All Forum Posts by: Account Closed

Pretty sure there is a podcast or two on them .. I might be mistaken as I have not listened to then all .. There should be info right on Bp's though .. Im sure somebody will chime in with more knowledge than myself on the subject ..I wouldn't mind learning more about them myself .. I wish you the very best ..

God Speed, 

Michael Short 

i certainly would not meet him .. he has already threatened you and bottom line is a lawyer is not really going to waste their time to get just their fees and a $2200 judgement.. i coukdnt even get a lawyer to take a abandament case when my surgeon quit right after my stomach surgery and only gave me one day notice .. he didn't set up any follow up care ..  completly agaist the law but there is not enough money in it for a lawyer to touch it .. he is bluffing .. even if he paid out of pocket with hopes that he get reimbursed from you .. you can alway remind him over the phone that you to .. can hire a lawyer and he might be responsible for his fees ..Im sorry for your bad experiance with a terrible tenant .. and wish you the very best ..

God Speed, 

Michael 

Well said @David Wolf .. wouldn't mind getting on your buyers list for central Fl. Everywhere from Tampa to Ocala, and Orlando.. of course the city's in between also ..  

God Speed, 

Michael Short 

@David Benton, hello.. was reading  your post and even though the deal is gone , I wanted to chime in so you have a chance next time .. So, this is what I would have done ( and just did this recently on a property I got from a wholesaler ) so he just got done posting his signs in my home town for a 3/2/1 1550 sqft brick home for $45k .. considering a 3/2/1 1200 sqft goes for around $130 here I called him right away, then drove over before dark and inspected the property .. it was a mess .. a real mess .. It not only had the roof missing in the back ( well, not missing. I knew he exactly where it was .. it was on the ground ..lol ) and a big hole in the kitchen floor., it also was a hoarder house and essentially ened up having 120 yards of crap collected but I am getting ahead of myself .. anyway .. I knew $45 was a bit more than I wanted to pay but I signed a Fl bar contract with the wholesaler and asked my investment partner to put the whole sale amount into escrow ..( important to put a large amount into escrow ) the contract stated that we had 20 days inspection peirod at which time we could decide not to go through with the sale if the inspector found items that I missed .. ( I did not miss anything but,  I use this clause as a tool )  .. So, now I have a contract and he can't sell to anyone else and quite marketing it also .. 17 days after escrow was deposited and 2 days before the inspection clause was up .. I called up the wholesaler and explained the rehab costs are much mire than we discussed in the beginning, as much as 2.5 times higher so unless he was willing to take less I and my partner would walk away and take our $45k with us .. See because it had been sitting in escrow for a couple weeks .. he had already spent his cut in his mind .. I also had the time since I had almost three weeks to do more due dill. On the property .I found out the seller was on the verge of loosing it to back taxes and that he most likely only was looking for around $20-25k from the wholesaler .. so , I ended up getting the wholesaler to reduce his ask by $12,250.00 plus he paid the closing costs of $1100 .. point is .. get it under contract with a way out .. who knows you may have been able to renegotiate the sale price down to $300k and had enough time to do your due diligence .. I wish you the very best moving forward ..

God Speed, 

Michael Short  

add me as well please .. [email protected] 

Thank you ..

God Speed, 

Michael Short 

@Rief Hodzic have you ever thought of mobile home parks ? There are plenty of them and they can be even more lucrative than multi units apartments from what I hear ..There is a section or podcast here on Bp about investing in them .. Im sure someone can chime in and explain what I am trying to say .. anyway .. I am in Central Florida area so if you need any advice on area's just drop me a note .. I wish you the very best on your tough decision ..

God Speed, 

Michael 

@Matthew Holcombe Welcome !!!!! And congratulations on your decision to invest in real estate ..I know you're not quite there yet but you have taken the first step ..  most seasoned investors did not have a website like this when they started so, you have a great huge advantage starting out .. some members already covered most of the first starting steps but, I would like to add another .. make sure you get to your local reia meetings .. connect face to face .. the computer is wonderful and Bp's is by far the best .. I absolutely love it. But , it is just as important to get out there and connect with other investors right in your area .. you may even find a mentor like was suggested above .. you can find a list of local reia meetings right on google .. I also suggest you start studying the market you are interested in ..like for me its Central Fl .. I know the average prices of the homes in my target areas and I also know my rehab costs v new build costs .. learning how to estimate repairs is a big part of real estate investing .. on buy and holds  and Flips .. along with wholesaling .. nobody really touched base on that yet either .. you certainly can start out being a bird dog or even a wholesaler .. all this info is right here on Bp's .. I wish you the very best ..

