All Forum Posts by: Ray Hage

Congrats on the newly built duplex. @Ash Hegde might be able to help out with this one. I don't think it should be too difficult to get a 15 year mortgage on it.  Why not 30 though?

I believe that MF will still be solid in 20 years or so but specifically. Cap rate will be a bit harder to predict. I expect rents to go up a lot because less and less Americans can afford a house over time plus folks are far more mobile now so they may be inclined to rent vs buy. We will see. 

@Jackson Hanssen and @Alex Olson. Thanks for your advice. I am not sure I will go through with it due to it bing a bit complicated and you never know with a buyer not being able to seal the deal a year or two later.

@Dave Foster thanks for getting on the phone with me and explaining some details that i had no clue about. 

Hi BP family. I put up one of my properties for sale and I received a verbal offer that I liked but the agent is asking if would be willing to accept 20% and interest only financing for 2 years. The buyer would then refinance before the 2 years is up. Frankly, I would be ok with that except for one thing that I am unsure of. Am I able to 1031 exchange any of the money (the 20% down payment?)  into another property to avoid the federal capital gains tax? 

@Dan H. I am somewhat familiar with Polk county but I don't believe the rental demand is super high in that area in general. That's the main reason why I wouldn't worry if there were no hits in the first two days. Now we are 4 days along, so if still nothing, I would start to worry and do something about it.

 @James HarrytonAny update for us?

@Tri Tran To be fair, you ignored a lot of red flags! However, I am not here to beat you down. I am also a Florida Realtor. Below are websites for the Florida's DBPR. I would collect all the details of the transactions you made with her and then make a complaint to the DBPR. This would at the minimum get her to speak with you as it could put her license in jeopardy if she is found guilty of fraud. Brokers lose their licenses all the time for doing shady things within the RE business and even sometimes outside of RE. There's no way to be sure you will get your money back but at least make a strong effort. Maybe she will give you the money back.

Search by her name (she's the only one) to get her license info:

https://www.myfloridalicense.com/wl11.asp?mode=1&SID=&am...

Then file a complaint here with all the evidence you have: https://www2.myfloridalicense.com/file-a-complaint/

I wouldn't worry too much yet but if after a couple more days of no activity, I would bring the price down a bit to be closer to the top end of the market and see if there are recent comparables that have been rented (especially if you have access to the MLS)

I'd say it depends on the price of mentorship and what the mentor is really offering. From what I have seen rates can be very expensive and the advice can be too general. The large majority won't be worth it imo. The highest I have heard of locally here in Fort Lauderdale was 6000/mo. Absolutely crazy if you ask me. 

I'll do you one better. I have a house hack where I live on one side of a house and my tenant lives on the other side without sharing any spaces. It is pretty much like any other tenant. Do not treat them any softer or harder because they're you're neighbor. Remember, this is business.

It sounds like it is priced a bit on the high as you suspected. How many days has it been listed? If it is only a week or so, I wouldn't be terribly worried. If it has been a month, then you can be very sure it is too high. I would probably have it at $2000 or 1950 to get someone in there. You don't want it empty for 3-4 months before finding a good tenant.