All Forum Posts by: Siye Baker

hello @David Sugg is this for investment or is this your residence?

what are the property taxes?

will this be cash or finance? If so how much down, and what is the interest?

I think it would be tough to analyze without knowing what your basic overhead will be. Not to mention duration of leases and tenant payment history. There could be a huge catch.

I'd get more info, then begin your analysis :)

hallo @Kristi Stafne

Similar situation here, although not quite. I might be moving to orlando area later this year, and if I dont have my GC lic- I will be vetting contractor's in the area. I am assuming you are looking for a GC to team up with on a rehab, or are you just looking for one to hire? I believe @Nick G. is currently looking to for a GC in your city as well. Any luck Nick?

Sebastian

@Account Closed I gave 10% down in form of cashiers check plus POF signed from bank for each offer.

@Wayne Brooks I was never asked, so I never showed proof for rehab costs, although the POF stated that I have amounts exceeding the purchase price

@Dawn Anastasi This is a cash offer, and I too am puzzled since there is no financing involved. I am trying to play by their rules, but they wont let me in the game :)

@Bryan L.

That is great advice. I will get rolling on finding some additional properties

Fannie Mae has a

3/2 1282sf house in college area. Asing 60k

will require 25-30k to rehab

arv ~120k

owner occupant only bids until 4-16-14

my plan was to go in as owner occ, spend 1st 2 mos rehabbing, then take on 2 roomates until the full year is complete. Then I will either:

sell house to parents of upcoming students or an investor

or

move out and rent 3rd room and keep as investment property

1st offer 44,800 (denied)

2nd offer 52,800 *Denied under assumption that I would not be able to get property habitable within 60 day move-in period. Told me to resubmit after the 16th*

I understand that the lender is under no obligation to sell to me, and that it is running a business, so I have no problem with them not accepting my price. I do find it curious that they currently have it listed for owner occupant, but will not allow owner occupants to purchase. Anyway wondering if this has happened to anyone else, and what options do I have (other than to simply wait and resubmit). My whole strategy was to get in as owner occ to avoid having to compete with investors, as they really drive the price up in my area once the bidding begins.

Sebastian

I do not have an answer for you my friend, but @Bill Gulley is sure to know!

does the rent include the lot rent, or is it in addition?

where is is 40%?

I am not getting the same numbers as you. would you mind sharing the calculations :)

Thanks in advance

Sebastian

"Any applicant for licensure who has received a four year degree in real estate from an accredited institution of higher education is exempt from the Commission-prescribed prerequisite education to become initially licensed"

(Section 475.17,F.S., and 61J2-3.008, F.A.C.)

I can only speak for the time I was in RE school back in 2006. Things might be different now, and if that is the case then I stand Chastened and Rebuked :)

my understanding is that you do not want to be anywhere in the realm of mortgage fraud. In the event that a representative from some third party auditing firm swings by and knocks on the door to check on you- you would have a lot of explaining to do. I may be way out of my league on this one..

I have no doubt that @Bill Gulley can give you the best answer, as he knows this stuff cold