All Forum Posts by: Rodrigo Medeiros

Hi, Jim,

Try David Feather, from GreatFlorida Insurance of Coral Springs. Send a private message if you cannot find his phone number. David is very professional and has helped me find insurance for a few properties.

Best regards,

Rodrigo.

I don't accept previously evicted tenants. Arguably, you could request first, last and security deposit so you would have two months to evict the tenant if the payment does not come on time. You would, however, have to always monitor payments closely and file for eviction quickly. Depending on which state you are this may take a long time. I learned the hard way that tenant selection is key and today I prefer to see the unit empty an additional month instead of accepting a tenant with an eviction record. 

Hi, , I understand why the banks would see risk in too much leverage, but I don't see why they associate cash deals with risk.

Thanks , those properties are under an LLC, so personal cash out would not work.

Hi,

I have two condos near Fort Lauderdale, Florida (Broward Conty) that I bought cash and each would appraise at around 80k today. Both are rentend with long-term tenants and are held by a single LLC.

I have been contacting smaller banks to cash out and was able to find a bank that would loan up to 60% at 5.5% APR, but with a 15-year amortization.

My debt ratio has loads of room and I would like to find a lender willing to go to 70% and a 20-30 year amortization.

Any suggestions for business loan providers in Florida that work with Condos?

Many thanks,

Rodrigo.

Hello, @D'andre Martin, I am in Fort Lauderdale and work with BRRRR in Florida. Happy to connect, welcome aboard!

I am looking for a Real Estate Lawyer in Florida with experience in the Foreclosure process. Preferably from central Florida, Orlando, Fort Myers, but anywhere in FL works. I need help with a contract with someone bidding on my behalf and with the post-auction phase, negotiating liens.

I have a contract in a condo unit in Florida and just learned that there was a special assessment of about $5k per unit that will be charged in 20 months effective June 1st. We would close about a week after this date. I would like to confirm if (a) as a buyer I am I liable to pay the special assessment or (b) because this was decided before the closing date it should be paid by the seller in the HUD or (c) it's negotiable.

Many thanks!

Hi, Paras,

You are in a great position since starting with money makes a lot of things easier. On the flip side, you have to be more careful, as you may not value the cash you as much if it came without years of work, and there there are probably as many ways of losing money as there are of making money in Real Estate.

Invest time in learning first. I would definitely take small investment steps before going for larger deals.

You show a concern about losing the money with a crisis, so diversification is key. If you leverage yourself hugely and get a large apartment complex you could get incredibly rich, but you could also end up bankrupt with a very large debt if you don't know what you are doing.

I would have a five-year plan and would actively manage every investment during this period. I would aim at at least doubling the money and gain practical experience. Hands-on experience will help you identify how to get investments where you have to put less time in to make money.

Aside from learning with BP, I would also listen to the podcast "Money for the Rest of Us" to understand more about the economy in general and passive investment.

Hope it helps!

Rodrigo.