All Forum Posts by: Andres Verney

Hi Sharon,

First of all congratulations on jumping into Real Estate Investing and welcome to the Investor family.

My opinion, after 14 years of owning rentals and working with property managers is that your property manager messed up in the screening process.  However, it is very difficult to predict what a tenant will do after they move in.  Most of my bad experiences with tenants came when I didn't do a thorough screening of applicants, especially checking prior landlord references.

In this case I feel sorry for the tenant who has a medical condition that is effecting her actions.

My recommendation is that you speak with the daughter and approach her from a stand point of wanting to 'HELP' her mom.  It sounds like her mom would be better cared for in a residential assisted living situation rather than a condo by herself.  Hopefully the daughter is mature enough to see the condition of her mom's mental state (not in denial) and help in getting her to a more appropriate dwelling.

Whatever you do, DON'T GIVE UP!!!  

This is just an experience that you will learn from and although it may seem like a horrible experience, it will soon pass.  Hopefully, you'll be sharing this experience with other rookie investors in the future and have a good laugh at all the events you'll be able to share.

I hope this helps and hang in there.  

I would definitely ask for a discount on the management fees.

Andres

Hi Eric,  I had a similar situation.  It all depends on the state laws, but I don't think your name can be involved.  What I did was refinance the house in mine and my wife's name and got her dad off the title all together.  She owned the house before we got married and he co-signed.  Your mortgage broker would be able to answer your question.

We did a cash-out refinance up to 80%, to avoid paying PMI, and used the funds for investing. I recommend you check with a tax professional/ accountant to guide you as to how to best structure yourself for max benefit... LLC, S-Corp, Land Trust, etc.

Good luck and hope this helps.

- Andres

I am a builder and investor in the Orlando, FL market.  I am seeking "in-fill" lots, which are vacant buildable lots in residential neighborhoods that have already been developed.  We are looking for these lots to be in single family subdivisions valued over $220,000 and our purchase price point under $50,000.

We will consider lots that allow for multifamily units as well regardless of the retail value, but still purchase price under $50,000.

Hi Folks,

I am Andres Verney from Orlando, FL.  I just signed up with BiggerPockets and would like to introduce myself to the team.

I am a Licensed Builder and Roofing Contractor in Florida and started building residential spec homes to flip... or hold.  Initially my partner and I thought of selling because of ignorance on finding funding sources to refinance our deals.  Now we are acquiring great contacts on Private Money and some banks who may be able to refinance our projects for build and hold... which is our preferred exit strategy.

My whole life mission at this time is to create enough passive income to quick my full time day job.  I plan to achieve that goal by the end of 2017.

My opinion is that New Construction Flipping/Holding is the best strategy for today's market.  We have significantly less competition and better profit margins than rehabbing.

I welcome anyone interested in learning more about my strategy and what we are doing here in the Orlando, FL market.

Comments and suggestions are always welcome as long as they are constructive.

I'm excited to join this group and look forward to helping you achieve your financial goals.

Andres Verney