All Forum Posts by: Pedro Hernandez

I was looking at a property SFH 1/3/2 Listed for $449,000, county appraiser values it at $320,000. I have done some comps on zillow(not sure if this is the best site to use) and most houses in the last 12 months has sold between 350-450. Rents in the area are about $3000-$4000 range.

How do I determine what these units are actually renting for?

How do I determine what a good offer could be?

0 Votes

Miami, Florida

Quote from @Shiela R.:

@Pedro Hernandez and all - "Rent to Own" is a way to advertise selling on a lease option or contract for deed. Same thing. Def research what is what on your market values and state laws. I have both bought and sold this way. And if done right, it is a win/win(/win) for all parties. I have sold to a few other investors on L/O as well.

My biggest caution to you is don't put more than 3% of the purchase price up for option money. There is no need. That should be a beacon of what the seller's motivations are. Because of some greedy bastards, "rent to own" has gotten a bad name in some areas but is one of the best ways to do seller financing, IMHO.

If you can be more specific about the other terms like rent credits and how long the option lasts, I'd be happy to let you know if it looks fair or not.

Thank you Shiela, this was really helpful. If i were to put down 3% for option money, it might be better to put down 3.5% with an FHA loan, live in it for a year and then turn it into a conventional mortgage. I will keep this in the back of my head.

1 Vote

Fort Lauderdale, Florida

Quote from @Eliott Elias:

Rent to own attracts a lot of shady landlord. The terms are usually sharky and leave you in a position that you would have been better off renting. Get a realtor to look over the documentation before you sign anything

Thank you Eliott, doesn't sound like it should be the first option.

0 Votes

Fort Lauderdale, Florida

Quote from @Chris Davidson:

@Pedro Hernandez any strategy can work but it depends on the numbers. Possibility of rent to own being a great deal is pretty low, but what you need to do is learn the numbers for your market that way you know if it is a good deal. While learning the numbers you will find deals and opportunities.

Go get it!

Thank you Chris I'll continue to learn the numbers.

0 Votes

Fort Lauderdale, Florida

Quote from @Nathan Gesner:

Quote from @Pedro Hernandez:

That's a very generic question. What are the terms of the deal?

I don't have a deal lined up, I just wasn't sure if it is a viable option.

Thank you,

0 Votes

Fort Lauderdale, Florida

Good Morning BiggerPockets members,

What are your thoughts on a rent to own property. I am looking for various avenues to finance my first deal. I recently came across some rent to own properties. Are these worth pursuing?

0 Votes

Fort Lauderdale, Florida

I have little to no knowledge in real estate, but definitely not in yachts. Not against it just never had the opportunity to learn. I've only been listening to bigger pockets for about 2 months now. Most of the guests always encourage to join a local REIA. Im interested in learning more about the south florida market, and what to look out for when investing. This may be silly to ask, but am I allowed to join this meetup?

1 Vote

Fort Lauderdale, Florida

Quote from @Branden Rivero:

Tons of wholesalers here in South Florida, some are also in other markets throughout Florida as well. I don't and wouldn't depend on wholesalers to find deals

This may be a dumb question, I have only been on the site for about 2 weeks, but how do you know what to look for in a south florida market? Are you looking for buy and hold wait for appreciation to rise, is cash flow the main thing to look for? I've been driving for dollars and some markets show opportunity but not sure what the key indicators of a good market?

0 Votes

Miami, Florida

Quote from @Jude Cineas:

Quote from @Pedro Hernandez:

Congrats @Jude Cineas, looking to be in the same boat a few months from now. Aspiring.

Keep working hard ! It took me almost 2 years to get my license. You’re running a marathon not a race. Pace yourself and study hard every day !!

Thank you for the encouragement. Will continue to grow and learn as an investor and an agent.

1 Vote

Tampa, Florida

Congrats @Jude Cineas, looking to be in the same boat a few months from now. Aspiring.

1 Vote

Tampa, Florida

All Forum Posts by: Pedro Hernandez

Pedro Hernandez has started 2 posts and replied 10 times.

Post: How to buy for the right price in your market?

Post: Rent to Own Properties for First Home?

Post: Rent to Own Properties for First Home?

Post: Rent to Own Properties for First Home?

Post: Rent to Own Properties for First Home?

Post: Rent to Own Properties for First Home?

Post: Yachtie Real Estate Investors Monthly Meetup

Post: Is Miami wholesaling an oligopoly?

Post: I SUCCESSULLY PASSED MY FLORIDA REAL ESTATE EXAM

Post: I SUCCESSULLY PASSED MY FLORIDA REAL ESTATE EXAM