All Forum Posts by: Matt Devincenzo

Andrea M. unfortunately he didn't get anything signed, he held the unit pending their approval and when they were approved then they backed out. And his deposit forfeiture form is in his lease which was what he needed signed after they were approved.

another-probate-question

Try this for some ideas at least. And yes one of them was just get it under contract and the title company will tell the seller what they need for a clear title.

Haha Samson Kay you definitely don't need anything "nicer for section 8. Their requirements have to do with health and safety, vinyl and laminate counters are perfectly fine. Now like other said what your competition has is what you need also, but if they have granite and stainless I'm guessing they're not renting to section 8.

I would try to keep it if possible. If you tell him it's non refundable he might put up less fight than you think, if he does balk then try to see if you can do a partial refund, and if all else fails then next time get the form signed and count this one as a learning experience.

So when Dan P. actually comes back to read this he'll definitely have quite a bit of info to make his decision based off of...and here is some more haha.

The ADA and U.S. Department of Justice (DOJ) have established two training requirements in order for a dog to meet the definition of service animal:

The service animal must be individually trained to perform tasks or work for the benefit of an individual with a disability.

The service animal must be trained to behave properly in places of public accommodation.

According to the ADA's definition, an animal that has not been individually trained to perform disability-mitigating tasks does not qualify as a service animal.Despite a label of "companion animal," "emotional support animal," or "therapy animal," if a dog or miniature horse does not have a high level of task training directly related to alleviating the handler's disability, they are not classified as a service animal; thus, their handlers do not legally qualify for public access rights.

http://fcsn.org/newsline/v31n4/regulations.php

Well I think that about sums it up, though you may want to pull the actual regs on it and have them handy just in case.

Well the 50% rule actually refers to the fact that 50%of a given rent wil go to expenses over the life of the asset, you can tell that may be very inaccurate out here in SoCal due to higher costs.

2%, in Orange county I doubt it would be possible at all.

You have to understand out here there is an extremely different mindset to buy and hold investing, it's for appreciation not cash flow.

I've run across bogs in the past where they discussed how the numbers work out here. Basically the gist was "buy a place with 50-100K down hold it at most likely a negative cash flow for XX # of years experiencing (we'll say) 20% appreciation and sell for a healthy check at closing"

It works in a good increasing market but you have to be able to feed your investment to make up the negatives. You will lose money on a buy and hold in SoCal looking only at cashflow but the appreciation is where you can make it up but that strategy falls apart in 2007 type markets.

It's not what I like I prefer cashflow that I can calculate and isn't dependent on a market I can't control like in '07-'11, so I invest out of state and rent for myself out here because it is cheaper than buying really.

Have you called all of the creditors you owe? Usually if you call they'll put you on some sort of a payment plan. Start hawking your stuff for as much as you can get out of it and paying for stuff. Sorry that's the best suggestion I can give you for now.

Dion DePaoli & Dave Van Horn I appreciate the help. As far as 2nds it's something I'd like to get into at some point. The more I research, and the longer I own rentals and continue to search for more, I'm realizing the note investing aspect of real estate is an awesome area to "play" in. I'm planning on going with residential firsts to start off and then I can grow into the other area that require a little more knowledge.

Bill Gulley I'm absolutely planning on having the note(s) serviced. I actually have about 8 tabs open on my computer for different companies from my 2:00 am BP search of note servicers. My parents have 2 notes from property they sold on owner financing, and I just told my Mom yesterday she needed to have them serviced so we'll start by getting those serviced and then when I start buying some notes I'll get mine done as well.

I want to thank all you guys for the help, I'm excited learning this whole new area of RE to me.

As a native from Orlando, that building sounds like it's probably Church St Station? If that is the case you are correct that building does have a ton of history and is significant to the city, it has also seen business failures for years. I don't know if any of the times it has transferred hasn't been due to a bankruptcy liquidation.

Me personally I would love if it could be turned into some sort of a retail mall center or condos that highlight the historic features. But that's not the city's role, or anyone else's for that matter. That is what philanthropists are for they can spend money on something nonsensical financially because of nostalgia.

The way I see it Orlando is starting to gain some historical landmarks that people are seeing as a selling feature for their development, but most often people in the area aren't willing to pay any premium for those places at least not yet. So if I bought it and had the money I'd keep it intact and look at it as a value to myself of keeping the building intact, if I didn't have the money to do that and had to knock it down c'est la vie...

@j scott is someone that has actually wholesaled a few deals to funds before so he can probably give you a hand on this one.

But I think in past posts he gave advice similar to Mike D'Arrigo