All Forum Posts by: Roman M.

yes

Usually bank has to pay last 12 month of unpaid maintenance or 1% of the loan amount whichever is less. It's in Florida statue. Not sure why the bank is asking you to pay if it's their bill, unless they put that in the sales contract beforehand and you overlooked that. However if the unit was rented out by assoc and they collected rent then you can ask them to offset the back dues. I am sure there was a lot more owed to Hoa then past 12 months so they might be offsetting the rent collected against the balance that accrues prior to 12 months. Having an attorney represent you may help but it's really bank's attorney that should handle this as they represent the property owner. If you getting a great deal and it's not a big amount then maybe not work fighting for.  

Delaware LLC is a good option but you will run into trouble if you have to evict a tenant and it's not registered to do business in Florida. When you register in Florida you will have to put who is the manager. Of course if you have someone else other then you be the manager then you are okay. Also DE annual LLC dues are pretty high. You better off have an attorney do Florida Land Trust with initial trustee someone other then you.

Sounds like a solid plan. 

How many properties will you need to own to achieve $10,000 per month cash flow (I think about 10 or 11)?

How many can you refi before the bank will say that they can't do it cause you own too many too soon and they can't count the rental income because it's less then 2 years on tax return? 

Hoa seems very low. Does your estimate for mortgage payment includes re taxes? If not then you just break even. 

Better ask an environmental engineer.

so I have a practical question: what happens if one of the roomies stop paying? How can you evict him from his bed?  Don't you have to evict entire household at that address? 

Florida is on clearance sale compared to NYC. You must feel like a kid in a candy store. 

Welcome to BP. 

Education cost money. Good you were able to profit with a degree in flipping:)

I have had two attempts doing airbnb and both did not work out. First one was 2 years ago in bay harbor. I used home away at a time. Second one was a rental in Miami Beach (north beach area) and tried airbnb for about 2 months. I found it not worth it and ended up renting it out long term furnished. I don't want to clog up this post with details but if you want to hear them then pm work any questions. 

I think that location of a rental has a lot to do with airbnb success so choose well and don't forget to check out your competition properties, rates and their booking calendar. Remember summers are slow here.