All Forum Posts by: Tchaka Owen

Same thing. Seller is responsible for the taxes (if that's what your contract states) and the title/settlement company will see that through. 

@Kris L. - Trulia was purchased by Zillow some years back and it doesn't seem like they put in as much effort as they do with Zillow. Personally, I am anti-Zillow because they are setting up to eliminate realtors. That aside, I also go to Realtor.com first because it is the most accurate of all (hands-down). I believe it is directly fed by MLSs and information is spot on. Zillow and others are syndicated and do get good info, I just find Realtor.com to be the most accurate.

Looking for a Dallas area contractor to do a little work on a home. Not a major renovation so it needs to be a person willing to do smaller jobs. A very solid handyman (it would need to be a very skilled one who do more than put up a fan or change a toilet). Thanks in advance.

He has no idea of what he speaks. They're actually excellent service dogs.
Your biggest issue in FL is whether the it's a legitimate service animal or if the owner picked up a $60 internet certificate. The latter is a common practice. Good luck!

@Shaquan Webster - depends on what you're looking for, it's fine. If cashflow is your thing, keep your Chesapeake connections and keep buying there. It's not easy to get the numbers in S. Florida. Alternatively, you can invest in FL but outside of South. Good luck!

@Shiri Manor Nisenbaum - I agree that the house is very white, however that might not be as evident if pictures were taken with the blinds up. Color from outside would give a gentle contrast. Instead, you have all white and even the windows aren't visible. It needs to look like a home, not 4 white walls. 
As far as the backsplash goes, I wouldn't worry about it. It looks fine in the kitchen (and great in the bathroom).

@Yannes Chiang - are you being charged extra for the LLC or is it included in the price? If the former, you may find it cheaper to create your own. If the latter, grab it. Just be sure it's an LLC solely for that property and no other business.

For the naysayers, my bidnis partner and I sold an LLC a number of years back. We got a short sale and decided to wholesale it to another investor, however the lender conditioned the short with a 30-day seasoning. So we simply sold the entire LLC to investor. His attorney drew up the forms that had as resigning as directors and the investor being elevated. It was THAT simple. Some may be confusing an LLC being used to hold a property with a true company that's engaged in a variety of things.

@Brock Maggard - let's start with the good news: given that you're rehabbing the place, you might not need 10% CapEx. Thus your cashflow might rise $20 or so per month.

That aside, I don't care for this deal. Why?

1. When you do a low cost deal, you should get tons of cashflow. I expect you to make $287/mo, not $87. That's below the threshold of most investors here ($100/mo. minimum per door).

2. I have a personal risk/reward rule that I must gain at least as much equity as the amount being spent on rehab. In other words, if you're buying the place for $14k (let's assume it's worth that much) and putting in $15.5k, it must gain that much in equity beyond the rehab. Therefore, ARV must be at least $45k when you're done. According to your calculations, you're gaining $6.5k. Nowhere near good enough (for me).

Hope that helps.  

@LaQuan Bates - look up WREIA that's headed by John Peterson, it meets once a month on the Maryland side of DC and it used to have a monthly meeting on the VA side (though the latter wasn't the main one). "DMV"? Are you a transplant?

Hollywood (really most of S.Florida) is extremely difficult to find a duplex at a worthwhile price to BRRRR. They come on the market and tend to be priced way high, often CAP is justified by illegal units or STRs. That's not a wise investment strategy.

In 2010-2011, you could buy them in the $100k range, now you're looking in the $300s and up. Rents are considerably higher today, but not 3x. As much as I love Hollywood (lived there from 2006 until last summer), I'd probably look at other areas as investors have scooped the area. Have you considered Lake Worth or WPB?