All Forum Posts by: Elvis Vasquez

I'm trying to get in contact with someone who works for a LLC however it leads back to a Delaware LLC.

Whoever this Florida LLC is uses alot of multi-structured/Land trust setups (they have 20+ other properties in which the Delaware LLC is a manager for the Florida LLC usually as a trustee).

They use the same registered agent however I think he just manages a bunch of LLCs as I've seen his name before for other large real estate firms.

Any idea how to get in contact with someone who actually works for the trustee LLC in Delaware? I've tried LinkedIn but these companies do not have pages nor employees listed. I've also tried using Delware's LLC search but no contact info shows up and I can't see their articles of incorporation.

0 Votes

Originally posted by @Marty True:

Hi @Elvis Vasquez your dilemma is all too common in Miami (like 90% of houses). Will you be purchasing with cash or financing? If cash, then it's not as big of an issue. It really depends on your acquisition plan and what you plan to do with the house. Are you planning to live in it? Are you planning to rent it out? Flip?

Cash I couldn't find a house in the price range I wanted that would pass under-writing standards... such a pain here in Miami dirty houses with even dirtier titles. I'm going to live in it.

0 Votes

Originally posted by @Caleb Heimsoth:

I would not get a credit card at 14. That sounds like a bad idea in general. I just read 70 percent of 20 something’s cant handle credit correctly let alone someone much younger.

Good luck my friend. Stay extra viligant on this whole thing.

This assumes he can handle credit correctly if he's on biggerpockets I'll give him the benefit of the doubt he can maintain a 3% credit utilization.

1 Vote

any idea what the cost is to bring an addition into code compliance?

Seems one of the previous owners has built an addition without any permits (there is a lien currently placed on the house).

Any idea what the costs would be to bring it into code compliance? (its around 300 square-feet seems to be CBS)

I'd call but usually the officers are unwilling to help until you're the owner - they refuse to talk about the citation at all (despite it being public record).

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I highly suggest you apply for a low limit credit card and keep your utilization to 3%. By the time you're 18 you will have amazing credit (800+) and can qualify for the majority of financial products.

Also start learning how to research titles and examine them this will save yourself alot of time when researching houses.

3 Votes

16 units has to be 200k+ in total at min.

I would see if you could get a HML for this (rehab to pass underwriting) and then refinance?

If he's a true slum-lord... I'd mail each unit and inform them of their rights take pics and let code enforcement know as well as your local housing authority (he'll be forced to bring it up to code or face violations which would later turn into a lien on his complex).

1 Vote

Why do people invest in cities with such unfriendly landlord laws?

There are plenty of other states/cities that will provide less stress and around the same ROI...

1 Vote

Are you funding your buy and rehab with strictly cash or you're getting a HELOC or personal loan to complete the rehab?

You'll need cash to re-finance as well... which ain't cheap.

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Originally posted by @Aaron Hunt:

Originally posted by @Eric C.:

@Aaron Hunt Don't scrutinize my relationship commitment and I will not point out hypocrisy when I see it. If more than 50% of mortgages ended in foreclosure, would everyone advocate buying rather than renting? There are plenty of unhappy longtime marriages where one or both parties are miserable but because they are "married" they stick it out.

So, you came on BP to ask how to mix RE/business with your relationship, and you don't want us to scrutinize one vs. the other? Oh, the hypocrisy or is it irony?

"Selling half a house to a significant other"

Why even mention that she is your girlfriend (very specifically, of 4 years)/significant other, or whatever [insert non-committal hipster terminology which doesn't fit the mold]?

You have no legal, religious, ethical, or moral obligation to her apparently and you can both walk away anytime. Sell the house and casually walk away as if you just sliced a loaf of bread in half.

Just ask everyone here how to sell half a house to a complete stranger, because frankly it's the exact same thing (your words in a nutshell).

FYI if you're in a common law marriage state your assets might be at risk...

1 Vote

12% seems to be the standard interest rate.

I was refereed by my agent and got quotes for 8% - 100K - interest only however...

You might want to check with SOFI.

1 Vote

All Forum Posts by: Elvis Vasquez

Elvis Vasquez has started 30 posts and replied 138 times.

Post: Multi-structured LLC.... who in the world is the owner?

Post: Purchasing house with illegal addition?

Post: 14 year old looking to get started by wholesaling

Post: Purchasing house with illegal addition?

Post: 14 year old looking to get started by wholesaling

Post: Difficult seller in St. Louis Multi family deal

Post: Cities in America with the WORST Landlord Tenant policies

Post: Using the BRRRR method and all related fees.

Post: Selling half a house to a significant other

Post: Investors: What Interest Rate to you expect on your Hard Money?