All Forum Posts by: Gustavo Figueiredo

@Yatyr Neto

I am an investor in South Florida and I would be happy to help. Feel free to contact me. I am also a Brazilian. 

I live in Coral Springs. I have applied for a lien reduction and It got discounted by 75%. I just showed them that I activelly worked on the violations and once they were corrected it never happened again. All the violations need to be addressed and if you have any receipts bring them with you. I was there for about 2 hours since my hearing was one of the last ones. I could notice that they were looking for assurance that the property will be in good hands and the new owner really care about it. Also they were looking to see how much money you had put towards correcting the violatios and they would take that in consideration. If you buy it make sure averything looks good before applying for the reduction (lawn, no trash/junk arround the house, etc.) as they will take pictures of your property probably a few weeks before the hearing. The fees are totally different here but they don't discount them. I hope I could help a little and Good luck

If you accept any payments while you are trying to evict someone you're will loose. But before swnding the 3 day notice you can collect partial payments and swnd the eviction notice based on the amount due. You're can also use different strategies to evict your tenant. Occupants not on the lease is one. But remember after sending the notice don't collect anymore. Also if it's a first time ofense you should send a disturbance notice. Second ofense lease violation notice with option to cure. And finally on the third time the 3 day notice to quit. If you send to notice to quit when it first happens you probably will struggle in court(except for non payment). Make sure you keep a pretty good record of what you doing. My suggestion would be to implement a system where you would send notice to quit on the very first day when the lease is considered late. Make sure to communicate with yor tenants and make they understand you are running a business, "your business" and as such you have a system to follow. I hope this helps and good luck.

One final tought. Evicting someone some times can get ugly and stressfull specially if you don't know what you doing. I think a money expended with a eviction lawer is a money well invested. Can cost you much more in lawsuits vacancies, etc..

Just a quick tip. In my opinion you should read the book buy it, rent it, profit. It gives you a step by step system how to approach each of these cases. It also gives a sample forms and notices. I just finished reading the book yesterday and looks like that book was written for you. You may want to read chapter 10 first. Regards

That's why I love BP. Help when we need it. Thanks to you all for taking the time to answer my question. Let me know if I could help in any way. 

Hi everyone! I am buying a house in Broward County FL. Its a REO and I had to present my offer using a web site. Seems like the seller accepted my offer but with two concessions.

1-as is no repairs

2-seller may cure or mitigate violations and fines

My question is about the word "mitigate". 

Does it mean that if the seller attempts to cure and is not able to do so and just reduce the fine to certain amount I would have to pay for it? I am not a lawer and I am really confused why he used that word instead just say that he would cure the violations and lies. Is he trying to push some of these fines and violations on me? The house has a code violation lien of 270k so I don't want to play with that. The contract have not been generated yet so I don't know how they are going to word it but if I accept the offer I have to pay $150 to the web site as a eletronic fee. Please help as I have to respond until tomorrow. 

@Steve Smith I am also a investor starting here in Florida. I have done one flip in broward and I have another flip almost done in Louisiana. I understand how important is to built my portfolio but I do have a lot of questions. I am looking to but three condos on the same complex. I will pay cash for them because I don't know the best way to finance them. I don't have proof of income since I just started my business a few months ago and I don't have income tax docs yet. I am buying condos two forthey 80k each and rent for $1100. Insurance water exterior maintanance landscape all included on the condo fee of 270. They also have a deeded garage each. The other one I won on the auction for 60k but is occupied (i want to learn how to evict someone). I would love to hear your story if you don't mind sharing it and your thoughts about my deals. Thanks in advance and God bless

@Art G. Thanks for the reply. I agree with you. My hope is if the association fix all the issues in some point in time certainly it would appreciate a lot. Also like you said it would take about 5 years to get my money back which in my opinion is a short term. I might be wrong though and that's why I'm asking for help or some feedback from someone that has done that before. Thanks a lot.

Hi everyone! I am a new investor and I am in a situation that I don't know what to do. I found an apartment 2/2 900+ sf for 35k. Its in S Florida. It rents for $1000-$1150 and the HOA is 330. Tax is just $800. The catch is that the community has code violations. This propriety is on the market for a long time and seems like no one touches it. I know that it would have no liquidity and would not appreciate much but as a rental it looks superb. What to do???? Thanks in advance

I don't understand where this discussion is going. Someone just assumed that I was trying to screw lenders and walk away leaving a mess behind me.This is not the first impression that I want you all to keep of me. He doesn't know me. I have a very good reputation and it will stay like this. Maybe he was talking about something that he has done before. I want to connect to serious people that are willing to exchange information and help each other. Like I said I have capital and I understand that I need to put money down to build my rental portfolio. I could use my capital and buy several rental properties but I would have no money to do flips. Every savvy investor knows about leverage. I hope that was no offense taken here as I am just trying to connect to the right people to share information, experiences and try to avoid mistakes that others might have experienced before.