All Forum Posts by: Allen Lopez

@Guifre Mora

So it sounds to me like I will not be able to do this since there is a business (not run by me) downstairs, and it’s about 45% of the living area.

I was hoping to do a primary home conventional loan with 5% down, while paying PMI until 20% is payed off.

Do you agree?

I would like to get into the comercial real estate market. So I been looking around and I think I found a property I like.

So for commercial properties, they are considered full investments so typically you need to give 20-25% as a down payment. As opposed to residential, where you can give as little as 3% for an FHA loan if it's your primary residence.

So here is the scenario:

The property that I am looking for is a two story building. On the first floor, you have a business renting from you. The top part you have a residential unit. I am not too familiar with the zoning but it looks like the bottom is zoned for commercial and the top for residential.

I was wondering if it’s possible to get a loan to buy the property as my primary residence, get a conventional loan, and live on the top floor, while rent ion out the bottom.

Really I am just trying to buy the property By giving just 10% conventional with PMI. Is that possible?

Thank you all in advance.

I have been doing real estate for the last 3-4 years. Always SFH and I live it. It's been going great.

I want to go even further with my journey. I want to buy an apartment building/complex (12-20 doors).

I have about $15k in my bank account so that won’t get me anywhere. However, I have about 300k in equity that I can pull from my other investments.

Average price for a building in my market is about 500k-1.5M.

I can definitely pull equity from what I have but is it good? I always believed not to get money out of what is already owned but I wanted some advice.

How do big investors do it?

Thank you in advance

@Jack V. Ospina

Hey jack, we aren’t connected yet so it wouldn’t let me message you. If you could provide some contact for good companies that would be great. Thank you in advance

I have a property in miami Florida. In the city of miami. I need to install window shutters to get a discount on my property.

My question(s).

1. Do I need a permit to install a window shutters?

2. Hiring a company and they tell me they don’t need permit but I’m guessing I will need to present some documentation to the insurance for proof that I have shutters. So what do I need to provide?

3. Anyone ever had any experience with shutters and insurance. What do I need to look at? What can I do to ensure I get a discount?

@John Thedford

Oh ok. So let’s say that we go to court and the judge and I win the claim. What happens if the contractor doesn’t pay? What do I do then? I’m guessing the judge will give him some time to get the money together right?

@John

So what about the court fees I thought I could also make him pay for that?

Ok so here is the story:

In June we hired a contractor to replace the roof on one of the houses. I call insurance to make sure he was insured and that he was all good. Check ratings....so on. About 3 weeks before the job got started, I call again just to make sure that we were still ok. Insurance said they had to drop him due to lack of payment. I contacted the contractor and he said they were looking for a new insurance and he would send it to me next day....he didn’t. A few days before the work was to be started, I call and he still didn’t have insurance so I cancelled the job. The contract didn’t have anything regarding insurance, so he agreed both verbally and in writing to give me my deposit back in full. He never even ordered the permit, or any material so full reimbursement. He ask if I could give him 15 days to get it together. We said sure. Amount of deposit was $6600.

After about a month he gave us $2000 and said that he would give us the rest in the next week.....long story short there was always and excuse or something that came up.

We are finally tire if waiting and need our money back so we have decided to file a small claims for 4600 plus court fees, interest, and additional material (total claim is $6600).

He keeps saying he will get it to me and is working hard to get it but no action. (I think he is full of it).

So here is my question (s)

1. That has experience with small claims can walk me through the process (property is in miami Dade).

2. I see online on their website that there are only three forms. I fill out all.

http://www.miami-dadeclerk.com/property_small_claims_how_to_file.asp

3. From my experience (eviction cases), I would assume I would need to build three packages (one for me, one for the contractor (to be deliver by the sheriff, and one for the court). Each package should have all the contacts, communications (if any), and all the forms. Correct?

4. If anyone has experience this could I get any guidance on how to get my money back.

5. Thoughts, advice, concerns, prayers?

So I have two properties one in Louisiana, and another in Florida. Both of which have are rented. Both are fully paid off. I would like to put them both in llc(s). Their value is around $200k together. Do I put them both under the same LLC, or two separate ones? Since they are in separate states.

My long term plan is to eventually, put get equity out of them to but more properties. Any advice?

Thank you all in advance

@Rob B. Yeah do tell me more