All Forum Posts by: Bob Asad

 That's a good point and along the lines of what I was thinking. If each tenant pays you a security deposit (ex. $2,200 and $1,800), couldn't you just put the $4k into a seperate bank of america checking account and not touch it?

Then when the tenants moves out, you can assess if there's any damages or cleaning. Normally, you would charge a cleaning fee (ex. $250), then refund them back the remaining.I don't understand why some people say you need a seperate account for every tenant, that's a bit ridiculous especially since banks normally require min balances, so you'll end up owing thousands to the bank everytime you pay back the tenant's security deposit.

So I read that you can keep the last month's rent in your own account because it doesn't need to be separated; however, security deposits cannot be mingled with the landlord's other accounts or business funds.

If that's the case (in Florida), does anyone know if you have 2 SFH, then do you need two separate savings accounts for each tenant's security deposit or can you combine them?

If I have 2 rental properties and charging 1st, last, and security; can I take the last and security for both places (combined) and put them into a Bank of America savings account?

In other words, I already have a checking and savings with BoA, but I would create a 2nd savings account (within my regular account) and put all the rental properties last months and security into that account (combined).

Is this the correct way to prevent co-mingling of funds, or what would you recommend?

I have capital and looking to fund quick fix & flips to receive 12-15% interest + 100% of the capital back when you re-sell. Collateral would be the property.

Scenario:

-Let's say you find a property that's as-is value for $250k

-You negotiate with the seller for $175k (70% of as-is)

-I would fund it at 80% (so you also have some skin in the game; ex. $140k) with the expectation of 12-15% interest + the full 100% of the money back within 2-3 months

If you re-sell it for $240k, you would pay me the 12-15% interest ($17k-$21k) + $140k, and would keep the rest (in this example $64k-$71k)

If you cannot re-sell the property in-time, I would own the property (collateral) since I've financed it.

Looking for only experienced people (must have sold 20+ in the past 1-2 years doing this) who buy properties at discounts and re-sell quickly (2-3 months) without doing major rehabs, etc.

If interested, let me know.

Thanks, it just seems like a miss on the forum. You can search for everything else at the top like agents, lenders, etc. but not developers. It would be great if it was its own category.

Looked around the site, I only see lenders, property managers, agents, brokers, etc. but not developers?

Is there a way to find local developers based on zip codes on this forum?

Looking to buy some vacant lot/land for SFH or duplex to build a house.

Then either will flip and sell the house or rent it out.

Are there any home builders in the West Palm Beach, Boca Raton, or Ft. Lauderdale area?

Is anyone familiar with zoning laws?

Looking to see how I can tell if a vacant lot/land is allowed for a single family home (SFH) or duplex to be built on it.

The area is West Palm Beach, Boca Raton, Ft. Lauderdale

Thanks for the detailed response. The challenge is knowing if the listing agent actually tells your offer to the seller or not.

For example, if a distressed property is $650k and you want to offer $620k, the listing agent says the lowest the seller may accept is $645k, but is that actually true or made up because the listing agent wants their commission?

So there's not a way to know unless you find out from the seller directly.

If a property is on the MLS but you're not sure if the listing agent is being truthful or passing along your offer, can you use Propstream (or something that others recommend) to mail, email, or call the owner directly with your offer?

This way if they pass you along to their listing agent, at least you know the offer was seen. This is assuming that you're not even talking to the listing agent initially (skipping them) and going directly to the owner as the buyer.

Thoughts?