All Forum Posts by: Michael H.

Well on your way to early retirement there Sir ... This is exactly what I plan on doing and its great to see the younger generation making moves like this. Soon you will be able to start dabbling in some stocks (options) and REITS  and really start building and expanding your wealth. 

43k seems a little high imo for the rehab for some reason. Maybe I'm tripping idk. Aside from the holding costs what was the total costs of the rehab alone?  Can u break down that part a little more?

Because it sounds like you basically came in, cleared out the place did upgrades - kitchen, bathroom, flooring, paint, fillings.. ect but didn't hear you say you put on a new roof or had plumbing issues or any unexpected problems aside from cosmetic TLC for the most part. my wild estimate 9k bathroom? 8k kitchen? 5k flooring? 3k paint ? 8k fillings? How does it break down?

@Alan Abdin 

Hey what's up Alan, I live in south Florida too and I'm also in the market for a duplex as a owner occ. As you've indicated the problem down here seems to be valuation. Most of the duplex/Multifamily that are currently on the market down here are priced far above market value! Seems the only solution is door knocking, contacting owners directly and inquiring or (pre)foreclosures to find the motivated sellers. As I look at sales history here in Broward for duplex's, most deals seemed to have come from the county foreclosure auction which are generally all cash deals bought by individuals/companies. In 2011 South Florida was a gold mine for Multifamily properties I've seen them sale for 60k-100k, Some of those same properties are listed for 180-220k+ !! Leads me to believe the area is now over saturated with investors and multi's may no longer be the best option for value. Deals can still be had in Dade/Palm Beach on Multi's but obviously Broward is the most desirable for most. Not to say that deals can't still be had but it will take some very HARD work to find duplex's in good decent areas here in Broward now.... just my 2C

I am in Fort Lauderdale

Yes, but If he accepts then what would be the next step? Contract, earnest deposit? Is there any place you know of that I can get a blank FL contract? Remember I have limited funds so I understand that I can really only wholesale, but I think in FL it must be done through a double close? Just not sure how the process works..

Thanks for the response Bill, I believe the info you suggested to me is available online and from I've seen the taxes appear to be up to date and I have the owner's address already I just would like to know the steps I should take from here ?

Greetings from South Florida! So there is this house across the street from me that is currently vacant. I have met the owner in the past he lived in the home for about a year and then rented it out for about 2 years, about 4-5 months ago the tenants that were staying in the home moved and the owner has came by about 2-3 times max, lately the home has been unattended and sitting(grass growing, gate broken..ect) I am not positive but I believe the owner may be upside down in the mortgage and possibly may have stopped paying the mortgage altogether however the home is in his name and county records indicate his mailing addy is near by. I have limited funds and understand that the best method for me would be is to start in wholesaling. County website shows that the Assessed /
SOH Value is 54,670 and Just Value is 64,980 but I believe it is possibly worth about 75-80k in present condition give or take. What steps should I take and how should I proceed with this potential deal?