All Forum Posts by: Osvaldo Valdes

@Jeremy Tillotson Its pretty hard to find a property in move in ready condition for that price down here in South Florida. (also one you wouldnt mind living in) that along with saving money on not having to pay for agent commissions is what makes this attractive IMO.  I would plan on holding it for a long time, I dont plan on just flipping it.

Thanks again for your comment.

I would be a first time homebuyer but want my first property to be a future rental property in the future.

My friend knew I am looking to buy and told me he is selling one of his investment property and told me before he put it on the

I am starting out to look for my first RE purchase. I plan to live in it for a while and then eventually keep it as a rental property. My friend who owns a few properties knew about me looking and told me he plans to sell his 1/1 but wants to know if I am interested in it before he lists it. He has had it for 10+ years but wants to sell it to use the equity towards other business ventures. He said he can work with me on the price if I want to buy it because it will save him money in listing & closing fees. He plans to list it at appraised price. Its turn key but could use an update in the bathroom.

Selling Price: 60,000-70,000

Current Rent: $750/month (He says I could possibly get $800)

Annual Taxes: $1,200

HOA Fees: $230/mth

Property Details: 1/1 2nd Floor Apartment 600sqft

I want to know if this sounds like a good deal as a future rental property (approx 2 yrs)?

Wow maybe its divine intervention but glad I stopped by biggerpockets today and found this post. See you all tonight.

I have yet to get my feet wet but would love to network with experienced investors..

I am subscribed to some of the REIA's email lists here in the South Florida area and for the past few weeks I have seen one deal come up for $1,400,000. It caught my eye the first week but its in a somewhat outskirt area.

Here is the description they offer:

"Short Description of Property: 7 quad-plex, 1 eight-plex, 1 tri-plex. 9 separate structures with total of 39 units with 1 and 2 bedrooms. Some units have central A/C but most have wall units. Individually metered for electric and water. Sewer, not septic. Revenue approximately $219,000 per year yielding an approximate 15% cap rate. Section 8 tenants. Property typically 90-95% occupied"

Seeing that it hasn't sold in a few weeks I'm sure the price could come down. I don't have a million dollars sitting around but does anyone have any advice as to looking into finding short term financing, piece-selling the buildings and coming away with a profit? I would of course need to perform due-diligence but if I am able to purchase at 1M and sell each structure for average 150k then I could net some money.

Raises hand! Raised in the Weston / Sunrise part of Broward County.

Hello BP

I want some advice, help, warning, or just feedback from an idea I have to jump into the RE world.

Several years ago I was hired on for a 3 month project with a company that raised 50M to invest in tax lien certificates in the state of FL. Ever since then I have been amazed at the sub world of tax lien and tax deed investing and have followed the tax deed auctions in my home county (Broward).

My plan:

Purchase a property at tax deed auction around 30K and move in. While living there I will make updates repairs and clean it up. I know with tax deeds it helps to obtain a quiet title which takes several months. This waiting period will be the time I live there and fix it up. I will look for a property that has a retail value around 70k+

Then after obtaining a quiet title I will either rent it out and try and apply for a mortgage on the property to recoup my funds or flip and sell it retail.

Numbers:

Purchase: 30,000

Repairs: 10,000

Total cost: 40,000

Rent anywhere from 1,000-1,500 or sell for 70k+

I know the numbers are loose numbers because there are many variables such as what property and what happens at the auction. Thank you to the bigger pockets podcast 29 with Dawn anastasi I am thinking of using lending club or prosper for the funding. This is why I plan to live there while turning it over since the payment will be less than my rent payment now.

I have data showing and listing the majority of the past monthly auctions in the last few years as well as the highest bid information. I am open to any feedback or if you are interested in learning more or seeing the data I am more than happy to share.

Ossie

Thanks for posting this , it was informative and will help when I start investing since I live in Broward. I'm young ambtious and have good credit just need to build up some funds before I dive into RE investing. Maybe one day we can all meet for lunch/drinks and share ideas.

Ossie Valdes

Hi Dion

I am local to the Ft. Lauderdale area. I am pretty green to the RE industry other than what I have read in books. Hopefully I can learn from your future posts or maybe we can meet up for coffee one day.

Ossie

Thank Nathan. I have read some of the topics on multi-family investing in regards to the 50% and 2% guidelines.

Let me understand correctly, If I live in the property 2+ years and want to move into something bigger and go conventional, I can leave the existing FHA loan as is or would I have to change it since I wont be an OO?