All Forum Posts by: Victor Ramos
Victor Ramos has started 2 posts and replied 12 times.
Post: First Time Homebuyer (Florida) Gathering Information

- New to Real Estate
- Posts 12
- Votes 3
Hello all, with the help of these forums I've been able to position myself to manage a property, to help work someone's home into a great deal that helped the person pay off all debts and put money in both our pockets, I purchased a home in wife's name that did not include my income to qualify for programs here and we applied the BRRR strategy to a T. So I've managed to hold on to my first-time homebuyer card all this time in hopes that I can use it when I felt the time was right. I'm now looking to use it for a property in Florida. I'm currently living in the Northeast, but as an independent contractor I'm able to work remotely or schedule physical meetings with ample time to jump on a plane if necessary. I've also started to pick up work in Florida and I'm setting up a remote office, LLC, there. I'm hoping that helps if part of the requirements to qualify for like an FHA loan is living/working in the state. Not knowing what the available programs are for a first timer there, I'm in the process now of just gathering information. A friend in real estate has shared 3 trusted lenders he works with and I'm about to make the call, but would like to prepare myself with questions I need to ask or info I need to have at the ready. Any suggestions, do's and don'ts from BP community down in the Sunshine State?
Post: Newbie Taking Over A Property

- New to Real Estate
- Posts 12
- Votes 3
@Derek Guivehchi thank you for the comment and advice. I was reluctant as well until I realized it’s an incredible opportunity to get into my first property and there’s a better than good chance it might all work out.
Update: just met with his family next door. They’re on board and expressed relief that there’s a plan of action. They were even receptive to renos and repairs in both units and understood rental rate increases as a result. Meeting with a lawyer tomorrow to review paperwork and move towards getting the ball rolling with bank.
Thank you all for contributing. I greatly appreciate the input.
Post: Newbie Taking Over A Property

- New to Real Estate
- Posts 12
- Votes 3
Thanks Joe. 100% a precaution I’m taking. That idea came from him as we were talking. He has family/kids in warmer areas of the country and has been reluctant to move because of his ties to the house and I already know his family nextdoor offered him to stay with them as well. I think the predatory piece will come into place regardless of what I do since I’m not family. If I were John Doe knocking on his door offering to do an owner-financed purchase it probably wouldn’t seem as bad. Guess we’ll find out.
Post: Newbie Taking Over A Property

- New to Real Estate
- Posts 12
- Votes 3
@Sylvia B. Thank you. I understand where my confusion was and how to best move forward. I appreciate the comment. Looking forward to jumping in.
Post: Newbie Taking Over A Property

- New to Real Estate
- Posts 12
- Votes 3
Yes Caleb, newbie investor. Just getting ready and this landed on my lap. If it seems I’m over complicating it it’s because I haven’t done it and had questions. I’m sure when I get to a comfortable level it will seem like an easy decision to me too.
Post: Newbie Taking Over A Property

- New to Real Estate
- Posts 12
- Votes 3
Hmm. Is there a scenario B where instead of purchasing for myself I help him get through the paperwork maze, have him borrow a small amount against his equity for renovations/repairs? Prep the property for rental, move him out to stay with one of his kids or use a realtor to find him a smaller more manageable single room condo and then I can sign on to manage the property for him? This way he doesn’t lose out on the equity (if there’s any), I help him solve his problem, and I also take on managing a property as opposed to owning it. Just wondering about other options.
Post: Newbie Taking Over A Property

- New to Real Estate
- Posts 12
- Votes 3
Gotcha. Owner-financing sounds like it’s the best option. Guess my curiousity was if there would be a few different paths to consider. Thanks again.
Post: Newbie Taking Over A Property

- New to Real Estate
- Posts 12
- Votes 3
@Ed Matson thank you. Owner financing seems to be the path to take. From our conversation, if I don’t step in he is at the point of walking away from it. So I do like the idea of sending him a monthly payment. Thank you.
Post: Newbie Taking Over A Property

- New to Real Estate
- Posts 12
- Votes 3
@Eric C. Thank you for the response. I have every intention to treat it as a business. Simply trying to wrap my head around the best way to do so. Every avenue looks complicated to me being new at it.
Post: Newbie Taking Over A Property

- New to Real Estate
- Posts 12
- Votes 3
@George Blower thank you George. I appreciate the welcome.