All Forum Posts by: Jose Alonso

Hey guys so I am almost done with the rehab on my first duplex which I will be living on one side and renting out the other. This is my first property so of course I am over budget! Now half of the driveway has tile which I guess is decent has some cracks but decent, the other half is GRASS just had it cut so it looks nice and neat, the previous owner and tenants used to park there. Dilemma, should I leave the grass driveway for my tenants or build new driveway.? If I decide to go with new driveway whats the nicest cheapest driveway I can go with? I would prefer just to leave the grass and start saving and regrouping for my next investment but unsure on what to do. Thanks in advance guys any advice will help.

Hey @Giovanny Alfonso what's up man. WELCOME to BP! I am also in Miami and know exactly what you mean, very competitive. So add me to your colleagues it will be my pleasure to help you in any way I can, and maybe you can also help me. I am purchasing my second rental property during the fourth quarter of this year. Let me know what your lender has to offer to investors. Alright man, wish you the best of luck. Don't be shy about reaching out.

Sincerely Jose M Alonso.

Hi @Lygia Bernardes its so cool your organizing these meet ups thank you. I would love to meet all you guys and gals, and build relationships. That's what's great about BP. Is the NEW generation of real estate investors helping each other out! Who would've told the old timers we chat and share information with our competition lol.

@Aref Shehadeh

Rent some cattle my friend. Should save you over 2 k. Good luck!

At least for the time being until you figure out what you will do.

Save on taxes, Florida law loophole.

Hey thank you all for the response. I will wait to the 26 to file any papers. Quick update one of the 2 tenants already told me, to go get the keys Monday April 25th. Havent spoken with the other tenant going to call him today.

Hey guys your input is greatly appreciated. So I closed on this Duplex in Miami on March 15, 2016. I gave the tenants a letter that they had to move by April 25th, giving them 41 days. Mind you on Feb 21st I also informed them that they had to move which they're response to me was "your not the owner yet". On March 15 they singed the letter saying they would move by April 25th. Now both tenants are assuring me not to worry that by May 1st they wont be in the property, they seem like honest people I want to believe them but I am scared. Giving my living situation I have to move by April 30th which if they don't leave would leave me no choice but to rent a hotel. In Miami eviction process takes 5 weeks, which first 2 weeks are like a warning process letting tenants know they have to move or will get evicted. It will cost me $400.00 to send the first part of the process to them gaining 2 weeks if they decide not to honor they're word. Should I send them the unlawful tenancy letter or just wait it out and see if they indeed leave on April 30th?.

@Ronald Pierre

Hey thanks for the advice man, greatly appreciated. Ive heard few people with your point of view so that's awesome. Ive always thought that it all lies in the screening process, but its nice to hear from someone who is actually doing it.

@Ryan Rogers

Hey man sounds like you really want to pull the trigger on this one. If your really risk adverse go for it man. Just make sure you are ready for whatever might happen. Have an open mind while of course being positive that it might go south. I think we are on the verge of another real estate collapse. That's why I wouldn't do it right now. The 50% rule, if the market does crash and that 500,000.00 property loses value to 275,000.00 - 300,000.00 make sure you can withstand that. Having said that in those markets that your talking about value will ALWAYS go up againg. The key is staying alive when something really bad like loosing half of the value of your property happens. Which even in those markets it does. History dosent lie, its a cycle.

@Frank Boet

Hey Frank great points, would love to chat with you more on this topic. I just bought my first duplex in the Miami area. Comparables are selling anywhere from 300,000.00 to 375,000.00 it was listed at 235,000.00 I got it for 250,000.00 needs about 35,000.00 in repairs getting that done now. Now having said that within 5 hours of being listed it had 5 offers and 1 which was cash for asking price. WITHING 5 HOURS! I couldn't believe it. At least here in Miami houses are flying off the shelves guys I am new to this, but it just feels like something is not quite right.

@Justin Dixon

Alright man good luck. If you have any questions that maybe I can help with, don't hesitate to contact me.

Kind regards

Jose Alonso.