All Forum Posts by: Khalid Bryan

@Rajshekar Manaliker I’m here in south Florida and we’re still moving and shaking with a good amount of incoming residents from income tax paying states

@John Brown I don’t use one but the most successful and consistent people I’ve met have and pay for mentors. It seems to be like a personal trainer for your mind. They’re highly focused and highly effective. I do feel though that you need a certain level of momentum before it makes sense to hire one. You shouldn’t hire one to get STARTED but hire one to get to the next level after you feel a plateau.

@Joseph Weisenbloom has it been fully executed? I’d think you need a lawyer for the real answer but I can give advice on how to prevent this in the future.

Did you have a lawyer create a custom lease for you or did you find one online? I’d use this as an opportunity to reassess your lease verbiage to see what other loopholes you have exposure to.

I’d avoid open ended deadlines and make it as specific as possible.

Also I saw someone else say you sign last. Absolutely true. I send the tenant the unexecuted lease to review and sign then the owner signs once satisfied Incase we need to terminate.

Check to see if any other terms they should have done hasn’t been done resulting in a breach of contract.

@Jonathan Baptiste I would make it as uncomplicated as possible. I would just factor what you feel their portion of the water bill or whatever utility should be based on the monthly average and charge it as additional rent. Avera

He it as a flat number as a surcharge monthly. For example, I will give a notice that a $50 surcharge for water will be added to the rent each month and if unpaid should be considered as unpaid rent. Mind you I’m not an attorney, so you definitely want to have your attorney draft this portion of the lease or the lease itself altogether

@Tom Owiti hi I teach a class series for the Miami Association of Realtors on how to better work with housing authorities.

It’s a great option and can be used almost on any property as long as the association bylaws don’t have any restrictions that would prevent this specific tenant from qualifying. Sometimes they have income restrictions that someone using affordable housing programs may not meet. You still want to qualify just the same as Section 8 is just a source of additional income it does not classify a type of person or a type of property , I do multiple Section 8 deals a year. I also manage properties with Section 8 tenants and as long as you manage your properties appropriately it’s great.

@Shak F. Personally I feel if the the property produces enough for you to make the monthly payment, handle expenses/prep for repairs and money is being made. That’s what’s most important In my opinion. Despite the rate can you afford it at that rate is the real topic.

@Gavin Wynn how I work with my investors is to identify an ideal cap rate usually around 7 and we create a criteria for our ideal property. After a while you learn the area and values and can easily spot a good value but for the most part we ignore the asking prices and send offers that make sense for OUR numbers and goals.

We have to send a lot of offers yes but it ensures we don’t overpay or if we do pay full price it’s because we absolutely loved the asset and see growth potential. You make your own purchase prices.

@Patricia Lashley hi, I would go directly to calling an eviction attorney and getting them on the job. You have done enough reaching out and contacting, let the lawyers do their thing.

Once they’re out I’d be happy to let you know what it can be rerented for incase you need a broker or management company near by.

No obligation just happy to help.

@Kevin Si

I would use the $1 million as a down payment to finance much larger projects like apartment, buildings or triple net lease commercial property. You want to be able to manage the largest portfolio possible with the smoothest maintenance systems. Usually these larger apartment communities and triple net lease shopping centers are so well maintained and have such good systems in place , you can almost be hands off with a good management team. Let me know if you want me to send you some options to look at here in South Florida. Our market is doing pretty well if you can get something with at least a six or 7% cap rate, that’s up-to-date on its repairs and maintenance. I will call that a good day especially if you’re $1 million can get you $5 million plus in assets.

@Alan Faitel south Florida has the only luxury market on the incline right now so we are for sure worth a visit. We are pretty consistent year round weather wise so it’s always a good season to spend your time here. Also always a good season for short term rentals. East and west coast are very different as far as vibes and things to do so where you end up really should come down to your personal interests.

I’m on call with any questions or requests.