All Forum Posts by: Charles Carillo

@Shibashis Dutta

We have partners who are foreign investors. DM me, and I will send you contacts for attorneys, lenders, and accountants they have previously used. It is important that you hire professionals who have experience working with foreign investors.

@Bradley Gasparovich

I would also add your stance on an applicant with a criminal record and previous evictions. 

Also, we have witnessed a lot of tenant applicant fraud related to income verification and employment, in addition to identity theft. I would make sure to thoroughly verify the applicant is who they say they are and that they are actually employed where they say they work.

@Carlo D.

Maybe it is true for their bank but not for other banks.

My wife and I have a (more complicated) trust that owns several LLCs. You need to provide them with the LLC information and the trust documentation when opening an account.

I have opened bank accounts for the trust and for LLCs owned by the trust at multiple institutions, including one of the four major US banks, local banks, local credit unions, online banks, multiple major brokerage houses, etc. The most difficult thing I had was opening an account with one of the top four US banks, but after a couple of visits for more documentation and signatures, they opened it.

@Joe F.

Usually, this is done through a quitclaim deed. I would speak to an attorney first before you make any decisions. I have had my attorney handle my quitclaims in the past, but I believe you can do it yourself. I recommend having an attorney handle it since it is not expensive.

@Hassan Asif

We have partners who are foreign investors. DM me, and I will send you contacts for attorneys, lenders, and accountants they have previously used. It is important that you hire professionals who have experience working with foreign investors.

@Chris Lee

What utilities is the current owner paying? Usually, in a single-family long-term rental situation, the tenant is paying for all of their own utilities. I would find this out now. I would also like to inquire about the current lease agreement. I imagine it is now a verbal lease.

Once you have this information, I would contact a real estate attorney (who handles evictions) and get their opinion on the situation. I would also request a seller credit if you truly were unaware that the tenant was not current on rent. The credit is not mandatory, but covering some of your legal expenses would be nice. Either way, have the attorney lined up to proceed with the eviction immediately upon closing on the property.

All of this advice is state-dependent. Eviction laws and rules can vary from state to state or city to city. This is why it is important to enlist the services of an attorney sooner rather than later and have a reserve fund to cover all expenses until you are able to take possession of the property.

@Natasha Rooney

We have partners who are foreign investors. DM me, and I will send you contacts for attorneys, lenders, and accountants they have previously used. It is important that you hire professionals who have experience working with foreign investors.

@Gaurav Dutta

We have partners who are foreign investors. DM me, and I will send you contacts for attorneys, lenders, and accountants they have previously used. It is important that you hire professionals who have experience working with foreign investors.

@Brittney Pathkiller

Check out some of your local real estate group meetups. You will find hard and private money lenders there. One additional thought is that most hard money lenders and private money lenders will require the borrower to contribute to the purchase/rehab of the property. In addition, rehabs usually go over budget, and it is advisable to have additional cash to cover this shortfall.

@Andrey Andronovich

Those expenses usually don't have that much flexibility. 

I imagine you have shopped for a lower insurance quote, even though many companies have left the Southeast and Florida. HOA fees depend on your specific HOA, but the chances that an HOA will lower their fees is very low. Property taxes can be appealed, but that is a process. Yes, you could also sell.