www.investorsgoldmine.com | What You Need To Know Before Buying A Turnkey Property In Orlando

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What You Need To Know Before Buying A Turnkey Property In Orlando

by Eugene on November 5, 2016 in buyer, Case Studies, Company News, orlando-income-properties, orlando-investment-properties, owner-financing, private-lending-trust-deeds, Real Estate Articles, Real Estate Market Statistics, Real Estate News, Wholesale PropertiesEdit

Are you thinking about buying a turnkey property in Orlando? Make sure you read this blog post to find out what you need to know before buying a turnkey property in Orlando or the surrounding area. This information could help you find the right investment and avoid the wrong one!

There are different kinds of investments but we believe that one of the best kinds of investments for most real estate investors is a turnkey property. That’s because turnkey properties are already cleaned up, rented, managed, and cash-flowing right from day one, which means you start generating returns earlier than you would with a flip or a distressed property that you need to do all the work on before you start seeing any income.

To help you find the perfect turnkey investment, here’s what you need to know before buying a turnkey property in Orlando.

#1. Cash flow

You’ll want to know how much it cash flows. Cash flow can vary, but ANY cash flow can be good. (Even Robert Kiyosaki’s very first property was only cash flow positive $25 a month!) The key is not necessarily a specific cash flow amount but more about the consistency of the income. If you want cash flowing properties, be sure to talk to Eugene Hoffman. Get in touch by calling us at (407) 781-7312 and we’ll share our current inventory of cash flowing turnkey properties.

#2. Expenses and fees

As with any investment, there will be expenses and fees. It’s good to know what yours will be. Are there HOA feels? If you’re holding them inside an LLC, will there be corporate fees? If you’re buying the property inside an IRA, will there be fees to the Self Directed IRA custodian? There’s nothing wrong with fees; it’s just good to know what they are.

#3. Insurance

All real estate should have insurance, especially if you’re dealing with tenants. No matter who you buy your properties from (us or anyone else), make sure you ask them about what insurance comes with the property and whether anything else is needed.

#4. Management team responsibilities

One of the best parts of turnkey investing is getting a cash flowing real estate investment that you don’t have to manage yourself! The management team will take care of many things to help make this hands-off investment. That said, you should be aware ahead of time of what they will and won’t do. Will they proactively tell you when someone needs to be repaired or do you need to ask? Will they pay for utilities and taxes or will you get the bill? There is no right answer, you have to figure out what works for you, but just be aware ahead of time so you don’t get any surprises.

www.wecanbuycash.com | “Help! My Last Tenant Trashed My Orlando House”

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“Help! My Last Tenant Trashed My Orlando House”

by Eugene on November 5, 2016 in rental-property, sellersEdit

If you own a rental property but had a tenant trash it when they leave then make sure you read this article because we’re addressing the all-too-common problem that landlords have when they say, “Help! My last tenant trashed my Orlando house!”

Do you own a rental property? Did you have a tenant leave it in less-than-perfect condition? It happens! In fact, it’s an experience that probably every landlord has faced at least once. If you looked at your empty rental property and said, “Help! My tenant trashed my Orlando house” then here are some things you can do about it…

Is it worth going after the tenant?

You need to first assess the damage and decide if it’s worth going after the tenant. Unfortunately, it often isn’t worth the hassle because it may be a time consuming and even expensive effort to get the tenant to pay you back. However, if the damage is significant enough, you may choose to do this.

Is it worth repairing the damage?

From holes in the walls to missing toilets – we’ve heard of just about everything you can imagine! Sometimes a bit of drywall and paint will fix the problem, in which case you may want to fix it up and rent it out again, and then just accept the inconvenience as the cost of doing business. However, if the damage is not worth repairing yourself then you might be interested in a couple of other options:

You could rent your house to a handyman

One little-known option that is actually really helpful is to find a handyman who wants to rent the house. In exchange for a discount on rent (or even free rent), they can fix up the house for you to make it a nice rental property again. Make sure you have a timeline all spelled out, though, to avoid then staying too long without a lot of work getting done.

