All Forum Posts by: Cassie Montalvo

If you think you are in your last day of the inspection period and your agent is non-responsive, you need to go above the agent and contact her broker ASAP.  Find out which office she works for, call the office and ask for the broker / office manager and explain the issues.  

Hi Jamall, 

I know SO MANY people who started out selling cars ... myself included (10 years). Car salesmen do amazingly well in the RE industry - we know how to hustle and survive off commission only... we don’t close, we don’t eat! 

That being said, it took me a few years of careful planning to get to this point. I paid off ALL my debt by following the Dave Ramsey method. Then I saved, cash hoarded, and saved some more! It wasn’t until I had great credit, no debt, and a solid savings until I jumped into RE. We both know you can’t have a second job while selling cars - it’s impossible. But what is possible in the car biz is to make a ton of money in a short time. 

I know this isn’t what you wanted to hear, but I don’t regret my choice of taking the long road to get here. I have great cash reserves, I can get loans easier than I can book international travel, and I’m my own boss. 

Second mortgage

Investor Carrot

You need to check your state and local laws regarding an owner move-in eviction. I’m in FL and I’ve only heard of owner move-in evictions for tax deed sales, nothing else.

The seller should provide you with a copy of the lease. You should ask for proof of payment history for the last six months. You need to confirm the lease with the tenant as well (and have them sign off) - pay special attention to the advance payments section. At closing, make sure the seller gives you any deposits as well as the prorated monthly rent payment for however much you’re already into the current month. 

Yes, all of my rentals are mortgaged and I used the rental income that each property produces, not my personal income.  Search for asset-based lending.  I have worked with Finance of America Commercial and CoreVest - both had great terms (30 years fixed, reasonable up front fees, the rates are 1-2% higher than the standard rate).

There is a grid they use to determine how much you can pull out. I think its something like 75-80% LTV and the monthly mortgage payment (PITIA) cannot exceed 90%-ish of the monthly rent you can prove (they require a lease and proof of payment history) that the property earns.

Why would you short sale, you wouldn’t get anything - you can’t short sale a property to yourself. 

Look, I buy at the Palm Beach Co auction. I constantly warn people that there is simply too much risk for the average person in an auction: House full of mold, honoring the existing tenant’s lease, meth houses, current owner pouring concrete down the pipes to spite the new owner, evictions, finding out you just bid on an inferior lien (like you just did), municipal liens, back-due child support, IRS liens ... the list goes on and on.

At least you only lost $16,000. I was screaming at my computer screen when the bidding was up to $25,000 a few weeks ago on an HOA foreclosure that had a mortgage for WAAAAYYYY more than the property was worth. A few months ago I laughed when bidding was up to $40,000-ish for a property where the house burned down ... google maps still showed the house but these bidders didn't bother to even drive by the property in person; the lot wasn't worth $40k. Seriously, AUCTIONS ARE THE FASTEST WAY TO LOOSE YOUR LIFE SAVINGS!!!

When you signed up for an account on the auction site, you checked the box that you read all the disclosures... those disclosures clearly state these properties may not be free and clear from other liens.

Until you know how to search the title and clear it for all superior liens, stay away from auctions.

You have zero, zilch, nada recourse. You just paid off that person's HOA debt and you get nothing to show for it.

NEWBIES STOP BUYING AUCTION PROPERTIES!!!

Don’t feel bad though, it happens every single day here. EVERY. SINGLE. DAY ... there’s a sucker born every minute, and the Florida courthouses are right there to take advantage of them!

“AS IS”contract