All Forum Posts by: JOE SNEAD

congrats on completing your first deal. a few questions

how did you fund the other half of the deal?

how much profit did you walk away with after any title fees, any realtor fees involved?

Did you consider trying to market the property or sell to anyone other than your potential partner?

what was the title companies concerns and how did you address them?

Did you and your partner have a verbal agreement or a written contract? and was that what forced him to stay in the deal and not be able to walk away?

How long ago did you start wholesaling and did it take you to close your first deal?

yea add window molding/ casements that match the baseboards you plan to install, which should match your door moldings. they will give a typicall block ranch stye home that nice architectural detail that the craftsmen style homes have on the inside.

You can go with more a colonial style molding. but the simpler craftsmen look works really well too. with the simple style you can go a bit chunkier on the size of your moldings.

I think this detail really makes a huge difference , painting all of your moldings white really allows the contrast with the wall color and makes the space stand out.

go to houzz.com . its a great site that you can look at hundreds of photos and styles of anything you search for. it can give you some really good ideas and may help you choose what will best fit your space.

owner occupant means this would have to be your primary residence. FM gives you 60 days after closing to make it your primary place.

SO you could set up utilities and change your drivers license and split time however you see fit. You just cant try and sell it or rent it out for one year. Then one year after closing you can do whatever you want to the property.

I have started to look into this sector as well after learning about the high costs for my own grandmother and the high volume of baby boomers who will be needing these facilities in high demand. I have found a commercailly zoned property that could be redeveloped into something like this.

I would love to hear from anyone who has any knowledge about assisted living facilities, owning or running one of these properties.

concrete backer board is one way to go or you could use DITRA the orange membrane that goes underneath tile and is a great product.

the tile holding up has a lot to do with the way the structure is built and the quality and specifically the thickness of your existing sub floor. if your subfloor is less than 1 1/8" thick i would look at options other than tile. if you are unsure of your structure tile may not last as long.
the vinyl flooring may be the best long term option. you can also give a more modern wood floor look.

Karen has hit the nail on the head for you. if youve got the ability to create plans do so. You will flush out alot of questions from contractors which will force you to do some more homework decision making about how to build. this will also give you a chance to further develop your strategy for building on the property.

Take your plans even though they arent signed and sealed to your local municipality for advice. they can walk you through where local utilities lie and where the taps or connections need to be made. you will get a good idea of costs from your municipality which will include things like taping into water, binging in temp electric, sewer tie in, if there are any impact fees, costs of submitting plans for permits, and the cost to actually pull the permits. All of these soft costs can add up quickly.

Finish your plans and then go figure out your costs and get hard numbers. I would then find a realtor to look at the property and the plans to give you an estimate at what the home could be sold for. Once you have all of the info you should be able to make a good decision.

It sounds like from the general numbers you provided you can build a house and sell it for profit. in Florida most homes are block with a slab floor and excluding land and soft costs can be built for around 50/sf. I think getting a good realtor to let you know what people are really looking for up front and what your home would sell for is critical. SIp panels, and ICF construction are more costly upfront and if you go this route you should have a plan or know that a GREEN home is going to be able to sell at a higher price point.

Keep us posted

how about an app that takes all the info and runs the anaylsis for real time. So when you are out and see a place you can instantly extract the sale info on the property run the numbers for you instead of going and using your own your spreadsheets etc. instant feedback if this deal is worth jumping on right away , looking into more or dont waste time with it. be cool to see it run numbers for different strategies such as a quick wholesale flip, fix n flip or long term as a rental.

cbre, colliers, jones lang lasalle, cushman and wakefield huge companies core buisness is real estate , own and operate , lend lease , you name it they control a lot but the number 1 is cbre they control so much more than their nearest competitors

I think there is a strategy. most homes i feel are priced a little aggresively high to start. fannie mae often has the first fifiteen day for owners to bid wihtout investors.

heres the strategy i found that worked for me as an all cash buyer. I placed many offers on properties that were rejected by fannie mae. i would suggest going through the listing agent to put in any offers. everything is done online these days. so its pretty boiler plate paperwork to submit an offer. dont be afraid to submit an offer because you can always back out without any money down during the 10 day inspection period.

Ultimatly look for homes that are back on the market listing. these are homes that went to contract and then people backed out of the deal. why does this happen? I found the majority of the time the property is just in poor enough condition that a traditional lender wont give a mortgage on the property. the deal falls through and fannie mae places it back on the market typically with a price reduction.

This will eliminate a large pool of potential home buyers and now leave it for just all cash investors or perhaps your bank will agree to a 203k loan to renovate the property. do your own research and figure out what the home is worth , repairs needed etc.

Ive tracked many properties and most tend to go pretty quick after being listed. my research from just the homes i had offers on sold for above or within 90% of asking price.

http://www.biggerpockets.com/forums/16/topics/77512

good luck to you. there are good deals on homepath and not so good deals be patient and trust the numbers

where in tampa is this if you are concerned about the area? Are these places being currently rented for those amounts or is that what you think you can rent them for? is this part of a HOA or does the place have an CDD fees?