All Forum Posts by: Mike Flatow

Welcome.  Just hang around and when your specific questions arise, ask away. It's hard to dole out general advice sometimes. I do like that you are considering the Tampa area. For me, Florida offers way more bang for your buck then Nor Cal.  I've been in LA for a year but would never consider buying here. When I jump back in the game it will be in central florida.

You're right Larry.  I've been in and around Real Estate for 30 years and have yet to meet a guru. I will stop short at calling them "experienced" but i'm not into paying a fee to someone unless they are involved in my deal. There are great books out there and experts who will always give some free advice if you have the guts to ask lol.

This is a big problem where I currently live.  I live on the west coast and because of my proximity to the ocean, very few apts have air conditioning. I'm under a constant barrage of marijuana smoke and fumes from balcony bbq's .  To me, it doesn't seem like a landlord problem.  It is more of an issue where neighbors have to try and work it the best they can.  Eventually there will be certain codes but even those are a nuisance to enforce.  

That's a very broad question that really depends on what you negotiate with the management company. The more you ask them to do the less passive they will be and the more it will cost. But, unfortunately or me, I'm more of a retail investor lol. I can't change a light bulb to save my life. When I've used management companies in the past, I've had them handle everything.

Sounds awfully inexpensive for a 20 unit building. What is the appraised value? What part of the country is it in? Do you have experience owning/managing a building like what you're describing? Might not be ideal for a new venture. 

The difference between a home equity loan and line is that the loan is a fixed amount usually with a fixed rate and payment terms. I line is a revolving line of credit you can keep drawing upon. The rate is based on an index that can fluctuate over time.

You should be able to qualify with good credit, income and the equity in your townhome.  Once you get the loan or line you can do whatever you'd like to with the home.

I myself would be wary of tying unsecured student loan debt to your home. It's great that you want to pay it off but you'd be transforming unsecured debt into secured debt which is not ideal should you find yourself in trouble somewhere down the road. I'd be interested to find out what others may think of this theory.

It's hard for me to tell without looking at the entire hud.  The buyer will receive tax credit for the time they didn't own the property if the purchase date is before property taxes are due. 

It may be tough to get financing if you don' have any development experience but there will always be someone willing to talk to you about it . More info is needed but you might want to try a commercial mortgage brokerage out of Santa Monica called Financial Compound. The owner will be straight with you on the chances of getting it done.  I used to run into commercial deals years ago and they were always willing to listen and guide me. Never did a deal with them though. 

@Sherrie Pickens, I just came across your post here and wanted to chime in. I was doing closings for 19 years in Florida and was a mortgage broker for a good portion of that time. I've never heard of an up front fee referred to as an origination. There is no way it is a"regular worldwide practice" lol.  If it's called an origination fee you have to be able to pay it at closing. It can either be tied to the loan amount or in some cases you can pay it off with your cash to close. And, the origination fee is always something that can be negotiated even at the 11th hour. I've seen people bluff walking out on the deal just to see if the Broker would chop their fee.  Works about half of the time lol.

This post is a bit old. Any new info come to light other than the person using someone's name. And also, thanks for the heads up.