All Forum Posts by: Jason Perez

You could hold the property as tenants in common and prepare a partnership agreement. You might also be able to form an LLC and have an operating agreement. Either agreement will need to clearly spell out the rights and obligations of the partners/members, and include terms for transfers of interests, dissolution, and selling the property, among other terms. You may want to consult with a real estate attorney or transactional attorney to prepare such documents. No matter what you do, begin with the end in mind.

@Matthew Consolo

Hi Matthew, welcome to the BP community! I am a Fort Lauderdale guy myself (born and raised), and now living in Delray Beach and working in Boca Raton. Since you mentioned being a vacation rental manager, there is an upcoming West Palm Beach event you might have some interested in attending that concerns short term rentals. Here is the link for you to check it out: https://www.biggerpockets.com/forums/521/topics/807277-the-ins-and-outs-of-airbnb

This Saturday (3/14) there is also a monthly investor meetup event in Delray Beach that is informative and motivating. Here is also a link if you're interested: https://www.biggerpockets.com/forums/521/topics/809229-coffee-with-investors-in-delray-beach-fl-on-march-14th-2020 

Feel free to reach out to me to talk more! Good luck!  

   

@Vann Calhoune As a Florida real estate attorney myself, I prefer to work with documents I have prepared in the past rather than evaluating something I have never seen before and modifying with language I want to include from my form anyway. If you find a real estate attorney, they would likely have some forms available that they have previously analyzed and used for a different matter and can customize it to fit your needs. This is likely more time efficient, which is beneficial to you. Preparing form contracts isn't an overly complex matter and the amount of time expended to create the contracts can be estimated, so I would suggest trying to get a flat-fee rate over an hourly fee for completing such tasks. 

That being said, I believe BiggerPockets has state-specific forms that were reviewed by local attorneys available for download as an alternative. The bottom line is that you need your contracts to clearly identify the rights and obligations of the parties and for it to be enforceable. Printing off a generic contract may cause more problems than it solves down the road, for instance what if you unknowingly use a tenant friendly lease, use a contract with a different governing set of laws from your state, or if a contract contains a particular provision that is ambiguous and possibly unenforceable. Regardless of how you proceed, good luck!  

@Nathan Olds

I am a real estate attorney with an office in Boca Raton. Feel free to reach out to me if you need any help! Good luck!

@Eddie Gonzalez Hi Eddie. Pleasure to meet you. I recommend the meeting in Delray Beach as @Jon Huber referenced. It's informative and motivating. Feel free to reach out to me if you need any help with any legal matters. Good luck!

Seems very suspicious. In Florida, individuals are exempt from needing a real estate license if the property being leased is their own (Fla. Stat. § 475.011(2)). I would double check that your state has a similar statute that would protect you. 

Furthermore, as someone pointed out, you should be notified in writing if a complaint was filed against you and have an opportunity to respond. It was a good suggestion to contact your state's Real Estate Commission to verify whether a complaint has been filed. I would suggest documenting your communications with the Real Estate Commission and verifying in writing to the Real Estate Commission as to whether a complaint exists. If it were me, I would refrain from meeting any such individual until contacting the state's Real Estate Commission and seeing a copy of any purported complaint.  

Looking forward to it @Jon Huber!

Thanks for reaching out @Gina Stern! I'll be checking out your website. 

Hello BP community! My name is Jason Perez. Longtime member, first time poster here from South Florida. I wanted to take the time to introduce myself to the online BP community. I have met some great people at the BP local meetup in Delray Beach, Florida, perused the forums, read the articles, listened to podcasts, and purchased the BP books for a few years now, but have never made a post.

