All Forum Posts by: Mike Romano

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!

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Orlando, Florida

Hello,

What should I do in this situation where the seller still owes $52K with 20 years remaining on the contract, but I want to buy the house for flipping purposes while also having the seller pay off the solar panel on the closing?

The seller is very motivated to sell, but do not want to pay for solar at closing.

Thanks!

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Quote from @Richard F.:

Quote from @Mike Romano:

Hello,
There are 6 months left on lease on my rental properties in FL, so I would like to end the year lease, and tell the tenant to move out, good tenant and pay on time, I just want the tenant to get out of that property, because I need to fix the property and sell it. What is the legal way to do this?

Thank you!

Aloha,

Check your local LL/Tenant laws to determine how much notice you must give. Be sure you properly send/deliver that notice within the required time-frame if the Tenant has not already vacated by then. Depending on local law, you may be able to give them written notice now, specifying the date six months out, and let them know they can leave at any time prior to that date with no penalty or deductions. Resend an updated notice each month if they remain, and at two months out, advise them of the local "holdover" laws and penalty if they do not turn over possession prior to the specified date.

For selling, I assume you want to get top price...I always recommend waiting until it is vacant before listing it. You are usually leaving a lot on the table if you try to show it for sale while occupied. Freshen up as needed with paint and inexpensive carpet if needed. And, be sure it is spotless! Including the windows!

Thank you!

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Orlando, Florida

I'm thinking about putting it on the market for sale and seeing if I can get a fair price. I know that if I fix it up a bit, I'll likely get a higher offer. If selling doesn't work out, I'm thinking about offering to buy the tenant out of the lease. Do you think that would be a good idea?

Thanks so much for your input!

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Orlando, Florida

I was considering sending a Sale of Property Notice Letter to expedite the process. Would it be advisable to proceed with this approach?

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Orlando, Florida

Thank You, Everyone!

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Orlando, Florida

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Orlando, Florida

Hello,

Need a lender ASAP willing to do a 30% down payment on commercial properties (vacant church)? price 525k with back 15k at closing. Is there any Hard Money available for a vacant church?

Thanks

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Orlando, Florida

Hello,

My goal is to complete my flip ahead of schedule, wrapping up the entire project within four weeks. However, I'm wondering whether I can utilize Airbnb for a couple of months without having to refinance? since I'm currently relying on hard money. My intention is to keep the property, but I'd like to test the area first.

Thanks!

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Yes, appraisal was done. Thanks @Caleb Brown

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All Forum Posts by: Mike Romano

Mike Romano has started 22 posts and replied 47 times.

Post: How to Form a Partnership

Post: Strategies for Negotiating a Solar Roof Lease with the Seller

Post: Early termination of a year lease agreement by landlord Florida?

Post: Early termination of a year lease agreement by landlord Florida?

Post: Early termination of a year lease agreement by landlord Florida?

Post: Early termination of a year lease agreement by landlord Florida?

Post: Early termination of a year lease agreement by landlord Florida?

Post: Church Needs Funding ASA

Post: Getting my flip done early and using it as an Airbnb temporary

Post: Question on Cash-out refinance on a flip