All Forum Posts by: Mike Romano

Hello,

I'm an Investor, and I've just made the move to Florida. Unfortunately, I forgot to file for foreign registration. ( I have a Massachusetts LLC) Meanwhile, I've got a rental property with a tenant who's overstayed their lease (it expired a month ago). Despite sending three notices, the tenant is unresponsive and owes three months' rent. My lawyer is on the case for the registration, but it's been 35 days, and I'm itching to move forward with the eviction. Any advice on what steps I can take while waiting for the foreign registration approval?

Thanks a bunch!

Hello,

We've received an offer on our flip, and it's a VA loan offer, which is a bit new for us. The buyers seem really keen on the property, but the offer isn't as strong as we'd hoped. They're offering the full asking price with a $1k escrow deposit, and they're also requesting $10k for closing costs. I'm a bit concerned about the appraisal, given the full rehab we've done on the property. How do you suggest we counteroffer to ensure we're covered in case there are any appraisal issues or financing?

Grateful for any insights. Thank you!

Thank you to all for your help.

Hello,

I was wondering if there is any workaround for the 90-day flipping rule. The challenge I face is that all my property flips are completed in under 6 weeks. Consequently, every time I list a property on the market, FHA buyers are disqualified due to the 90-day ownership requirement. I'm operating in the Florida market.

Thanks!

Thank you so much everyone I appreciate all this great info I would try going to try what @Natalie B. did.

Thank you, @David M. My primary residence is under my name, not the LLC. I'm interested in using a Hard Money Loan (HML) for a fix and flip, which I plan to live in as my primary residence. Afterward, I'd like to explore the possibility of refinancing it under my name. However, one challenge is that HMLs are typically intended for non-owner occupied properties.

Hello,

Is it possible to use hard money to flip a house and then make it my primary residence?  I have my primary home which I'm planning to stay maybe for a year, I'm exploring the possibilities of how I can achieve this. Additionally, my company is already established, and it's the one I use for my house flipping.

I appreciate your help in advance!

@Shiela R. I will be using HML.

Hi @Shiela R. I will have my team to get this project done, I will probably ask him to provide the capital for the rehab cost, material, labor, and holding costs, in exchange for my teaching him the process, and he will get his capital when gets sold. 

Do you think this is a good idea for a first-time venture?

Thank you!

Hello,

How to establish a partnership with an individual who is interested in learning how to flip properties and wishes to contribute capital. I'd like to understand the process of creating a Joint Venture (JV) contract for this arrangement. The potential partner intends to invest 50% of the funds required for the flip, In addition, he wants me to teach him as well.

I have done over 7 flips my self, but now I want access to more capital.

I would greatly appreciate any help. 

Thank you so much!