All Forum Posts by: Adam Schooley

I'm looking at 75% LTV on this particular property. It is a single family home. The investor I'm working with is looking in the Hollywood area also.

The market is great for medium-term rentals down here. We have so many hospitals in very short proximity of each other. I'm actually working with a BP member who is trying to buy his second medium-term rental. I'm currently working on a fix and flip within a mile of a major hospital but now I'm thinking that I might BRRRR it and do the mid-term rental with it also.

I can understand being loyal but an agent has to prove "procurring cause".  If @Jorge Armas decides to buy a property from another investor, a friend, or relative this agreement states that he will have to pay the agent a full commission.  If the agreement ends and he buys a property within 180 days after, he has to pay a full commission to the agent who had nothing to do with the deal. 

@Jorge Armas I personally wouldn't agree to any of that.  I've been an investor for 15 years and agent for over 7years here in Broward County and I have never had my clients nor would I as an investor sign an agreement like that.  Basically it says you will pay them a commission regardless of whether they find you a property or not and for 6 months after the agreement.  The $345 is also a junk fee. Just my 2 cents.

@Rodrigo Muller I'm here in South Florida and I have a HELOC on my primary residence. I am currently using my HELOC to fix and flip a house in Davie. This is a quick use of the HELOC (3 or 4 months) as I will resell the property and payoff the HELOC and move on to the next property. I could also do the BRRRR stradegy for this property and payoff the HELOC once I do the refi but with the current interest rates, taxes and insurance it doesn't make sense to hold it. As stated above this really depends on your strategy. It sounds like your thinking of buying and holding the property. What type of property are you thinking about usung this stradegy with? Are you thinking of doing annual leases or doing more like short term rentals like AirBnB to get higher cash flow. If you have questions about the HELOC itself, I'd be happy to share who I used and the process itself.

@Vince Biegel welcome to BP!  This is a great resource for learning about real estate investing. I'm an active investor here in S. Florida as well as an agent. Let me know if you have any questions about the local market here in S. Florida and I'd be happy to help.  

@Stevenson Alexis I'm an active investor and agent here in S. Florida. I have owned rentals, house hacked and currently have to fix and flips I'm doing right here in Broward County. Let me If I can answer any questions you might have. 

Send me info.

@Marco Schoett please feel free to contact me. I’m a firefighter/paramedic here in South Florida also and have been flipping homes here for years and currently own rental properties here locally. You sound just like a lot of the young guys and girls that I work with at the fire department that are just getting started. I’ll fill you in on what to do when we talk.