All Forum Posts by: Account Closed

@John Kent I have that clause! Thank you for the info on the underwriters!

Hello friends,

I'm trying to make an offer on a triplex with FHA financing. My realtor is convinced it won't appraise for full price, which is what I'm offering with 3% closing assistance as this is a triplex built in 2004 and it will be my primary residence. She's said it several times:

"I don't think this will appraise at full price. I would hate for you to incur the inspection fee and appraisal fee and have the seller not be willing to reduce to appraised value if that was the case."

In Iowa, where I moved from, appraisals are taken with a grain of salt because they almost always magically come back at what the sale price is.

Is that not the case here in Florida?! Someone help me out...

(Jensen Beach, Stuart, Ft. Pierce, St. Lucie, Treasure Coast, S. Florida, West Palm)

Welcome, @Craig McLaughlin! Lots of awesome local investors on here that can help you get started!

@Austin Davis you finally pulled the trigger on some 4-plexes?! What'd yo get??! [send me a message! congrats :)]

@Glenn McCrorey UICCU! They've financed all of my properties so far :)

@Jesse Lucero the entire kitchen's worth of cabinets ran right around $1200.

@Carlos Bencomo hi! I did not calculate the "paying yourself the market wage or the opportunity cost wage into your costs." 

This is because both my husband and I had full time jobs at the time (which is why the flip took 5 months). We like doing it and had fun - better than going to the bars! So, I figured, I wouldn't pay myself for sitting at home reading a book, so I'm not going to calculate wages for something else I do in my free time.

Now, if either or both of us had not been working full-time, then I think I probably would've taken a huge loss... good point, Carlos. I probably should've mentioned that in my calculations :).

@Mario Riley Do you also look up here in Jensen Beach, St. Lucie County?

Hello fellow S. Florida investors!

I'm currently living in Jensen Beach! We just moved here from the Midwest and since my husband and I both work full-time here, we're looking for a realtor who is well-versed in multifamily properties, foreclosures, etc.!

We took a brief hiatus during the move, but we're ready to get back in the game! We have two 4-plexes in Iowa and a "flip house" currently on the market up there.

We're looking to invest all around the Treasure Coast: Jensen Beach, Stuart, Vero Beach, Ft. Pierce, Hutchinson Island, Martin County, St. Lucie County, West Palm Beach, Palm Beach Gardens.. you get the idea.

Anyway, I have three immediate needs:

1. Any recommendations for a great realtor in the area who is familiar with working with investors.

2. A local REI Group to network with.

3. Anyone who has any experience with either starting an LLC in Florida or getting a "foreign" LLC registered to to business here... I would really like to here from you :).

Thank you!

@John Warren Thank you! We used the pre-cut laminate from Menard's! It was so cheap, and my husband was able to cut them down to size :). 

When it comes to flips, I can lay tile and paint, etc... but I'm more of the "designer," haha. My husband does the manual labor!

@Linda WeygantHi!

We did use a primer: Kilz. One coat and it covered the red and orange amazingly.

As for the actual color, it's Pittsburgh Grand Distinction "Winter Wheat" Interior Latex Paint - also just one coat.