You could sell the house

Another option is to sell the house and move on from owning a frustrating rental property. However, be aware that if you try to sell the house on the open market, you may have to fix it up first in order for the agent to list it. Another option is to sell privately to a house-buying team like ours. (We buy houses in as-is condition and we’ll fix them up ourselves).

To get a fair cash offer for your property, no matter what condition it’s in, just get in touch with us and we’ll give you a no-obligation offer and we can even buy your property from you fast

How To Get Investment Property Financing In Orlando - Your Options - Written By Eugene Hoffman

How To Get Investment Property Financing In Orlando - Your Options

Investing in Florida real estate takes capital.

Often, first time investors use their own money to invest first. This usually works to buy a couple of properties free-and-clear but soon, most people run out of their own capital... which means they either have to stop buying real estate or they have to figure out how to buy more real estate without using their own money.

In this blog post, we'll share a number of ways that you can finance your next investment property.

How to get investment property financing in Orlando Florida...

Call me if you are looking for financing on Orlando Investment properties. There are many to choose from In Orlando

Investing in Florida real estate takes capital.

There are several ways to get money to buy an investment property in Orlando. Here are some of your options:

1. Traditional Banks and Lending Institutions

One way to finance your next investment is to borrow money from a bank or lending institution. If you have good credit, and enough money for a down payment, then this can be an effective way to acquire more properties -- potentially several more properties!

You'll need to make sure that your credit score is in good shape, so be sure to pay your debts on time, and pay them off in full regularly to demonstrate a history of good credit management. Once you build up good credit, financial institutions will be willing to lend to you and you can go out and acquire properties.

either have to stop buying real estate or they have to figure out how to buy more real estate without using their own money.

In this blog post, we'll share a number of ways that you can finance your next investment property.

2. Self-Financing

One very clever way of financing your real estate investing is to borrow against your existing investments and use that money to buy new investments.

For example, if you own a couple of properties and they have some equity in them, why not borrow against them (by refinancing them or by taking out a home equity line of credit) and using that money to acquire more properties. This is the power of leverage at work in your investments!

Of course, you'll want to be careful that your debt servicing payments are not more than the income you earn from your new acquisitions but there are investors who build up a large portfolio just with their own credit and this self-financing strategy!

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Investment Property Taxes Capital Gains – What Orlando Investors Should Know - Written by Eugene Hoffman

Investment Property Taxes Capital Gains – What Orlando Investors Should Know

If you’re a real estate investor looking at selling a property, or if you’re thinking of buying a property now and thinking long term about selling it, then you might be worried about what taxes you’ll incur. In this blog post, you’ll read about investment property taxes capital gains – what Orlando investors should know about capital gains.

Before you read further, you should be aware that this information is provided in general to a wide range of readers – each person reading in a different area inside or outside of Florida, perhaps with different corporate structures, any many other factors. So we’re providing a helpful overview but you should always talk to an accountant and tax attorney before making any final decisions for yourself.

Different Types Of Tax For Different Types Of Income

There are different types of tax for different types of income. For example, straight income that comes in from a job might be taxes as regular income at your regular tax rate. But other types of income may be taxed at a different tax rate. For a stock market investor, for example, income derived from dividends have their own tax rate. And for real estate investors, you should be aware that income derived from capital gains on the sale of a property has its own tax rate.

What Are Investment Property Taxes Capital Gains?

Let’s start back at the basics: When you buy a property, you pay a price; when you sell a property, you get what the next buyer pays you. The difference between the price you bought the property for and what you sold the property for is the capital gain. Let’s say you bought the property for $100,000 and you sold it for $125,000. The capital gain is $25,000 and this is the income that is taxed at the capital gain rate.

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How to Compete Without Cash In Orlando – 4 “Pro” Secrets - Written by Eugene Hoffman

How to Compete Without Cash In Orlando – 4 “Pro” Secrets

Looking for investment properties in to flip, buy and hold, or wholesale? Eugene specializes in finding and offering deeply discounted area real estate to investors. 407-781-7312

If you are thinking about investing in real estate but don’t have the cash, you might be wondering how to compete without cash in Orlando but still invest. Fortunately, there are 4 pro secrets that you can use to still do deals! Keep reading to find out what they are…

Real estate investing is a great way to break free of the frustrations of Wall Street investments, get out of the rat race, and start building your financial future. Start your own business working part-time. You can become a Real Estate agent and not join the Realtor group and pay their dues. If you become a licensed agent you there are Brokers that will allow you to work your own personal Deals without any fees. Your commissions will be small if you sell another person’s property while you work to find your own rehab projects.