God Speed, 

Michael Short  

@Jagpreet Singh have you considered the many smaller city's in Florida ? For example .. Inverness has been on my radar .. It is about 1hr north of Tampa and is gearing up for some pretty big companies that are coming there soon .. from what I hear they should be bringing around 3500 new decent paying jobs ( $50k +) they are also putting in a pipeline through there as i type this .. now for the really good news ..because the property values dropped so much during the bubble burst, they are going up at a really good rate .. I think it is around 12-15% appreciation .. cant beat that with a stick .. most properties are undervalued still as much as 70% .. most need a bit if updating just to rent out but there are plenty of tradesmen looking for work here. I put a ad on facebook for  a handyman and i had to take the ad down 4 hrs later .. I had almost 100 replies, my phone didn't stop ringing.. if you decide to check out some of the outlining city's in Central Florida , I can certainly help you with it .. I am working on offering a boots on the ground type of service for out of state investors .. someone that can give a unbiased opinion of any properties that a investor might be interested in .. I can even give a pretty accurate rehab est. if needed .. I have Gc's and other tradesmen avalible if you need referals or want me to manage it for you .. I already work woth a few out of area investors but we mainly do fix and flips right now .. Although, I hope to be buying my own rentals by the end if the year .. I also wouldnt be against partnering up with other investors in a multi type of property .. so if any of this appeals to you then just reach out ..I'm available most days and seem to be on here almost daily .. I wish you the very best on the difficult decision you have to make and hope I may help make it easier in some way .. 

God Speed, 

Michael Short   

@LJ Li hello and welcome to BiggerPockets .. I hope you find this site as informative and exciting as I did/do .. There is so much information to learn .. when finding areas to invest in remotely one of the best things in my opinion to do it connect with local reia groups .. however most of them thnk their area is the best .. lol.. but, try to find a boots on the ground type of person that can look out for your best interests. When evaluating a neighborhood you really need to get eyes on it along with the stats .. talk to realtors and investors .. look up the local rental rates for 1,2,3 bedroom homes .. it takes a lot of time .. appreciation is just as important as cash flow in my opinion .. there are many city's still recouping from the bubble burst and are selling at values that are 50-75% under their true value of what they should be at . Thats why city's like Orlando, Tampa, Ocala, Miami, and Jacksonville are all on everyone's radar .. the appreciation is at 10-15% in some areas .. As you can see I really only have been keeping a eye on Florida ..thats were I live so.. anyway .. there's some smaller city's like Inverness,Fl where the rental market inventory is low and 3/2's can still be bought for as low as $40k with a average rental rate of $850-1250 a mth. and appreciation at around 12% .. thats just one example .. I hear Grad Rapids, Mi is experiencing the same thing although I have not looked into it myself .. I am however gearing up a new business that caters to out of state investors .. I am going to offer them the boots on the ground type of service .. I haven't worked out the fees yet but I am sure just like a good accountant saves you way more money than they cost, my business will be the same. If there is a property you need looked at in the Central Florida area please reach out , Im sure we can figure out compensation .. important thing is that you get a unbias opinion on it .. I can even provide a rehab estimate if it's not turn key .. 

I wish you the very best .. you have some tough decisions to make .. 

God Speed, 

Michael Short   

I have been reading these posts and just wanted to say that, I am glad most everyone has put whatever disagreements that came up, aside.. I really dont think it was anyone's intetion to waste someone's time .. We are all busy people trying to find and make the best desicions based on the information we get .. I'd like to also add that this website is by far the best I have found and this is only the second time I have seen anything even close to being negitive posted on here .. I, like many others only wish the very best for every investor , big or small ( I fit into the small but, not forever!!  ) someone smart once said ...Can't we all just get along .. words to live by my friends ... good luck to everyone of you ...

God Speed,

Michael Short