All Forum Posts by: Tchaka Owen
Tchaka Owen has started 3 posts and replied 933 times.
Post: Lender forcing to buy flood insurance
- Real Estate Agent
- Merritt Island, FL
- Posts 966
- Votes 1,144
Originally posted by @Kiran K.:
@Alexander Felice Do I have to request this from Lender?
FEMA has maps that will tell you the base flood elevation. It's public, do a search.
Post: Just passed my salesperson's exam, how to find the right broker?
- Real Estate Agent
- Merritt Island, FL
- Posts 966
- Votes 1,144
@Saami Siddiqui - if you're new to this, select the brokerage with the best training. High splits, market share, etc, etc, don't mean much if you don't know what you're doing. Think long term.
Post: Prices on Florida Apartments
- Real Estate Agent
- Merritt Island, FL
- Posts 966
- Votes 1,144
Originally posted by @Owen Brown:
@Tchaka Owen i will get more details. One of them is in North Miami Beach, I will check on the other ones.
I know NMB decently well.
Post: Renting in Miami for $900 while trying to save to buy.
- Real Estate Agent
- Merritt Island, FL
- Posts 966
- Votes 1,144
Originally posted by @Douglas Guerrero:
@Zach Quick
That’s def the plan!! Looking for a multi family housing for that purpose. Thank you!
The problem you will run into is finding a multi-unit that is affordable in South Florida. The run on them was 2012-2014. Since then, prices have been at a premium. There are a few deals here and there, however it's not easy - especially in Miami-Dade.
Post: Is this a SCAM? Lease option sub-let
- Real Estate Agent
- Merritt Island, FL
- Posts 966
- Votes 1,144
@Lesley Resnick - get it in writing and see what they're actually proposing. I received a similar offer and it looked got at first, however the details showed that I wouldn't get anything near what I thought.
Post: Prices on Florida Apartments
- Real Estate Agent
- Merritt Island, FL
- Posts 966
- Votes 1,144
Originally posted by @Owen Brown:
I am starting to look at some apartment blocks in Florida. The vendor is wanting 225,000 or more per door. This seems high to me, so I would love some general feedback. I know there are a lot of details that are needed for exact pricing, but I am used to paying 40k and up per door and this seems very high am I correct?
Please provide more details - particularly on location. Florida is larger than you might think......10 hours from Miami to the end of the Panhandle. $225k per door is outrageous in most parts, yet is a bargain in some. We have buildings where $2,250,000 is a bargain. :-)
Post: Buying a home where a tenant refuses to leave.
- Real Estate Agent
- Merritt Island, FL
- Posts 966
- Votes 1,144
@Pete Harper has a good idea about offering $500 to move and given that your contract says it must be vacant, that's on the seller to do. Regarding the notice, it doesn't matter what the tenant says....you will have taken pictures of the notice you posted....and you will have access granted (by law). The reason you optionally call a deputy is to ensure your access. Good luck!
Post: Buying a home where a tenant refuses to leave.
- Real Estate Agent
- Merritt Island, FL
- Posts 966
- Votes 1,144
Originally posted by @O'Neil Mbakwe:
So I recently got a home under contract in Waco, TX. Currently, the owner of the home rents it out to a tenant though there isn't a lease agreement. The seller informed the tenant that she was selling the home, but the tenant did not take it lightly and has gone incognito. She's not at the house, nor is she answering phone calls, and she has the only key to the house. I'm looking to close on the property pretty soon, and I don't want to go through an eviction process. If I close on the property after giving a 30 day notice, what can I do to ensure that the tenant leaves.
Several things:
1. Insist on closing on a vacant home - that leaves the responsibility with the current owner to get that accomplished. If the tenant destroys anything in the home, it also falls on the seller.
2. Accessing the home is relatively easy. The seller leaves a notice on the door that she needs to enter the property (not sure how much advanced notice is required in TX) then when the time comes, you go in. You may need a locksmith and if there's any concern about safety, have a deputy present. Either way, you're getting in.
Hope this helps.
Post: Recent Experience with LendingOne
- Real Estate Agent
- Merritt Island, FL
- Posts 966
- Votes 1,144
Originally posted by @John Della Bella:
Hi, @Tchaka Owen. Happy to provide some insight. When completing a refinance, we generally do want to see that an investor owns their primary residence. Being that we only lend on non-owner occupied properties, we want to ensure that funds are being used to reinvest in these particular types of real estate transactions and not being used as a down payment on a primary residence.
Is this due to a concern that the investor might actually be refinancing and making a NOO into a primary?
Post: Feeling a little discouraged
- Real Estate Agent
- Merritt Island, FL
- Posts 966
- Votes 1,144
Originally posted by @Erin Auman:
Lately I’ve been feeling like I’m never going to advance much further in this whole real estate business because I don’t have the money to make a deal. I’m introverted and terrible at sales and networking, so I’m struggling to find any partners, too. I would appreciate any words of wisdom to help get beyond this rut.
Hello Erin,
You don't have to have money nor do you need to be good at sales. However, you do have to talk to people and network - that's how you find people who have the items you don't have. Go to your local REI meeting and make it a point to introduce yourself to 5 people, you'll discover others in the same boat. One step at a time and you'll get there. Also, remember that you're doing this to better your future....you're not the MC or the entertainment. It's business. Good luck!