All Forum Posts by: Roman M.

Can you share which bank will do line of credit against investment property? 

I only heard of HELOC against primary residence.

after 4 years or quite title you title is considered marketable but you still will need to deal with code and building violations 

Re tax is a superior lien before 1st mortgage. Lenders get served in tax deed process. So if they decided not to make taxes current then they get wiped out. You don't get clear title at tax deed sale. You either have to wait 4 years or file quite title action which costs around $1,700 and takes about 60 to 90 days. 

Building and code violations will remain so do a lien search before buying one of those as they could end up been pretty high depending on the municipality 

if you know there is a problem with services then don't buy the property. Auctions are buyer beware. Best to talk to the title co to see how your current issue can be resolved. 

1. I think your small repairs should be paid out of monthly cash flow. You can ask your money partner to fund larger replacement items as needed & that amount will be added to his capital in.

2. You are on a right path on number 2; as he gets part of his profit his capital should be going done and so as the interest payment as part of his capital is being paid back through profits. Eventually he will have zero in the deal and he doesn't get guaranteed interest anymore and you just split profits.

When you try to resell or refi, title Co will check foreclosure file to make sure that it was done properly. Aside from service they look for Non Military Affidavit because military personal have special treatment. If things are not right then they will call for re-foreclosure & yes that will be a cloud on title. 

You can become real estate broker in Florida as a foreigner. You will need to apply for a real estate license, pass background check, take a 60 or 72 hours course, pass the course, take a state exam, pass a state exam. This is just level one real estate agent license.  Then you will need to find a company who will sign you up as an agent.  If you want to get full broker license then you can get one after 1 year of been an active agent and take some more course and pass course and state exam.  I don't believe you need to have a social security number to be licensed but you will need a tax id number in order to get paid which you can obtain under your name or your company name.  You can open a company and practice real estate as a company even if you work under a real estate broker. 

Rohan, Congrats on your new venture partner! 

It seems like a good setup. His proposal is fare when it comes to profit sharing, however you have to wait for the property to be sold in order to see money in it. 

I noticed that you will be most of day to day stuff associated with rehab, finding properties, etc.

Here is a little suggestion which I saw with other partners and I think its customary: 

I think you should get 3% management fee from the rents & 10% of the rehab costs from managing construction.  This is for just been an active partner.  Profit sharing of 65/35 is good but  you don't know when you are going to sell the property and when the property is actually going to payoff itself (for the profit to actually start kicking in).  Maybe your money partner should have guaranteed return on his down payment of let's say 8% per year and anything after that for that year gets split 65/35.  Just a thought. 

Best of luck.

Sorry Lucia to hear about your trouble. 

I am not an expert in raising capital through strangers but I believe that there might be SEC compliance issues from the fund you got solicited to invest in. I suggest to contact SEC and see if there was any rules broken & maybe file a complaint.  I am sure that the last federal agency that Mr. Paez wants to hear from is SEC.  

Pete, 

Sounds like a trouble tenant.  I suggest to use eviction as the last resource.  Easiest way to evict is for non payment of rent & it only takes about 30 days depending how quickly you serve them and if there are any holidays in between.  I would accept the rent without the late fee but I will apply payment to late fee first and leave a balance of the rent in the amount of a late fee, so technically she did not pay the rent in full.  Then serve her with another 3-day notice for the rent balance.  I have had tenants who I would serve with 3-day notice almost every month and they eventually paid with late fees.  It was not pleasant but when the lease was up, I told them to find another place. 

The key is to be on top of them as it seems you are. 

I suggest to maybe talk to a flat fee eviction attorney who can send out a letter regarding lease violations and just be upfront with them that if they don't comply you will terminate the lease.