All Forum Posts by: Elvis Vasquez

Hi All, I'm a new member in the Naples, FL area. We are just getting to rent a house in Naples and need suggestions for a good real estate friendly CPA and a real estate attorney. I want to make sure we create the best legal entity for protection and tax purposes. I'm just not sure if that will be a LLC or S-corp. I also want to have my contract reviewed.

My next plans are to look for additional properties throughout Lee and Collier Counties in cities such as Naples, Bonita Springs, Estero, Fort Myers, Cape Coral, Immokalee, and Lehigh Acres. Any suggestions on groups meeting in these areas would be great. I'm open to most methods of investing but plan long term to pick up buy and hold properties (if the market is friendly for it).

I work under a CPA feel free to post your questions i'll run it by him.

I also have a real estate lawyer on retainer I suggest you post on Avvo first for free.

https://texasllcpros.com/llc-taxation/trump-tax-bi...

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Originally posted by @Sigoura Edge:

I purchased a property at 58k last summer owner financing. The agreement was 1,000 for 12 months then $600 until the debt is paid. My income shifted so they’re was 3 months that I paid $600 which the man said it was okay. Last week (3 months later) he told me that I owed him $1200 which was the $400 balances from the $1000 each month. I paid him. Now he is saying I owe him $300 in late fees. We agreed to the 5th of every month, and my deed states that I have 10 days from the due date before any late fees are accessed. He says it’s mandatory that I show him taxes paid and insurance on the property. I was never told this about the insurance. But I read the deed and it says if anything happens to the property I give him the money from my insurance company and he’s the power attorney of my property until it’s paid off. Is this fair? Help!!

Is he offering a cheap interest rate? If you didn't over-pay for the house and he didn't charge you closing fees I'd just adhere to w.e he says....

Your best bet is to post on Avvo and see what the lawyers say (its free).

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Originally posted by @Steve Armstrong:

Years ago in Cincinnati, near UC, they played loud classical music to get people off the streets. It worked!

lol this is genius. these kids have no respect for real music.

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Originally posted by @Jeremy England:

So I looked into Sofi and got approved for 100k, 7 year personal loan at 8.6 pct.

This is a better option than the conventional lender referenced above for sure. I'll have to compare it with some other lenders. for this particular deal it would decrease buying costs and cash outlays, but nearly double holding costs since the loan payment would be like 1600/mo. Conventional lender I come out of pocket for 25-30k to get the property. This would mean I come out of pocket zero and the cost of closing would be equitable to an all cash deal

Assuming I carried the property for 6 months before being sold or refinanced, that's like 10k in debt service, however since you are paying principle, nearly half of that gets deducted from the original 100k Making the loan payoff approx 97k vs 100k.

holy moly.....

I have nothing but love for the new age loan originators.

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Originally posted by @Eric Kouvolo:

Money is a tool and an amplifier. I'm sure we all know a person who is a jerk. Give them more money=bigger jerk. I also know good people who are rich and make valuable contributions to their community and society.

Wealth also allows you to buy back your time. Don't want to hand wash dishes, mow your lawn or clean your house? Buy a dishwasher, hire a landscaper or housekeeper and spend more time with the people you love or doing the things you enjoy. How much is your time worth? You, me and Bill Gates all have the same 24 hours in a day. How do you choose to spend it?

Your best skills can grow exponentially when the basic necessities of life are covered and you don't trade time for money. Andrew Carnegie was considered one of the wealthiest person in history, yet he gave away 90% of his fortune. Visit a local library and there is a good chance it was somehow funded by his legacy.

This is why I want to be wealthy and help educate others how they can do the same.

Its a damn good tool. There aren't many things in this world that can buy your time.

I'd be happy having my basic living needs taken care of till I die that way I could work on my music. (even then it requires a decent amount of capital - more than likely I'll have to still work and my kids will be the next gen to be able to live off of the generational wealth that my family has suffered for).

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Originally posted by @Jeremy England:

Originally posted by @Elvis Vasquez:

Have you looked at SOFI or Earnest? 0 fees no origination.

https://www.biggerpockets.com/forums/50/topics/524...

wow, never heard of that, but I'll be looking into it because I think they could be a good option for me.

our best kept secret :)

I hate dealing with HMLs only issue with SOFI/Earnest/Upstart/Lightstream is that you must have good credit 740+ (unless you're making over 100k then you could probably get loans with a 680 CS).

Your loan explanation will be to be used for rehabbing not for the purchase of real estate.

Feel free to email each other lender with their quotes.

SOFI gives out 7 year terms - Earnest 5 however this is more focused towards people who have capital and not enough income.

I'd go with Earnest first since they also factor in your cash reserves - SOFI does not.

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Have you looked at SOFI or Earnest? 0 fees no origination.

https://www.biggerpockets.com/forums/50/topics/524797-100-000-unsecured-personal-loan-with-sofi

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Originally posted by @Account Closed:

Hello everyone!!

Many of my past mistakes now are holding me back from my leap into the world of real estate. I have found quite the passion for the whole "rehab & rent" vehicle and have found such a great deal and am ready to dive in. My poor credit and collections account are a huge roadblock when it comes to the funding part of my journey.

What I'm hoping for is someone who walked my path and found success. Hopeful for some advice on some actionable steps to take right now to get me this God-send of a property. Any help or advice would be greatly appreciated!!!

Thank you for taking the time to either reply or read this.

God Bless

Investing requires either Credit, Capital or Knowledge. Which one are you bringing to the table?

If you are relying on Credit, you have to play by their rules. They are the ones putting their money at risk in lending it to you.

If you are relying on Capital, then you use your savings of $50k to buy a house Subject To or on a Wrap and start investing.

If you are relying on Knowledge, you team up with someone who has either Credit or Capital or Both and you provide the marketing and acquisition, then the rehab if you are doing rehabs, then the sales of the property and your partner provides the Credit & the Capital.

In this case you have knowledge, knowledge of a good deal. Tell you friends and family. Find someone who wants to join the parade.

This should be a message on every new biggerpocket account that is created!

"Investing requires either Credit, Capital or Knowledge. Which one are you bringing to the table?"

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Originally posted by @Steven Cevallos:

Thank you all for replying and providing useful information! I only have 5k to invest so I don't think buying a foreclosure property is possible at the moment. I am looking at county held Tax Liens, not deeds, maybe that's a more realistic approach to invest? Any experiences buying liens in Florida? or where would you suggest I invest? Again thank you all!

You could buy vacant land with a 5k budget (tax deed auction). Some guy earlier this year won a 45,000 square-foot lot of wetlands for 2.5k.

There's a few auctions coming up soon that I doubt anyone will bid on [wetlands] (I'll send ya the Folio in PM if you want) - it will probably come out to 2.4k max.

What kind of ROI are you wanting? You might want to just save up a bit more money (15k).

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Miami, Florida

Originally posted by @Michael Randle:

@Ray Slack,

Excellent information, thank you for point that out. Where did you find that information?

https://www2.miami-dadeclerk.com/officialrecords/S...

The listing should also include mortgage amounts.

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Miami, Florida

All Forum Posts by: Elvis Vasquez

Elvis Vasquez has started 30 posts and replied 138 times.

Post: New Member in Naples, FL area

Post: I need serious help!

Post: What to do about groups of people loitering around my building?

Post: buying costs excessive?

Post: Why do you want to be superwealthy?

Post: buying costs excessive?

Post: buying costs excessive?

Post: Advice needed - bad credit and collections account but GREAT deal

Post: Miami Foreclosure Auction

Post: Miami Foreclosure Auction