All Forum Posts by: Tchaka Owen

@Susan Elliott - have you considered hard money for a portion? Ie, if you're $100k short, go hard for that and JV the remainder. Just a suggestion.

@Rodney Burayidi - congratulations on the purchase! May there be many more for you. Two quick comments:

1. Buyer's agent = seller's agent. Yes, it sounds odd however they are the same person. The agent working for the seller is referred to as the listing agent.

2. Your personal inspector should have known about the roof and the electrical. There are times when 2 different inspectors will see things differently - and both be good inspectors. It's troubling to see a potential roof replacement and a main breaker not noticed or commented on by the first inspector. 

@Lindsey Vargas - I agree with @Joe Splitrock's recommendation as well. You have a tenant you like, who respects your property and pets that don't destroy anything. Given that they're already there, I would not put in a pet fee of any sort for them (assuming you do have a security deposit). Raising rent due to market makes sense and it isn't anything that would cause alarm - even if you know it's to offset having pets. I'm across the water from you and IMO, $25 (which I figure you meant by 25%) is generous. You could likely as for more per month. 

@Matt Lord - what if your agent does a great job and negotiates the property down $2000 lower than you expected...will you give that to him/her?

Point being, don't worry about an agent's commission; worry about an agent doing a great job for you. The few hundred you think you're saving can end up costing you more than you know. 

@Lucas Rowell - I am unaware of any "90 day rule" regarding short sales. When I did them, there was no telling what the hold, if any, would be. It could be 0, 30, 60, etc, etc. Have you received the approval yet and does yours say 90 days?
If not, wait to see.

If so, then you make a calculation...…..rehab and marketing is up to 7 weeks. Then another 3 to 4 weeks to close? That puts you at 10-11 weeks. Ninety days is approximately 13 weeks. Are you making enough profit to cover the 2-3 weeks of interest you'll be paying? If so, you have nothing to worry about. If not, you pass on the deal.  

@Andre' Arceneaux - any good reason you keep the utilities in your name?

If you see manufactured homes in Dania, they're mostly owned by Quebecois who spend Nov through March in S. Florida. Otherwise, there aren't many such homes in the Ft. Liquordale area as they're being sold and cleared out for better homes. No idea where to find stats on 2nd homes - perhaps download info from BCPA. Any non-owner occupied won't get a homestead exemption, but that won't say if the owner is out of state. FYI, for some it's not a 2nd home....it's a 3rd, 4th or 5th. Yeah, nuts.

Note: some VA loans are assumable which would negate the potential 'Due on Sale' clause.

There are gurus who aren't interested in selling you anything who will argue that and have no problem (or fear) of facing the state. 

@Matthew Tanis - have you considered renegotiation? Based on what you're staying, if you're going to be all in around $160k and it's pulling in close to $1300 per side, that's not a bad deal. That said, there's nothing wrong with going back to the seller and saying that the rehab budget is considerably higher than anticipated. Unless people are jumping at his door to buy it, s/he might work something out. Even if it's $5k less, that's a new kitchen. Good luck!