All Forum Posts by: Michelle Elsaid

On another note, Option 3 might be a close call. If you are able to rent for 1700 and make about $300/month, almost all of that should go directly to repairs/repair fund. Depends on the age of the home and the repair history.

@James Buchanan I also live in the Orlando area. There is a REI Q&A at Panera near Lake Eola this Tuesday if you would like to join, I can send you the information! If not, would love to meet you guys anyway. I am also looking to meet people interested in real estate in ORL.

I have already had inspection completed but still in inspection period. My offer was accepted.

Hi BP,

I made an offer at list price for a house at $219. The seller decided to take off market and see if his tenants could buy. When they couldn't, my realtor called and said owner was willing to sell but wanted to net $220 and so the price changed to $235.

In all honesty, the house was somewhat undervalued when originally listed ($225-230 was very fair). When he said net, I was thinking his purchase price versus sale price and since I have had a long difficult search finding FHA multifamily I did not mind. As I'm studying for my RE license, I'm realizing that the difference might actually be the realtor's commission and that I may have had more room to negotiate than my realtor was leading on that I had little to none.

Is this legal to come from my realtor? The owner had a different realtor.

Thanks,

Michelle

Another thing to note is that EVERY house on the street is the exact same house. If someone was to go house to house, they will notice the difference, although it has not happened in the past

Hi BP,

I am making an offer on a duplex in very good condition that has had some work done without permits. 

The house has always had a big patio and that space is included in livable square footage. However, the patio was enclosed without a permit to use this space as an extra room that is air conditioned. The improvement was done very, very well. I could not tell it was an addition. I don't believe any electrical was involved in the improvement. Roof was already present on patio along with one outlet.

My realtor thinks that asking to ensure this is permitted is asking a lot. He also thinks that since this area is already counted in livable square footage with the county, that it would never become an issue. One unit uses this area as a bedroom, so I worry that insurance could be an issue if anything happens within this room and the improvement comes to light.

Since it was done so well, is in good condition, and does not involve electric (however there are gutters, windows, and doors), that asking for a permit is reasonable and likely a permit would be issued no problem.

HELP!! What is the right way to approach this? 

Thank you,

Michelle

If all else fails, you can secure with hard money and figure out a cheaper way to refinance in the future. Not sure how to come up with enough money a different way unless you have at least 10-20% down payment

Hi @Rick Cuevas Send me deals you have. I am looking to buy in ORL. 

I want to buy a single or multi (preferred) ASAP and will work on a partnership fixer upper after that.

@Percy N. the middle sized unit is on a VA (governmet) lease that cannot be broke, and the smaller unit is a studio around 500 feet so it is too small for me, boyfriend, and a dog.

So the only real option is to have the renter in the biggest unit, month to month lease, leave so I can move in.

I am buying a triplex in Orange County / Orlando, FL.

The house has had some work done to it, including improved kitchen, and several other things. Where can I get a contact for someone to come out and verify all necessary permits are in place and what kind of expert are they?

I also want to make sure the other units, which were additions to the original house at one point, are permitted to have bathrooms and kitchens as they do.

Thank you in advance!

Michelle