All Forum Posts by: Adam Schooley

@David Ordonez I fix and flip here locally and have a great hard money lender that I can recommend.  Send me a message if your're interested.

@Gary Chisholm I'm a firefighter/paramedic here in S. Florida. I'm also an investor. Let me know how I can help.

@Monica Lee I'm here in South Florida and here you can exclude up to $500k for a married couple and $250k for single person for capital gains.  That number is based off of what you're sale price - the price you paid for the house. I would look up the rules in California and speak to your accountant about it. 

@Frank S. are these owners really looking to buy more properties when the properties they already own are rotting?  At 60 and 70 thay may be looking to retire and stop being landlords. I would see if they wanted to sell and then see if they woud carry a note becasue they still would likely need monthly cashflow without dealing with tenants. 

@Frank S. I agree with everything Andrew said.  Build a relationship with them. At thier age they can see right through any B.S.  Let them know that you would like to be where they are someday and ask for their guidance.  They might ask you if you would like to buy the properties they own.  Make it a win win and you will be rewarded and so will they. 

@Coryn Mock I'm not a lender but I know from working with business owners here in South Florida to buy investment properties that there are mortgage options that look at the businesses P&L statements or the businesses bank statements rather then your personal tax returns to qualify you for a loan. 

@Thomas Casella thank you for your services. My wife is a nurse here in South Florida. We invest here in South Florida and I'm also an agent. If you'd like to meet up when you come down let me know. Lots of opportunity here for MTR's. 

@Chris-Paul Blair for what you are thinking about doing it would be better to purchase a single family or multi family property.  As far as price ranges go. You should speak to a lender and figure out what you can qualify for. Based on your pre approved amount, the type of loan, and your down payment would give you a better idea of what type of property you can buy and what area you should look in. 

@Chris-Paul Blair I agree with @Ash Hegde when it comes to STRs and MTRs with HOA's. Many of them have rental restrictions including no renting for the first 1-2 yrs. Some will restrict you to a minimum of a 6 month lease which could work for MTRs. Also everytime you start a new lease you will have to get the associations approval for the new tenant which could take 3-4 weeks. Have your agent look for townhouses that are "fee simple" they're usually the least restrictive HOA's to deal with. Good luck

@Belynda Wesley I think the first thing you should do is try to get an estimate of value for the property.  If it has equity you can probably just do a refi and possibly pay off the past due taxes.  Has a lis pendens been filed by the lender or anything?