All Forum Posts by: Reinaldo Lopez

Yes you need the municipality code inspector sign off before Sheetrock is installed depending on the amount of work. Some places will take progressive pictures to be emailed to the code inspector and keep in file showing wires, plumbing and framing or what ever you are installing. It all depends on your municipality.

HI Nathan, what kind of a home inspection are you looking for, general, Wind mit, 4 pts, .. I work in the Ft Lauderdale area, maybe I can help.

Hi , Hope that everyone is doing well and staying healthy.

For those of you that own rental properties, How often you do a property inspection and how or who do it?

Do you hire a Professional Home Inspector or do it yourself?

Do you have schedule preventive maintenance done?

 Ian that is a very good idea and I was talking with my partner for the exact same plan, we are planing to take 2 or 3 months max, 50% and deferred the deficiency through one year or less. if it comes to that. 

Thanks for sharing

Hi Michael, one idea that I have not done, but tried before is that you can lease the property for X amount, then you can negotiate taxes and insurance with your brother for him to deduct them as a rental then you can sub lease the property. Or you can lease it from him and you take care off all expenses to make sure everything is taking care of. This way you can build an income history with the property and save some money for a refinancing. Since you have a job you can save all the income for this purpose. That could be a good way to start, make sure you get advise by a CPA and with a Real Estate Attorney, post a question and you will get the answers, that is very valuable tool from this club. Good luck  

I do not know any books on this subject. I think it depends on local laws in relation to real estate and LLCs, I did had a property some time ago with a coworker and it did work ok but now when I look back, we did it all wrong. We sold the property because he moved to Canada. Forming a LLC is simple and does not cost much even if you do it with a attorney or a CPA. Take a look at this news article, Also make sure you put in paper all duties, responsibility of each one, and what to do in case an unfortunate event happens. Cover all your bases, it could be your brother and deal can go bad in a blink of an eye. Maybe you might like to make a trust but it will cost more and pay higher taxes and I do not think is a pass trough entity, CPA question. But in a trust you can put all the details you like.

https://mailchi.mp/5ee6029c5f5b/welcome-to-monthly-insights-from-corporate-direct-242971?e=e1596c25ab

this is their web site 

https://www.corporatedirect.com/

if not my CPA is in Miami Lakes Andrew Brody 

www.cpaofmiami.com

Hi Tyler here we meet again, I was talking about this with my Accountant today but he refer me to my attorney first. I think it is a good Idea to split expenses and responsibilities but I am very careful about choosing a partner. Will keep you posted when I get some answers.

Hi Tyler, a rental property I have for example is in Plantation west of the turnpike was paying around $3800 before I got in touch with another agent and he did some changes, like a rental policy not an owner, I now pay about $2700, it was built in 1965, 3 bed 2 bath 2CG pool not a flood zone (for now) Like Mr. Townsend mention you need the wind loss mitigation and 4 point. this is just an example, it varies so much depending on location and property style. I use Brightway Insurance in Cooper City Loyd is my agent, ext 2212, you can tell them my name, I do not get any benefit out of it.

I saw this article today on the WSJ Web new roles for Uber drivers (scouting potential targets for a house flipper)

https://www.wsj.com/articles/uber-drivers-seek-extra-cash-working-for-house-flippers-11559035802?mod=hp_lead_pos5

HI I am new to BP PRO, I have lived in Broward county for over 20 Yrs, I have owned couple properties some rental until some Family issues few years ago. Right now I only have 1 Single Family in Plantation with a Very good long term tenant, I do the management because it is only one and doing a lot of updates to it, Just signed up with RentRedi. I have been looking at the MLS (wife is a Part Time Realtor for now) I is hard to find a descent deal and when there is one you have like 20 investors jumping on it lifting up the price if not the Realtor hold on the offers trying to scam the system. I am going to start doing the driving for deals, I never did it so it will be kind of new for me do if some one have some good ideas I am listening.

Also I was wandering if it will be a good idea to refinance my property that is almost paid off to have some cash available for investing?

 I was wondering what is the sentiment towards the real estate market right now?  too hot or just looking in the wrong place. I think it have been flap since last year.

SF properties seem to high to make a good buy and hold deal, I think.

Multy family are a little high as well unless you move into the not so good neighborhoods.