. I actually went to school at Stetson so I'm pretty familiar with Deland. Hit me up if you need anything!

Matt

I'm kinda stuck. I have a seller who needs to sell 5 acres of land. It's a unique commercial property in an area with nothing else close to that size available. I can't find any comps that are even remotely similar within 50 miles. I've asked around to some other investors but none of them are looking for commercial property. And to be honest, vacant land is not my specialty, especially commercial vacant land. What would you do? Should I get it under contract and advertise it? I'd like to get a pretty good idea of the ARV before I waste the seller's time. Any advice would be appreciated!

I'll second James Wise . Being a real estate agent is a lot like being a real estate investor, or any other type of entrepreneur for that matter. It's gonna take a while before you actually make enough money to support yourself. Keep your full time job while you get started. If real estate investors can manage flips and rentals while working a full time job then you certainly can be a successful agent. You just have to be willing to work at it.

I've met some of the hedge fund guys at the foreclosure auctions in the Central Florida area. They work for Blackstone and a few others. They told me the intention is to rent the properties for 5 years and then sell them. It's mostly an appreciation play. Their rates of return on the rent must be awful, probably just enough to cover some expenses. In my area, they're buying at above retail and doing full rehabs, then charging max rent. I'm curious to see how the market will be affected when they start dumping these houses. More inventory means lower prices.

First you need to set up an LLC. You can have an attorney do it for you or you can file yourself at www.sunbiz.org. It's like $150 if I remember correctly.

Once your LLC is set up, you just have to quit claim the property from your name to the LLC. I've actually done this before by copying the format from other quit claim deeds I found in public records. I think they're about 2 pages long. It also has to be notarized I believe. Then you file it with the county records department and that's it.

I'm a do it myself kinda guy but you could also have an attorney do the above as well. It would probably cost you a couple hundred bucks plus the filing fees.

Sounds like you found a real winner!

First of all, make sure it's lead based paint. There are test kits you can buy to check.

Lead based paint can be expensive to remove. I'd get a quote from a company that specializes in lead based paint removal before you get too involved in the property.

Make sure the shed is actually encroaching on the neighboring property as well. If it is, you might be able to move it without too much hassle depending on its size, how it's anchored to the ground, and if there is electricity run to it. If it's not in great condition you might be better off to tear it down.

Both of these issues will need to be corrected before you can sell the property. Make some calls now and figure the expense into your budget.