All Forum Posts by: Jorge Armas

Hey John,

Thank you for your reply. There are only 8 Units in the Coop. I own #8, which I'm currently renting for $1500 per month. The one for sale is #4. The shareholders are the owners like me. Some of them live 6 months in the property and the rest of the year they go to Canada since most of the owners are from there. 

Not sure about question 2. Pardon my lack of knowledge. The units are in good shape, ready to move in. 

Hello BP,

I had the opportunity to start my REI journey by buying a Co-Op apartment close to the beach a few months ago. I bought it in cash since it seems most banks don't work with Co-Ops. I did a HELOC on my primary property to buy this one, which I rent and the cash flow is good. Now I have the opportunity to buy another co-op (the one next to mine), but I don't have more cash, maybe I can apply for another HELOC to get around $100K, but still will be short for $50K since the asking price is $150K.

Do you know any Lender that works with Co-Ops? Do you think I should go the Hard Money Lending route? 

Any guidance in this matter will be greatly appreciated.

Thank you!

Thank you @Joe Biscaha , @Dwayne Byrd, and @Alecia Loveless for your comments.

Hello guys, thank you so much for all the answers. I strongly agree with @Adam Schooley. But I wanted to confirm with you first since I don't have much experience yet. 

I don't think I will work with this agent with those terms. Thank you one more time for your support!

Hello BP,

I'm a new investor in Broward county, Florida which is where I live. I'm starting to work with a local realtor and after a few days, I received these documents to sign as part of the "onboarding" process. I'm a little concerned about this and I would like to hear if you had a similar experience with your local agent.  Are those fees for real? I know the American Home Shield is optional, but the last image is not and is the one I'm most concerned about. 

Hey, @Luis Blanco Welcome to BP. I just started as well in Real Estate Investing and my main focus is Multifamily. I already own a single family which is where I live with my family here in Broward as well. Right now I'm getting pre-approval so I can buy my first deal. 

 Feel free to reach out if there is anything I can help you with. 

 Thank you @Kandis Martin, I agree!

 Nope, not at all, which will make it more difficult. Hey, thank you so much for the reply. 

 Yes, true! Thank you Jevon 

 Thank you Gino!