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All Forum Posts by: Rogelio M.

Rogelio M. has started 10 posts and replied 91 times.

Post: BiggerPockets + Invelo - Here's what you get

Rogelio M.
Pro Member
Posted
  • Investor
  • San Antonio, TX
  • Posts 96
  • Votes 36

Will you be incorporating artificial intelligence (AI)?

Post: How to find a good investor-friendly realtor

Rogelio M.
Pro Member
Posted
  • Investor
  • San Antonio, TX
  • Posts 96
  • Votes 36

@Luca Perinuzzi 

The best forum thread I have found on the topic of finding an Investment Realtor vs. a Residential Realtor ....

https://www.biggerpockets.com/forums/12/topics/1108757-findi...

Hope this helps!

Post: Kris Krohn "7 Figures Hustle"

Rogelio M.
Pro Member
Posted
  • Investor
  • San Antonio, TX
  • Posts 96
  • Votes 36
This just posted as a BP Blog regarding Securities Fraud .... article mentions Kris Krohn:
https://www.biggerpockets.com/blog/grant-cardone-class-actio...

Post: Bought my first turnkey property and had troubles as soon as 1 month after closing.

Rogelio M.
Pro Member
Posted
  • Investor
  • San Antonio, TX
  • Posts 96
  • Votes 36
Quote from @Michael Smythe:

@Vivan Bhalla No one can predict or control job loss, so no one at fault there.

The only fault I see is the PMC NOT proactively alerting you that tenant missed a payment and then letting you know what they were doing about it.

The apparent easy thing to do is fire this PMC and find a new one. But, you will find that is actually NOT easy at all.

Since no one is perfect, suggest you have a very strong conversation with the PMC to find out what went wrong. If they have a real good answer as to why they didn't act on this right away, it MAY be worth retaining them. Some type of monetary offer from them, to "share your pain", would also show accountability & integrity.

Otherwise, start interviewing for a new PMC.

Encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

To avoid going through the same poor experience, keep reading.

Even if someone give you a referral, don’t make the mistake of assuming that PMC will meet your expectations, just because they met the expectations of the referral source.

We also can’t believe how many owners hire the first PMC they speak with!

Then they complain their expectations aren’t being met!

In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.

It's often a case of not doing enough research, as they don't know what they don't know!

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – and they often select the first PMC they call!

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.

EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean? What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.? You’d be shocked by how little actual screening many PMC’s do!

This also leads owners to ASSUME simpler is better when it comes to management contracts.

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

We have a 14-page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord. Beyond the Monthly Management, Placement & Maintenance fees, all other fees in our contract are IF EVENT -> THEN fees.

We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:

https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processes

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

P.S. If you just hire the cheapest or first PMC you speak with and it turns into a bad experience, please don’t assume ALL PMC’s are bad and start trashing PMC’s in general. Take ownership of your mistake and learn to do the proper due diligence recommended above😊

@Michael Smythe

Valuable insight ... thank you for posting.

Post: Ask Me Anything Mid-Term edition.

Rogelio M.
Pro Member
Posted
  • Investor
  • San Antonio, TX
  • Posts 96
  • Votes 36

@Matthew Masoud  Insightful commentary!  Thank you for your input Matthew.

Post: My First investmet property in Miami! a Triplex for Airbnb

Rogelio M.
Pro Member
Posted
  • Investor
  • San Antonio, TX
  • Posts 96
  • Votes 36
I have viewed the postings on AirBnb! .... Nice! ... sharp, clean, tasteful, and with decor inline with what one would expect of a hospitality unit out of Miami.  Congratulation Hans! ... I used to live in Miami; and dying to go back ;-)

Post: Seeking Insights on Future Land Use Verification and Rezoning

Rogelio M.
Pro Member
Posted
  • Investor
  • San Antonio, TX
  • Posts 96
  • Votes 36
Quote from @Stephen David Smith Jr.:

Hi @Ivan Calais Coelho,

That's a great question! Let's break down the information.

"Future land use" refers to the projected or planned land use outlined by the county or city. These are usually depicted in a Future Land Use Map (FLUM) which is part of a jurisdiction's Comprehensive Plan. When a property has a future land use designation as a duplex, it means that the city or county's long-term planning documents envision the property being used as a duplex. This isn't binding, but it helps to guide development in line with the community's long-term goals.

Now, your current zoning (T3/L Single Family) refers to the current legal use of the property under Miami-Dade County zoning regulations. Zoning is more specific and regulatory, dictating exactly what can be built "today" on a property. If your property is zoned for single-family residential use, then as it stands, you're only allowed to build a single-family dwelling.

To convert your property into a duplex, you'll need to go through a rezoning process to change your current zoning to allow a duplex. Here's a general process:

  1. Research: Learn more about your local zoning laws, specifically Miami-Dade County’s zoning ordinance. It's essential to confirm that rezoning to a duplex is allowable and consistent with the Future Land Use Map.
  2. Pre-application Meeting: Before applying for rezoning, it's often recommended to meet with city or county planning staff. They can help you understand the rezoning process, and chances of success, which can save you time and money.
  3. Application: Submit a rezoning application to your local planning department. The application usually requires details about the current use, proposed use, reasons for the change, and often includes a fee.
  4. Review: The planning department will review your application for completeness and for compliance with the Comprehensive Plan, zoning ordinances, and any other relevant regulations.
  5. Public Notice and Hearing: A notice of your rezoning application will be given to the public, and there's often a period for public comment. There will also typically be a public hearing where you present your case, and the public can voice their support or opposition.
  6. Decision: The zoning board or city council will vote on your rezoning request. If approved, your property will be rezoned, and you can move forward with building your duplex.

It's important to know that this process can be time-consuming and costly. Additionally, approval isn't guaranteed. 

Lastly, it's worth noting that rezoning can impact your property taxes, so be sure to consider this in your calculations.

I hope this information helps and wish you the best of luck in your endeavors! Reach out if you ever have any questions.


 Good read!

Post: Need advice on a bad tenant

Rogelio M.
Pro Member
Posted
  • Investor
  • San Antonio, TX
  • Posts 96
  • Votes 36

@Nathan Gesner

Right on target ...

Post: Pursuing first Real Estate Investment (Small-multi)

Rogelio M.
Pro Member
Posted
  • Investor
  • San Antonio, TX
  • Posts 96
  • Votes 36



@Marcellus Jordan

I have a couple of suggestions with regard to identifying a lender for the FHA 203K loan program.

MAKE CERTAIN the lender is experienced with this type of program.  To locate experienced lenders with the program use the following link >>  HUD 203K Direct Endorsement Summary Report  Do not just use any lender 'willing to learn' on your dime.

Further, look to see that the lender is also a "Direct Endorsement Lender". A direct endorsement lender underwrites directly for FHA, rather than through the agency itself. This shows the lender to be experienced with the program; further, they can advise you directly on the underwriting viability of a project adjusting for its nuances.

Post: FHA 203K Lender in San Antonio, Texas

Rogelio M.
Pro Member
Posted
  • Investor
  • San Antonio, TX
  • Posts 96
  • Votes 36

@Jordan Moorhead  Thank you!  How to contact you?!

Regards.