Tips for a first time buyer of investment property?

Asked by Christine B, Texas Fri May 15, 2009

This is the first time I have embarked upon purchasing a condominium and will begin the process of getting pre-approved soon. I am looking to purchase a property on or near the oceanfront (Miami Beach area) and am seeking any advice on short sales as well as placing property in an LLC after purchase. I am a US citizen but I live outside of the country which means that I will need to do alot in a short period of time when I travel to make the purchase. Any tips, suggestions, helpful hints about this process is very much appreciated.

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Beth Jenkins, Agent, Miami Lakes, FL
Fri May 15, 2009
Hi Christine,
You are doing the first step correctly by being pre-approved, and be sure that you have the letter of pre-approval and it is recent. The biggest hitch in the process you are looking at is a short sale. I am not sure if you know the process, but when you make an offer you are actaully offering to the mortgage holder of the seller and they can take as long as 3-6 months to answer. And sometimes it will never happen if the seller is turned down in the process due to an inadequated reason for the short sale. (meaning they have the resources to pay, they just choose not to).

So the best thing you could do to expidiate the process is to concentrate of bank owned property, but they tend to go very qucikly when priced properly, or just a wellp riced regular sale. I believe the best thing is to have a realtor have all of your criteria at hand, set up the seach now and as those specific properties come up do the reseach on it and the week you will be here you will have the properties chosen that you will look at.
As for the LLC, a realtor is not allowed to give you legal advice on that, it would be practicing law without a license. But there are many attornies you can contact before your arrival that will handle that for you. I would be glad to give you some referrals.

If you have not chosen a realtor, I would be gald to help or speak to several to see who you feel comfortable with. Feel free to contact me directly for any other questions.

Good Luck,
Beth Jenkins
South Florida Brokers
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