However, for most people, their ability to invest in real estate is only as good as their access to capital. They think that once they run out of money, they’ve run out of options. But nothing is further from the truth. Here are 4 secrets that the pros use when they want to compete without cash in Orlando.

Strategy #1. How To Compete Without Cash In Orlando – Seller Financing

Most people think of buying a house out-right from the seller by handing over money to the seller so they can hand over the keys to you. However, this is not the only way to buy. Many CFRI investors work out seller financing terms, which work just like a mortgage but without the bank! Who is CFRI? Central Florida Real Estate Investors. Join our local group and attend several weekly meetings for free after you join.

CFRI is the place to get REI advice. They have over 800 members in Orlando. They meet the first Wednesday of each month.

The seller hands over the keys and you pay the seller a regular monthly payment until the house is paid off. Sellers love this because they get a regular income… you just have to ask because not all sellers are aware that this is an option.

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Foreclosure Scams in Orlando- Beware Of Scams Like These - Written by Eugene Hoffman

Foreclosure Scams in Orlando- Beware Of Scams Like These

As you know, foreclosures over the past 5 years have been at record levels.  Just like with anything, when there’s an opportunity or when there’re people in pain… the dishonest and unscrupulous people in the world tend to come out of the dark shadows to prey on homeowners who don’t know any better.

Foreclosure scams in Orlando have even picked up in recent years.

We’ve been working with homeowners for some time now, in fact, we talk with homeowners in foreclosure every single week.  You should hear some of the stories we’ve heard of people in foreclosure being taken advantage of by scam artists proclaiming to be reputable “real estate investors”.

Not All “We Buy Houses” Companies Are Created Equal

You’ve seen those signs that say “We Buy Houses Orlando”… or websites like ours that mention the phrase.  Yes, we buy houses in Orlando and I’ll walk you through how to spot potential scams vs. reputable house buyers in our area.

As a quick summary… there are companies out there that buy houses from people who need to sell.  But, in some cases… that’s where the similarities from the scam investors and legitimate companies with great reputations like us stop.

In this article, I’m going to walk you through some of the ways a small percentage of people try to take advantage of home owners like you.

This is meant to be a “consumer awareness” guide to help you spot the companies to avoid and pinpoint the “we buy houses” companies that you can trust (because the majority of home buyers are great people with great integrity… it’s those few bad apples that ruin it for everyone else.)

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The probate process for a house in Orlando – don’t get shortchanged - Written by Eugene Hoffman

The probate process for a house in Orlando – don’t get shortchanged

Buying and selling of real estate are big business in any economy in the world. As population increases, more houses are needed for people to live in and offices for people to work in. Despite this fact of life, real estate transactions can still be very risky propositions! Especially when it comes to probate property if the prospective buyer doesn’t understand the probate process for a house in Orlando.

So what is a probate anyway?

A probate is a legal way of administering the property of a deceased person (decedent) if the person never left a will or if the will had specific instructions on how his or her property was to be administered after they are dead. These proceedings take place in probate courts. Sometimes they can end up being the best real estate deals that any buyer or seller might get in Orlando…

How to begin the probate process for a house in Orlando

The legate begins after a person dies. Soon after this, the seller is expected to inform the court, which appoints an attorney to take care of the sale. Once this is done, the attorney advertises the property just like other real estate properties. The price is based on the agent’s suggestion and also from an independent appraisal ordered by the probate court. Note: It is important for the seller to familiarize himself or herself with the property to avoid being short-changed. This can be avoided by choosing the right partner in Orlando and that would be Eugene Hoffman.Click the link here, fill out the form and we’ll help you get started now.

Okay, my property is on the market, now what?

