All Forum Posts by: Adam Schooley

@Barbara Engel sent you a message. 

@Barbara Engel thank you for your service as a nurse! Tough job! My wife is a nurse at Cleveland Clinic in Weston. I personally have used my homes equity to do fix and flips here locally. I would recommend doing a HELOC on your Mother's home and possibly yours also. If you do a cash out refi you will be paying the Interest on the entire debt right away while your looking for your next investment which could take several months. With a HELOC you would only be paying interest on the money borrowed when it is used. I've had my HELOC for a year now and have used it twice for deals and only paid interest for a couple months while using it. Just my 2 cents. Feel free to contact me if you need more info on the HELOC that I did. I used a local credit union here in South Florida.

Maybe if you could provide the price, how much repairs need to be done like cap expenses or updating. Do you have to bring the current tenants up to current market rents? Things like that.

@Pedro Garcia welcome to BP. I'm a local agent and investor here in South Florida. I currently own a few properties here that I rent and I will be closing on a property next week that I will fix and flip.  If you have any questions feel free to reach out. 

The very first thing you want to do is check you HOA's rental restrictions and requirements since you said it's a townhome. Once you do that you will want to get some comparbles for the community your townhome is located in. These comps will be the most accurate. I usually go back 180 days and that typically will get you a few rentals to compare. You want to make sure that the rental comps will be enough to cover your morgage, taxes, insurance and HOA dues. Once thats done take some great photos of your property. (I always hire a photographer) Pics are everything when listing a property especially if there is alot of rental competiton in the area. Once you find a prospective tenant you can have them do a background, credit, eviction and work history report. There are several websites for that. If your'e satisfied with the reports then the tenants will have to apply to the HOA and pay a fee usually around $100-$150 to the HOA. You will need an executed lease when applying to the HOA. HOA's generally take anywhere from 2-4 weeks to give an approval. In Miami it is normal to ask for 1st, last and a security deposit. Security deposit is usually equal to 1 months rent. Hope this helps.

Hi @Ivan Itzkowitz. I'm in the Ft Lauderdale area. I'm an investor and real estate agent. Send me a message anytime. 

@Chris Adams I live in Davie right near the property. It went under contract very quick because of the list price. We just have to wait till it closes to see the actual purchase price. I am seeing more deals coming to the market recently. I just put a nice single family in Davie under contract that I will be remodeling in 2 weeks.  Good luck with your searches.

@Yvonne Gallegos would you mind sharing your builders info with me? I’m on the East coast and nothing works for rentals over here. 

@Chris Adams did you get the property under contract?