All Forum Posts by: David Santana

If you decide to take the money make sure that your accountant changes your accounting method to accrual accounting, open a bank account and withdraw from it as time goes by, not sure what are the penalties on your lease for breaking a it, but this method of accounting should protect you, just in case. 

The difference between cash and accrual accounting lies in the timing of when sales and purchases are recorded in your accounts. Cash accounting recognizes revenue and expenses only when money changes hands, but accrual accounting recognizes revenue when it's earned, and expenses when they're billed (but not paid).

 Sorry, wrong spelling www.creditkarma.com is free you can do it right now from your phone or your computer and it will give you a score and idea of where you are right now.   Who knows it might not be as bad as you think.  It is important for me one more time to emphasize not to pay any co call Credit Expert or Guru or Company for something that you can do yourself.  If you need advice I will give to you for free or help you find it on the web.  

Thanks for your reply @Chris Mason if I understood right the rules in Puerto Rico are that HELOC is base on Income not in Equity reason why another qualification is that you need to be resident of the Island with proof of income and residency. That leaves me to private lenders and the mortgage broker that approach the few that he knew in the Island were interested in doing a loan not a Line of Credit and Biggerpockets is not big in Puerto Rico although that's a potential market.

@Jaysen Medhurst Pen Fed, Chase and Bank USA and Citibank are on the list of banks that have been suggested in private, but the person that suggested is not sure if they work with Puerto Rico.  Will be calling tomorrow Friday morning to find out.  Another one suggeste was USAA my father was a veteran but abandon my mother when I was young child and I don't have proof that he served in the Army.  He is decesed right now, but I have his social somewhere anyhow this could get me to anywhere with USAA? 

Trying to get a H.E.L.O.C. but I'm running into some problems.  The property is Puerto Rico and I'm a resident of the State of Florida.  The Bank in Florida won't give me the H.E.L.O.C because of the property in Puerto Rico and in Puerto Rico I have to be a resident of the Island and Line of Credit are base on income not on equity. 

The Condo base on the last Title Study done in March 2019 is worth 150k the title is clean (it means it does not own any money) but because of the situation can get the private banks open a line of credit.  I have turned to a few private lenders some have considered the idea but the fact that they don't do business in Puerto Rico hinges my efforts. 

I'm looking for recommendations, I'm looking for a line of credit, not a loan max 100k are there any private lender out there that might be able to help me or recommend me a course of action.  According to MyFico.com my credit is above 700 might be higher by the time the next report comes by on June 17th.  Any suggestion or advice will be most appreciated, thank you for your time in advance. 

Try Credit Carma is good for people trying to build credit also Experian allows you to put utilities like electricity, cable, cellphones, gas, you get the idea as part of your credit the called "Credit Boost" and all you to take advantage of this opportunity is sign up for their service.  Also, the idea of taking a few secured credit cards is not a bad idea.  Credit Carma is free and will give you an idea of at least where you are standing now. In a year or more you can change to MyFico.com and switch to low credit - credit card and follow the MyFico recommendations to build up credit.  There are many ways to go with this... Just don't pay any company or person money for promises that they won't we able to keep.  Good luck with your journey wish you the best of luck.....

@Rehaan Khan

My lawyer advised on HOA issues, you should have received a disclosure document that you should have received "Frequently Asked Questions" it acknowledges the receipt of the association documents, financial information, and frequently asked questions more than 3 working days prior or before the closing date with the option to void the contract if you don't agree with the document (Chapter 720.401 Florida Statutes) Hope I explained well, if not please correct or look the Statute...

If you still have any questions please consult your lawyer or I can recommend mine. Have a great night.

David Santana

@Jason D.

@Diego La Rotta Found this Site that seems to work for all the U.S. https://www.brbpublications.com/

From the Website: BRB Publications, LLC. is the nation's premier publisher of references and websites used for locating public records. BRB's books and electronic products point the way to over 28,000 government agencies, and 3,500 public record vendors who maintain, search or retrieve public records.

For what I can see, at least for Florida, you can find property taxes information for all Florida counties. Hope you find this information useful.

Found this Site that seems to work for all the U.S.  https://www.brbpublications.com/

From the Website: BRB Publications, LLC. is the nation's premier publisher of references and websites used for locating public records. BRB's books and electronic products point the way to over 28,000 government agencies, and 3,500 public record vendors who maintain, search or retrieve public records.

For what I can see, at least for Florida, you can find property taxes information for all Florida counties.  Hope you find this information useful.

@Diego La Rotta

Miami-Dade Property Appraiser 

http://www.miamidade.gov/PA/property_search.asp

From the website:  

BUYER BEWARE  When buying real estate property, do not assume property taxes will remain the same. A change in ownership may reset the assessed value of the property to full market value, which could result in higher property taxes. Please use our Tax Estimator to approximate your new property taxes.

The Property Appraiser does not send tax bills and does not set or collect taxes. Please visit the Tax Collector's website directly for additional information.

The Homestead Exemption saves property owners thousands of dollars each year. Do not jeopardize your Homestead by renting your property.

Before buying real estate property, be aware that non-ad valorem assessments may have a significant impact on your property tax bill.