Now, after the property is advertised on the market then it is up to the seller to wait for the buyers to make offers on the property. Once this process is completed, the final decision is made by the probate court on who should buy the property based on an auction if there was more than one interested buyer…. In this case, we would suggest you choose Eugene Hoffman to purchase your property because as you can see from our website we have not only given the best deals on probate property in Florida but also on short sales!

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I am Relocating And Need To Sell My House In Orlando - Written by Eugene Hoffman

I am Relocating And Need To Sell My House In Orlando

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Relocation is a complicated exercise in coordination. We get local Orlando home sellers calling us or submitting their house info on this website every week saying “I’m relocating and need to sell my house in Orlando“.  The great thing is that we’re able to help a good many of those sellers sell their house quickly (because we’re actively buying houses in Orlando right now!).

There’s an insane amount of details to keep together, plus the stress of whatever is making you move in the first place – often it’s a new job or a sick relative, but the true need to move always comes with a dramatic change.

So how do you make the most out of a difficult situation?

I am Relocating And Need To Sell My House In Orlando

by Bearlakegroup on April 22, 2016 in avoiding-foreclosure, buyer, Company News, ira-real-estate-investing,Real Estate Articles, Real Estate News, real-estate-market, sellers, short-sale-information, Wholesale PropertiesEdit

Relocation is a complicated exercise in coordination. We get local Orlando home sellers calling us or submitting their house info on this website every week saying “I’m relocating and need to sell my house in Orlando“.  The great thing is that we’re able to help a good many of those sellers sell their house quickly (because we’re actively buying houses in Orlando right now!).

There’s an insane amount of details to keep together, plus the stress of whatever is making you move in the first place – often it’s a new job or a sick relative, but the true need to move always comes with a dramatic change.

So how do you make the most out of a difficult situation?

Don’t Agonize – Organize.

You don’t want to be in a situation where you end up paying to own and maintain a vacant house for 2 years. That gets expensive and it doesn’t have to be that way.

Although the market is relatively stable right now in Orlando, things can change in the blink of an eye. We’ve heard some serious horror stories over the past couple of decades. Unless you’re filthy rich, you probably can’t afford to wait it out.

So how do you make the right choices when you’re relocating and need to sell your Orlando Florida house fast?

Relocating And Need To Sell My House Fast In Orlando… Your Options And Steps

First…

1. Find out what your house is worth: To do this you can contact a reputable real estate agent or connect with us and we can give you a no cost no obligation valuation on your property.  Once you know what the house may be able to sell for in the current market… that sets the basis for how long you may or may not be able / willing to sell the house.
2. Decide how fast you need to sell your house after you relocate: This is a biggie. I’ve seen professionals who moved out of state for a job who had their house on the market for over a year before selling it for a much much lower price than they hoped. Decide how fast you need to sell your house… and how long you’re willing to keep making 2 mortgage payments, insurance payments, etc.

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How do I sell my house without an agent in Orlando?

If you’re looking to sell your house or income property in Central Florida without using a Realtor, we can help.

Although we do cooperate with brokers, sometimes it’s best to avoid paying someone to be in the middle.

After all, paying 5-6% of the sale of a property in a commission is a lot of money. In certain situations, Florida brokers and real estate agents can be very useful and earn their commission. Not always.

There’re a few ways to avoid paying high commissions in Florida.

First, there’s a tricky procedure that you’ve gotta know about.

In most sales in Orlando, roughly half of the commission you pay as the seller goes to pay for the buyer’s broker.

Doesn’t make much sense, right?

Why should you pay for the agent on the other side of the table?

Truthfully, it defies logic – it’s just what’s typically done.

You can use that to your advantage in a few ways.

First, factor in the commissions paid when you’re looking at the comparable sales. If the properties similar to yours sold for prices that included commissions, take that into account.

Don’t under price your property – be aware that a savvy buyer may expect to take a discount too. If you’re doing the work of one agent, you can expect to save that money.

Sometimes in Orlando buyers who aren’t represented by an agent won’t remember to negotiate the buyer’s side commission out of the price for themselves, so don’t remind them if you don’t want to pay them. Just don’t be surprised if it comes up during the negotiation.

