All Forum Posts by: Tchaka Owen

Curious....what is the reason you're with KW Brevard if you're an Orlando agent? Also, be aware that the realtor assocation(s) in Orlando use a different MLS than Space Coast Assoc. of Realtors, which covers Brevard only.

That said, one must is that you take advantage of what KW has to offer. Ie, BOLD, etc. Do go to the weekly, monthly, quarterly meetings and be a sponge. Learn as much as you can. 

Quote from @Kerry Baird:

Have you been to the BREIA meetings?  Joined their Facebook group?  That's a good start for meeting folks.  

 The young folk don't use FB, that's for us geezers! :-D

Do you see a benefit or relevance to having applicants from in-state? Most do not care given that credit, etc works nationwide.

Besides, if meeting face to face is preferred, chances are it will be easier for you to do with prospects from VT, NH, MA, RI or CT than from Buffalo.

Quote from @Justin Williams:

1. Congrats! This seems like an awesome opportunity.

2. Based on what you've written, rehab and tax payments will set you back $50k. This means you'll have tons of equity.

3. Look at a non-QM lender that will focus on the property (instead of you). Yes, your rate will be a little higher, but so what? 

4. Worst case scenario in which you can't get your money out immediately, it's highly likely that you'll have significant positive cashflow that will keep you going until you reach the point where your other stuff is ironed out.

Good luck!

Quote from @Scott E.:

 Nope. There was a law put in place in 1982 (if I recall). Bottom line: if you're paying your mortgage on time, no one will bother you.

Quote from @Jesse Beach:

@Jay Hinrichs I agree on the pricing, honestly this could be me listening to much to the property mgt team saying what they thought they should get, maybe time to make a bigger cut.  There is still plenty of room above how much the mortgage is.

Honesty and trust are important and it seems you're not getting that. Fire this management company and get one that will tell you the truth (even if it's a painful truth).

Quote from @Sean Dougherty:

"Purchase price will be adjusted according to the appraisal amount. But whatever the difference is between that amount and the aforementioned $520k, that will be paid to seller over time on a monthly basis. A separate contract will be drawn up for this transaction with terms to be determined."

No.
If you're so generous with your money, I'll PM you my Venmo and you can send a few Large in my direction. It is not yet your problem if the appraisal is low. It becomes your problem if the appraisal is low and none of the potential buyers have funds to cover the difference. Not only that, your statement above wipes out any middle ground. What if Mary doesn't have $20k, but has $7k to fill the gap? You just cost yourself (and me) $7k.  
A better approach is for your agent (or you, if not represented) to approach the sellers' agents (they represent buyers) what they intend to do if it doesn't appraise. Get them talking and thinking.

Nope. That's totally irrelevant.

Quote from @Nathan Ruffrage:

Hey all! 
We are looking at owner financing  our current flip. We have funded this flip with our own cash. 

Can we owner finance it and then get our cash back out of it by securing a loan on the property??? Thanks! 

Yes, it's called a refinance.

I agree with Bill's comment above, however I'm going to be even tighter with the numbers. The closing costs when you purchased, plus closing costs selling plus commissions will likely be higher than $10k. I'm guessing $12-14k. You didn't share how much you spent in rehab; using $10k, you're suddenly at $26-28k profit. You've owned the home for over one year, so gains are considered long term and will be taxed at 15%. Thus you're looking at about $4k of taxes. Is that worth it for a 1031? I say no. 

Good luck with whichever route you select.