All Forum Posts by: Carlos Rovira

I pay a realtor a very small fee to "manage" my properties. Basically all he does is take service calls and deploy contractors for maintenance if needed. He deals with the "customer service" aspect of PM. I speak only to him and never get involved with the tenants. I do handle all the finance myself, though, (i.e. depositing rent, bookkeeping, preparing leases/contracts, etc.). He does not get into any of that which is why I can pay him so little. He is also starting out and hungry for experience so it's good for him to get to know the PM business. 

Upside to this is that if there is a vacancy, he is a realtor and can just list the property on MLS and fill the vacancy fairly quickly.

My wife and I "house hacked" a duplex as our first home/investment and it was one of the best things we've ever done. The rental income basically covers the mortgage and we live for free, effectively eliminating one of the largest expenses of any household. 

If you can make it work with an FHA, you're cash investment is minimal and if the property appreciates, there are great options to tap into that equity for future acquisitions using a home equity line of credit or some other product. Good luck!

I also wouldn't do a bbq or gift cards. It is important to keep a professional relationship with your tenants without giving the impression that you are their friend. If they get too comfortable with your relationship, that is when they try to take advantage of you. It is crucial to strike a balance between sternness and amicability.

Originally posted by @Leandro Rodriguez:

@Carlos Rovira do you have a wholesaler to recommend?

 Leandro, reach out to Fulvio Monetti 786-302-6332 [email protected]. Tell him I sent you and have him add you to his investor email list. He will start flooding you with deals daily. Enjoy!

I'm from Miami and am having the same issues. it's nearly impossible to find a good deal on the MLS. Your best bet is too hook up with a local wholesaler. They usually have pretty good deals that are under market value, and you will find that they will start sending you some great listings. These are off market properties that need to sell quickly so you are more likely to find well priced stuff.

Don't neglect the MLS though. As much as people talk down about it, I have found some very good deals in Miami on the MLS. They are few and far between though sometimes you just get lucky.

Good luck!

I use a PO Box. There are also shared/mock office spaces you can rent for ~$100 month that give you a physical address that you can call your "office" and have stuff mailed there, then forwarded to your home. 

Hi Sean,

I am also a Miami native and know Hialeah very well. Have you ever done any real estate investing in Miami (or Hialeah)? 

Cheers.
Carlos

I apologize for the double post. There was a typo: 2% fee comes out to $460 not $4,600 :X

Most practical way is to save save save. Live cheaply, open a separate savings account and scrape every penny until you have $20k. You'll realize how easy it is to save that (assuming you are steadily employed) when you live frugally. There are other methods, such as credit cards that offer introductory rates for balance transfers. I have a chase card with a $23k limit that allows me to do "balance transfers" at 0% for 1 yr, provided you pay it back before the year (otherwise the rate goes up to standard credit card rates). I could technically take that $23k out right now and just pay a 2% fee ($460), then pay it back aggressively during year 1 using the rental income.

Most practical way is to save save save. Live cheaply, open a separate savings account and scrape every penny until you have $20k. You'll realize how easy it is to save that (assuming you are steadily employed) when you live frugally. There are other methods, such as credit cards that offer introductory rates for balance transfers. I have a chase card with a $23k limit that allows me to do "balance transfers" at 0% for 1 yr, provided you pay it back before the year (otherwise the rate goes up to standard credit card rates). I could technically take that $23k out right now and just pay a 2% fee ($4,600), then pay it back aggressively during year 1 using the rental income.