All Forum Posts by: Ray Hage

If you are still looking, I have a great guy based down there as well. He renovated a property for me in Dania Beach last year and is currently doing my friend's house in Fort Lauderdale.

0 Votes

Miami, Florida

If you are still looking, I have a great guy based down there as well. He renovated a property for me in Dania Beach last year and is currently doing my friend's house in Fort Lauderdale.

0 Votes

Miami, Florida

Well if you really want to do it right, you should speak to a local PM or lawyer who has done it before. You do need to follow the process perfectly and specific to your city and county. Usually, you should be able to find the steps on a local gov website. I have only done one eviction with a tenant that I inherited and he basically stalled out till the sheriff came to remove him so just be prepared for that if it goes down all the way to end.

Another option is cash for keys but I have never done this but others on this forum have and can probably advise further.

1 Vote

Dallas, Texas

Quote from @Jeff Costa:

I contacted a broker about two mixed commercial/residential units being sold individually out of a portfolio of 15 properties. I asked for a T-12 for the properties and was told: "I do not have a profit & loss report for these properties as these properties represent a small chunk from a larger portfolio. We do not have each property broken out individually."This is a huge red flag to me, expecially as it appears the seller is also the property manager. I cannot understand how a P&L would not exist in some form for each property, or at least monthly operating statements or a pro-forma. This is not a mom&pop shop where you might find bad bookkeeping.

I don't see how any lender underwrites this in the absence of data. Has anyone run into this before? How did you mitigate the missing income and expense data? Thoughts?

Most people don't keep good books anyway. You need to assume the worst case scenarion on things and go from there. Things they should be able to provide you would be a bank statements, leases, utility bills and if they had any major work done. If they won't provide you that, just assume very high on everything and lower your buying price. It does seem pretty shady though so it might just be worth passing on it anyway. Make sure it's worth the potential headache if you go through with it.

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Hi Federico, it won't matter if it is owned by a person or LLC. Assuming it is a residential property, it will be roughly 3.64% per year of the actual house/condo/townhouse/etc value (not land)

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Fort Lauderdale, Florida

Hi Yesenia, how are you? I am an investor here in Fort Lauderdale....also a realtor and lender! Welcome to Miami in advance. I'd be interested in meeting fellow investors as well.

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Fort Lauderdale, Florida

Congrats on continual success! I am also an investor and realtor in FTL. Welcome to BP!

2 Votes

Fort Lauderdale, Florida

Demand is pretty high still but slower than before. The really question: what is the demand for that type of place within that neighborhood? You could see what similar rents are for a 4/2,4/3 and gauge it from there. It is not an exact science but you should be able to in the right range

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Miami, Florida

Hi Mary, you wouldn't need to worry about that if it occurs within the same calendar year. People do it all the time actually.

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Miami, Florida

Quote from @Maria M.:

Quote from @Ray Hage:

Hi there, you'll need a Spanish speaking friend to help you translate and have a phone call with them. Just let them know if they are not willing to sign the lease with the increase that they will need to leave by X date.

It sounds like they're just playing around and ignoring you. Maybe they are looking for another place as well? But from what you're saying, they won't find a cheaper place because they are so far below market with that increase. Sometimes, you need to be really firm. If after the call, they don't sign the lease within a week, I would probably just tell them, they will need to move out.

Yes, l suppose sometimes you just need to call directly. They finally signed, so the issue was resolved, but thank you for your reply Ray.

No problem. I am betting they looked around and found that they are still well below market!

0 Votes

Fort Lauderdale, Florida

All Forum Posts by: Ray Hage

Ray Hage has started 1 posts and replied 1073 times.

Post: Seeking Inspector and General Contractor in Miami, FL

Post: Home Renovation in Miami

Post: Advice for my first eviction

Post: Broker Does Not Have P&L for properties

Post: Depreciation on a rental property owned by an LLC in Florida?

Post: MEET UP in Miami , WPB, Fort Lauderdale?

Post: Hi! My name is Daniela

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Post: Tenant not signing lease after rent increase