All Forum Posts by: Michael Bell

@Robert Ombres thanks! I will research them and find out for sure.

@Greg Scully thanks for the info! I will give them a try!

Greetings!

My wife and I are searching for a 5-25 unit property in the Carolinas. A couple of months ago we purchased a list from Listsource and sent mailers to NC (SC does not allow lists on the site for some reason). Long story short, we got more activity than we expected and made some decent contacts. We even got first dibs on a non-conforming 5 plex in Asheville, NC before it hit the market. Ultimately, we passed on it because it was in an historical neighborhood which required approval from the local historical society before major alterations could be made to the property and the numbers just did not make sense. Additionally, there were some unpermitted changes made already. It just didn’t fit our criteria, but we built a good rapport with the listing broker.

We also got another hit from the mailers with an estate attorney who agreed to send us any leads he came across. All-in-all, no deals done, but I consider it pretty decent for a first run on a direct mail campaign. We will continue to use Listsource, but we want to expand our net using other sources to hopefully increase our odds.

My question is does anyone know any other good public records websites other than Listsource that we can find workable leads? I keep hearing about public records sites, that have phone numbers for cold calling, but have yet to come across any. Any guidance that you could provide is greatly appreciated.

Yes indeed, this house is going to be a pass for us. The only reason I entertained it was the possible upside. But there are way too many variables in this situation. On to the next!

So I have an interesting dilemma. My wife and I are currently in escrow on a 3/2 SFH in Central Florida. This home has a garage that has been converted into a mother-in-law suite with its own kitchen, bathroom, and separate entrance. As a matter of fact, the inside of the whole house has been rehabbed. New appliances, cabinets, bathrooms, etc. So of course, the first thought in our mind is to rent it out as a duplex. One 2/1 and a 1/1. The first issue is: the house is not submetered for electrical. Second issue: The house is on well water and has its own septic system. The owner has owned the property since 2011 and claims the system is only 2 years old, but seems to not be able to furnish any proof (Hmmmm, interesting). Third issue (my personal favorite): The tax records on the house lists it as a 1 bedroom/ 1 bath house! That amazes me, but everything my property manager, loan guy, and realtor can pull up says the house is permitted as a 1/1. So we are positive it will not appraise anywhere close to our agreed upon price. We just completed the home inspection yesterday. Everything came back pretty good. Actually not bad for a house built in the early 60's. The inspector did note that the house is a older wood frame home on a well water and septic system. He strongly recommends that we get water treatment system, septic, and termite inspections. I strongly agree with this. He also noted that a lot of work as been done on the home over the years. I'm betting most of it was not permitted. I am very wary of dumping any more money into this place. Right now I'm only $350 in for a home inspection. The appraisal is gong to run me $600 or so. Not a big deal, that's the cost of doing business. I just don't want to waste my time and money on extra inspections for a house that I might not buy. I am pretty sure the house will not appraise at the agreed upon price of $140K. The owner will have to come down on the price. This could end up being a good deal, or I could end up buying a home with a ton of problems. Or I could spend a whole bunch of money for nothing if the deal falls through altogether. On a side note, an awesome lesson I've learned on this property so far is to look at the tax parcel info on the property before I offer. Anyway, I am certainly open to suggestions on how to proceed. Looking forward to hearing from you!

Hello friends! I am reaching out to multifamily investors in beautiful Tampa, FL. My wife and I will be in the area to potentially purchase a 2-4 unit multifamily home next week, August 5-10th. We would love to take an experienced multifamily investor in the area out to lunch, coffee, or dinner (we're flexible) in order to make friends and maybe pick up a nugget or two from you. I have always learned that the best friendships are built over a great meal. This concept has held true throughout my life. Thank you for taking the time to read this post and I look forward to hearing from you!

Originally posted by @Account Closed:

@Michael Bell let me know when you are ready to buy and I will be happy to send the information you are looking for.

Thanks for the reply Michael!  I will definitely be sure to reach out!

Hello friends! Reaching out to investor friendly realtors in Tampa. We are searching for a duplex, triplex, or fourplex as well as a reputable property management company. The overall goal is cashflow with little to moderate amount of work to be completed on the property before it is rented. That is of course if it's not already occupied(preferable). We intend to purchase in the very near future if we find the right deal. Looking forward to hearing from you!

Greetings friends! My wife and I have decided to purchase a multifamily property in Florida. We currently live in California and are looking in for deals in either the Jacksonville or Tampa metropolitan areas. We are searching for a duplex, triplex, or fourplex with a max budget of 300K, as well as a reputable property management company. The overall goal is cashflow with little to moderate amount of work to be completed on the property before it is rented. That is of course if it's not already occupied. Can anyone steer us in the right direction or provide feedback on those areas? Any information is helpful

@Jared Nowland thank you for the reply as well!  Alex is right in assuming that we are leaning towards turnkey properties for our initial investment.  I wills send you a PM to touch base.  Thanks again for the reply.