All Forum Posts by: Vana G.

Welcome Carl! I'm in Ft Lauderdale, but wish I was in Orlando more often! This site is awesome and you're going to learn a lot here. Hit me up if you have any questions regarding South Florida areas to the east.

Good luck on your test!

I'm so excited for you!

A good tip I got recently on these forums: ask for the rent roll for the last year to see how much rent was actually collected (if tenants are actually paying) and to see vacancy rate. I suspect with 3 - 1/1's turnover may be high?

Drive the neighborhood in middle of the day to see if this "lower quality" area is a "working class neighborhood" (people caring for their homes) or just bad neighborhood (people hanging outside during work hours), it will make a difference come 'pay rent' time. Listen to Podcast 54 with Lisa Phillips, gives a good explanation of the differences.

Personally, I would be nosy and try to find out why the owner is moving to Florida, what he plans to do for cash here, and why he is selling. If this one property is cash flowing 2125/m, y not hire a property management co and keep his cash flow? Either way, you may pick up on any inconsistencies just by asking more questions.

Good luck!

@?*********** Sure!

Here is my update: I was able to locate a physical address for the surviving owner, BUT I was also able to find him on FB; AND really odd...we have a mutual friend in common (it really is 6 degrees to anyone on FB). So, I've sent him a casual message on there and hopefully I will hear from him. I'm hoping my note doesn't add to his grief and hopefully will help him. Even if I don't get a response back, I'll still be happy I reached out.

Vana :-)

Hey Michael, thanks! That's awesome! You can't go wrong with South Florida!

I had a friend who lived up in CS n she loved it! Y r u leaving Ny?

Thanks all! I've slept on it now n have decided to test the waters. It is for long term buy and hold (rental) n will also need total rehab so that might help take the stigma out. @Brian Burke yes I think if I get a really great price I will move forward, rehab, n rent out. I'm relieved the incident isn't as gruesome as some described on this thread (yikes!) and glad the responses r so positive. In addition, rehab of this house will improve the neighborhood as currently it's the eyesore.

Thanks all! (@Mary B. Kudos Mery & @Account Closed )

@Brandon Turner Hey Brandon, thanks! Lov this site! Have learned so much already! Podcasts are AWESOME! Thanks again for the welcome!

Hello @Joe Stafford @Jorge Torres @J. Martin ! Thanks so much for your well wishes! So far it's been great being on this site! I've learned so much in the short time I've been on.

Drove for dollars today and found a condemned house in a decent working class neighborhood. A quick google search and I learned it was the house of an elderly person who had been harassing neighbors (kids and adults walking by) for years. He ended his own life in the house, after a police stand off after shooting a neighbor who was walking by. Only two local stations seemed to have covered it (an english and spanish station) and although big at the time, it wasn't big enough where I heard about the incident. This elderly person lived alone and seemed to have mental problems for sure and maybe that's why I'm not so freaked out about it. But think this may be a good opportunity to purchase at a good price for long term buy & hold/rental and rehab. Any thoughts?

Thank you everyone for your input! I can certainly see both sides of the coin and understand what each of you is saying. I'm so glad I asked, as your responses have definitely broadened my knowledge on wholesaling much more than any book I've read thus far. All of your answers have incidentally answered many of the questions I had regarding our own ongoing personal real estate situation which has gotten kind of tricky as of recently, as follows:

HOA member calls my hubby states has an investor interested (birddog??). Then "Realtor" contacts my hubby stating represents foreign investor interested (wholesaler??). Investor willing to sign contract of sale paying full amount owed on property plus we walk w/20K (great right?). Then investor states he will definitely purchase property, 4 months later. FOUR months later. States money is in foreign national bank in a country in turmoil, and will need four months to get it out (down in these parts, it's possible I guess). Hubby doesn't sign, gives to our attorney, attorney points out "and reassigns" clause, and 15K hidden fee to the "Realtor" payable by the SELLER. So basically we would have signed this deal thinking we would get 20K but really would have walked away with 5K at closing. "Realtor" called out by hubby, states she had no idea of hidden 15K fee clause.

Had this group explained what they were doing in a professional way, we (two young professionals clearly educated) not only would have understood, but probably would have been ok walking w/5k and closed chapter. I also understand not everyone would react this way.

@Mary B. and @Duncan Taylor this is fine balancing act for sure! Definitely seems like a skill perfected with practice and time.

Thanks for your insight!