You may want to consider offering 2.5% to buyer’s agents who will bring their clients to show your property. Sure, it’s a lot of money. If you’re pricing your property including that commission, you can always negotiate a better deal for a purchaser who comes without an agent. On the other hand, if you don’t leave room for the buyer’s agent’s commission, you’ll be excluding most of the buyers in the market in Orlando.

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Foreclosure notice of default in Florida- what is it? - Written by Eugene Hoffman

Foreclosure notice of default in Florida- what is it?

What is it?

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If you’ve gotten a foreclosure notice of default and want to know what the heck is going on, keep reading.

Basically, a foreclosure notice of default is a document that has to be filed by a lender to start the process of foreclosure. The Dodd- Frank bill restricts “dual tracking,” the practice of a mortgage lender beginning a foreclosure action at the same time it offers a borrower a loan modification.

During the financial crisis, the Obama administration created a bill, called HAMP to help the ten million people at risk of foreclosure. In the end, HAMP helped only about one million homeowners in five years.

The foreclosure notice of default must be sent to anyone who has an interest in the property (any other loans, lenders, or even contractors who are owed money for work done to a property will get a copy). The foreclosure notice of default must also be published in a newspaper and physically posted in a prominent place on the property itself. Although this can be really embarrassing to someone going through foreclosure, it’s actually a very important protection for consumers.

Back before US law required a notice of default, people were sometimes foreclosed on without any warning.

In fact, it’s happened even in the past few years – at least one bank has accidentally foreclosed on the wrong property and kicked people out of their house without due process or warning. It’s even happened around Orlando.

The notice of default is a very important step in the foreclosure process that gives people with an interest in the property to step forward and claim their rights – before it’s too late.

If you’ve received a notice of default, don’t wait. Time is definitely of the essence, and you should take action.

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Behind in my mortgage payments in Orlando! - Written by Eugene Hoffman

Behind in my mortgage payments in Orlando!

Behind on your mortgage? Read this article for a few tips on what you can to do prevent and avoid foreclosure

When you fall behind in your mortgage payments on your Orlando home, it can feel like you’re drowning in debt.

Even if you’re able to make your monthly payment, catching up on a past due amount can be an overwhelming trial.

Life seems that there are are no opportunities that can help you to avoid foreclosure in Orlando and maybe even keep your house when you’re seriously behind in payments. Lots of properties in Orlando have been lost to foreclosure, but there are many ways to avoid it.

1. Bankruptcy:

This is usually the tool of last resort. If you’re being crushed by lots of debt, bankruptcy can be a good way to negotiate with lots of lenders at once. It’s a lot of work, and it won’t help you avoid your mortgage. Different lenders will treat your circumstances in unique ways. You’d benefit from serious professional help – the best you can afford. Our advice is free. If your house is only type of debt find a way to sell. A lender usually prefers to take a partial payoff(short-sale) to having their legal department start foreclosure. That is expensive for both parties.

2. Reaffirm:

This can be a good card to play, but it may come with some unseen penalties. Basically, reaffirming the loan is an additional commitment to pay. In some states where it’s allowed, an affirmation can create additional liabilities if your property is auctioned.

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The State of the Market for Buyers in Orlando FL - May 2016 - by Eugene Hoffman

The State of the Market for Buyers in Orlando FL

Is it still a buyer’s market today in Orlando?

As experts in the Orlando real estate market, we get asked this question a lot.

The answer isn’t as simple as yes or no.

Median price up 12% year-over-year

First off, it really depends on the property type and location.

Single-family homes in great locations that are priced well have been flying off the shelves. There’s a lot of demand in the market for certain areas, while others can seem like ghost towns.

Buyers are often looking for the same thing – good neighborhoods, access to transportation, shopping, good schools, close to work, etc. Properties that deliver all these are definitely a hot commodity. Sellers with a highly desirable property are in control of the market.

But for condos and townhouses – especially those a little off the beaten path, or with some funky features – it can be quite a different story. Prices were down in certain areas of Orlando but seem to be rebounding as the rental market increases.

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