All Forum Posts by: Bradley Sriro

Classic... this is exactly what a lot of so called "investors" do. In my opinion, this is what an investor with no or little experience does. This is someone who just read a book on flipping or watched a bunch of YouTube videos and now they are an "investor". You can tell real quick from a conversation whether or not you are dealing with an experienced investor. I like your response "I have a phone call, I'll get back with you." LOL. 

Over the years, I have received multiple calls from investors wanting to submit low ball cash offers on listings. As soon as I say sure, email me your proof of funds, this almost always results in them saying that they will get back to me... and of course, I never hear back from them. Or, you end up getting a generic proof of funds letter that they got from some internet based hard money lender that no one has ever heard of. A quick conversation asking the right questions will usually allow you to determine if you are wasting your time or not. 

As an investor first, this is exactly why I got my license. I never found an agent that was truly willing to help unless it was almost immediately advantageous to them. Most agents are focused on the retail buyer and don't usually see things from an investors perspective. With that being said, there are agents who are "investor friendly". What I have found is that the investor friendly agents are often times investors themselves. The way I look at it is this... real estate is a relationship business. If you bring value to the relationship, it will be fruitful. This goes both ways.

Hey @Paul Brouwers from what you are explaining, the only benefit to doing what you are suggesting is avoiding a short-term capital gain on the neighbors property if you own it for over 1 year. If you own it for under a year, you are looking at paying ordinary income tax on the profits based on your tax bracket. 

In terms of your primary residence, if you have lived in it for 2 of the last 5 years, you can generally exclude $250k in profits from your gain if you are single or $500k in profits from your gain if you are married / filing jointly. 

Taken directly from the IRS website:

"If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income, or up to $500,000 of that gain if you file a joint return with your spouse. Publication 523, Selling Your Home provides rules and worksheets. Topic No. 409 covers general capital gain and loss information.

Qualifying for the Exclusion

In general, to qualify for the Section 121 exclusion, you must meet both the ownership test and the use test. You're eligible for the exclusion if you have owned and used your home as your main home for a period aggregating at least two years out of the five years prior to its date of sale. You can meet the ownership and use tests during different 2-year periods. However, you must meet both tests during the 5-year period ending on the date of the sale. Generally, you're not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home. Refer to Publication 523 for the complete eligibility requirements, limitations on the exclusion amount, and exceptions to the two-year rule."

https://www.irs.gov/taxtopics/...

Hey @Jeremy G. have you tried using the BP rental property calculator to check your numbers? Your cash flow and CoC numbers seem to be high based on a 25% down loan. Are you accounting for vacancy, maintenance, capital expenditures, management? Generally speaking the trade off for good cash flow is low or no appreciation and vice versa. What part of Central Florida are you operating in?

@Michael Plaks your policy as you describe is much more professional and palatable. In terms of RLS, there was no miscommunication and it was 100% misleading. Thanks again for your insight, I appreciate it.

@Michael Plaks I agree with what you are saying to an extent; however, my issue was not with trusting them with my money. When I scheduled the initial call after going through their initial process, I was led to believe that I would be speaking with an attorney from their firm. Instead, I received a call from what seemed to be an out of country virtual assistant who provided no additional information and promptly asked for my credit card number to schedule the consultation. This really caught me off guard and I personally felt as if this was a bad way to establish a relationship with a new client. Instead of going with RLS, I decided to seek out a professional in my local market (Miami, FL) and I have not been asked to pay an upfront fee by any of them for the first consultation. 

Just curious, do you charge an upfront fee for an initial client consultation? Thanks for your feedback.

Sounds about right @Dave Foster I am sure there are great agents, managers, and wholesalers/flippers in the area but I was hoping to find everything under one roof for the simplicity of things. I am currently working with JWB in Jacksonville and looking at a couple other providers out of state... but I also like the Tampa market. I would agree with you on there being an unmet need in that market. 

@Jared Decker it is definitely a market that I am interested in so hopefully there are some options available.

@Todd Groom, no... I am looking for any turnkey rental providers in Tampa. A company that sells homes to investors that are new construction or completely renovated, with tenants already placed, and managed. 

Is anyone familiar with any reputable full service turnkey rental providers in Tampa, Fl?