I am a young investor looking to connect with people to jump start my real estate investing aspirations. My real estate investing experience consists of partnering with my father on a flip in Fort Lauderdale last year, and I presently live in a home that met the 1% rule when purchased in 2015. I am presently looking for my next investment opportunity, starting with a fix and flip. Specifically, a single-family house that is ideally 3+ bed/2+ bath, pool, garage, purchase price between $250,000-450,000, located in (i) the NE Fort Lauderdale neighborhoods of Coral Ridge, Coral Ridge Isles, Imperial Point; (ii) Oakland Park; (iii) Parkland; or (iv) close-by areas. I am looking to connect with real estate agents, wholesalers, or anyone with a deal in these areas.

As for a little bit about me, I am a South Floridian through and through by growing up in Broward County (Fort Lauderdale), currently living and working in Palm Beach County (Delray Beach and Boca Raton, respectively), and even crossed the Miami-Dade County line to graduate from the University of Miami School of Law. My interest in real estate investing started, and soon thereafter found BP, when I was working as a community association attorney trying to figure out the pros and cons of buying association foreclosures. To help further my investing interests, I transitioned into a practicing real estate and small business attorney while also picking up a real estate license along the way.

I am very excited about what the future holds, and I am looking forward to meeting super people.

Thanks, 

Hello BP community! My name is Jason Perez. Longtime member, first time poster here from South Florida. I wanted to take the time to introduce myself to the online BP community. I have met some great people at the BP local meetup in Delray Beach, Florida, perused the forums, read the articles, listened to podcasts, and purchased the BP books for a few years now, but have never made a post.  

I am a young investor looking to connect with people to jump start my real estate investing aspirations. My real estate investing experience consists of partnering with my father on a flip in Fort Lauderdale last year, and I presently live in a home that met the 1% rule when purchased in 2015. I am presently looking for my next investment opportunity, starting with a fix and flip. Specifically, a single-family house that is ideally 3+ bed/2+ bath, pool, garage, purchase price between $250,000-450,000, located in (i) the NE Fort Lauderdale neighborhoods of Coral Ridge, Coral Ridge Isles, Imperial Point; (ii) Oakland Park; (iii) Parkland; or (iv) close-by areas. I am looking to connect with real estate agents, wholesalers, or anyone with a deal in these areas.   

As for a little bit about me, I am a South Floridian through and through by growing up in Broward County (Fort Lauderdale), currently living and working in Palm Beach County (Delray Beach and Boca Raton, respectively), and even crossed the Miami-Dade County line to graduate from the University of Miami School of Law. My interest in real estate investing started, and soon thereafter found BP, when I was working as a community association attorney trying to figure out the pros and cons of buying association foreclosures. To help further my investing interests, I transitioned into a practicing real estate and small business attorney while also picking up a real estate license along the way. 

I am very excited about what the future holds, and I am looking forward to meeting super people. 

Thanks,

Jason

Good advice from the others, and you (@Alex Johnson) are right that there isn't a right or wrong answer. If you can get a rental that cash flows for more than your current student loan payment that would be nice since in effect you would be having your tenant pay your student loan off (and mortgage as well). But you mentioned pursuing fix and flips, so you could throw a portion (or all) of the presumed profits if you want to pay down your loan through investing as well. Either way, perhaps ask yourself: "How can someone else pay for my student loans?" 

Given your intent to pay off your student loan balance, you may want to consider refinancing the loans to a lower interest rate as that could save you a little bit every month and you might be able to get a few dollars from the lender as a sign up bonus to be applied to the loan (i.e. free money). Check out studentloanplanner.com as that site discusses refinancing student loans in more detail, and it's also worth mentioning that the owner of the site, Travis Hornsby, was on the BiggerPockets Money podcast. I have heard Mr. Hornsby mention that you can refinance every year, drive the interest rate lower and lower, and receive sign-up bonuses along the way as well.  

I have 6 figures of student loan debt and constantly think about the pros and cons of investing vs. student debt payoff. However, if stroking a check for $15k will help you sleep better at night and give you peace of mind then that is also worthy of strong consideration. Whichever journey you choose to take, good luck!   

 

@Alex Johnsonundefined