All Forum Posts by: Shawn Yesner

Junior P. welcome to BP. Although I live in Tampa, I grew up in Miami so am familiar with the area. Miami is a great place to live and invest (although I'm now more partial to Tampa Bay).

I did some checking on google and found the following REIA groups in Miami. I don't know much about them, although the Tampa Bay REIA groups are fantastic:

http://www.investmentpropertiesmiamiflorida.com/?page=home - Miami Real Estate Investors Association
www.dreia.org - Dade Real Estate Investors Association
www.breia.com - Broward Real Estate Investors Association

Enjoy !!

-- Shawn

Florida foreclosures are about to change based on today's effective date of this new law, and I am finishing up a blog describing the intricacies of the law in a bit more detail. My personal opinion is that we've seen the end of Short Sales in Florida, that foreclosure backlogs are going to decrease, new foreclosures will speed up, and investors will have to use more "traditional" subject-to, lease-options, hard money loans, LLC, Land Trusts, etc. in order to buy FL distressed property. For those who invest in Florida, I would love to know your thoughts. Here's a to the text of the bill - http://flsenate.gov/Session/Bill/2013/0087/BillText/er/PDF.

Thanks Mehran Kamari . Years ago, I assisted the investor community here in Tampa Bay. Then the market crashed. Looking forward to making new connections and again helping investors create wealth.

Thanks Bryan K.

Yes, I have experience from SFH to Commercial, including Short Sales, Foreclosures, Bankruptcy, Entity Structure, flips, Land Trusts, Subject-To, Lease-Option, etc.

Have you looked into a 203(k) loan? It is an FHA product that is designed to be used to make improvements to the house. Unsure if a 203(k) is applicable for investment property - likely not since FHA is typically owner-occupied only. If the 203(k) route won't work, then you can try a second mortgage line of credit, or go the private money / hard money route. Typically, traditional lenders will not give you a cash-out loan on the purchase of property.

Caleb Sears thank you for the kind words and the follow. Absolutely, let's connect here on BP. If you have any specific questions, please message me directly (unless you want to post publicly for all to see and benefit from). Although I'm on the other coast, I'm still able to help you with any issues or questions you have.

I agree that bankruptcy is not the ONLY tool to help delay a foreclosure case. I also agree that BK is not a one-size-fits-all solution and that attorneys who only use BK to "stop" foreclosure are doing a disservice to their clients. Hopefully, I can convince you all that I am in the minority of attorneys who recommend BK only when it is the best option for a client.

Here in Florida, investors are starting to buy properties from the bankruptcy trustee in one of two ways: (1) they buy the property subject to all liens and rent out the property until the bank gets around to finishing its foreclosure. I've seen investors pay as little as $2,000 for a property, and then rent it for $1,000 per month for a year or more while the bank gets its act together. That all might change here in FL with the passage of a new "Speedy Foreclosure" Law, but it may be a good strategy in other places; and (2) investors are buying properties from the bankruptcy trustee as a short sale.

With the right house - that has a homeowner who wants to stay, i.e. guaranteed cash flow from someone with an emotional investment in the house - and a bankruptcy trustee who sees the benefit of these strategies, investors can make a good deal of money in bankruptcy court.

-- Shawn

I agree with Chris Martin . Investing in an LLC is useful, however, for liability purposes. Typically, the decision to form an LLC, use a Land Trust, form a Corporation, etc., is driven in large part by Tax consequences. You should consult with your tax advisor to see which form of entity (if any) is best for your investing goals.

Thank goodness there's no way to throw rotten fruit at me via the Internet! I'm new to BiggerPockets, but have been assisting real estate investors for more than 15 years. Although I did invest in real estate at one point, I am not actively investing because: (1) just started up my new firm; and (2) I do not want to be perceived as competition for deals.

Please let me know how I can help - I cannot answer any questions outside of the State of Florida, but for any FL-related questions, please feel free to use me as a resource. As this is a public forum, there is no attorney-client privilege created, but I'm fine to answer any questions and help the best I can.

Shawn

I am new to BP, and have an iPad mini. An app designed for the iPad would be great. I'm only able to download the iPhone version on my iPad, which is okay except it only allows me to view in Portrait format vs. Landscape format. Its easier for me to use the internet to participate than it is to use the app. I've had no issues logging in, however, either on the internet site or the app.