All Forum Posts by: Bradley Sriro

You're welcome Johnny... Best of luck!

Wow, that's insane LOL... I just looked it up on Amazon and found a used copy with PRIME shipping for $16.99. There are quite a few other used options as well under $16.99. Check again when you have a chance. But I highly recommend it. 

You aren't required to have an appraisal completed if you are paying cash but it would be wise to have it done anyways to make sure that you are not overpaying for the property. You wouldn't want to end up in a situation where you pay $150k cash for example if the house only appraises for $140k. I personally would never pay more than a house appraises for and end up with negative equity. With that being said, REI Nation is a very reputable turnkey provider and they sell a lot of houses. I would venture to say that their list prices should be pretty spot on when it comes to hitting appraisal. This is something you can ask them as well. Ask them the percentage of properties that appraise at value. This is a metric that they most likely track.

As someone else already mentioned, the land and building value can be pulled directly from the county property appraisers website and has nothing to do with an appraisal. 

Also, why are you choosing to pay all cash instead of using leverage/ financing? You can generate a significantly higher ROI by using leverage and perhaps spreading the cash you have to acquire several properties with 20-25% down on each.

@Barry Wallace I don’t necessarily think it’s a bad deal based on the fact that you are only coming out of pocket $6500 for the acquisition. With that being said, with free cash flow of $540/mo., you are looking at a roughly 10% cash on cash return. You say that the seller is willing to accept $320,000 but what is the actual value of the property? Is this market value or is there some equity built in to the deal? I also agree with Mack in that you have to consider the property taxes increasing based on your purchase price.

@Patrick Britton I am an agent in south Florida and I personally never charge a lease renewal fee; however, they are not uncommon. As others have stated, the standard commission for placing a tenant is 1 months rent. With that being said, your recommendation to put the agent on blast with bad reviews online is not fair. Lindsey did not mention the agent doing a bad job in placing the tenant or lying about anything... she simply stated that she missed the 5% renewal fee when she signed the contract to list. I don’t think it is fair to attack the reputation of the agent based on something missed by the client. When a lease is signed, I always explain the cost and fees for services to my clients so they are fully aware of what they are paying for. If the agent failed to do this or did this intentionally then yes, there is a problem... But Lindsey did not make any mention of this.

Lindsey, If the agent failed to explain this to you I would simply contact them and explain that they did not point this out to you when you executed the agreement to list with them. If they are an ethical agent, I don’t think they will try to hold it over your head if you are unhappy about it and they didn’t disclose/ explain it to you. It is likely that you will be able to get out of it by simply having this conversation. I am pretty sure that they will realize that a happy customer will generate repeat business and future referrals which is way more important than trying to make $900 on a fee the client isn’t happy with.

@Lorenzo Swinton you could also consider selling them both and using the proceeds to scale up to a larger multi-family property using a 1031 exchange... or like others have said, find a lender that will do a cash out refi and use the proceeds to scale up. I am working with a lender now that does cash out refi’s for investment properties. Are you looking to add to your portfolio in South Florida?

Hey @Alexis Riveron... I am in the Homestead area. I know you posted this a while ago but wanted to see if you ended up investing here. Unfortunately, the 1% rule doesn't work anywhere in South Florida. You have to look in areas like Cleveland, Memphis, etc. to get close to that. 

Hey @Ryan Planchon, I am reading one of Mark Kohler's books now titled "Lawyers Are Lyers". Based on what you are looking for, I would recommend it. It goes into what does and doesn't work in terms of asset protection, structuring, etc. I also like the fact that Kohler is both an attorney and CPA. I was also looking at Royal Legal Solutions but the $150 fee to set up a consultation call really turned me off. Like you, I am just looking to become better educated so that I can make an informed decision on which professional offers the services I need and whether they are a good fit for me. I am also in Miami by the way... 

I looked into RLS after first reading a post by Scott Smith a few weeks ago. I own several properties and I have been looking for a provider that can help us with some estate planning and asset protection strategies. I ended up making an appointment for a call and today I received that call from Edward. It really sounds to me as if he is some type of virtual assistant from out of the country. He asked me a few questions about how I discovered RLS and also what type of services I was looking for. I was under the impression that this call would be somewhat informative in nature rather than a call simply to schedule another call with one of "Scott's attorneys". 

In any case, we set up the date and time to speak with an attorney at which point he told me that it would be $149 and asked for my credit card information to complete the appointment. This really turned me off... I explained to Edward that I don't believe in paying for services that I have yet to receive. I have dealt with many attorneys over the years and I have never once been asked to pay in advance for a simple consultation. Does anyone else see a problem with being requested to pay for a consultation in advance? After todays call with Edward and reading everyone else's comments I don't think that I will be moving forward with them. 

We are looking for solid wholesale deals in the S. Florida market (Miami-Dade & Broward Counties). If you have any legitimate deals that you are looking to wholesale, please contact us. We are fully funded and will close fast with either cash or hard money. Please do not present any skinny deals with nothing on the back end after the rehab. Serious wholesalers only. If you have a cash buyers list, please add us at [email protected]

Thanks!

Brad