All Forum Posts by: Allan Rosso

@Chris Mylan talk to @Taylor Brugna.

@Mike Lambert that's pretty awesome. What types of projects do you guys work on? I'm actually going to be in Playa del Carmen for a week here pretty soon, and it would be awesome to check out them out 

Hey @Mike Lambert, it's in USD at 9%. What kind of terms do you work with there? And how did you make those connections there, if you don't mind me asking?

@Evelyn Kop @Mike Smith,

My wife and I recently purchased a property down in Playa del Carmen, Mexico. First of all, you have to look into local laws as far as out of country investors. In Mexico, there's certain laws in place that make it hard for foreigners to invest, so it would have taken a lot of legal fees to purchase there (up front and yearly). Because of this, it can get expensive quick, even if the American dollar goes further. Fortunately, my wife is originally from Mexico, so we were able to avoid all of that hassle.

The biggest hurdle was finding financing. There's a bank that has branches both here and in Mexico that would finance 90% on 20 year fixed, but interest rates were super high, and the process would have taken longer than we wanted. We ended up getting a 7 year personal loan, which still has a high interest rate (although lower than the other bank), but we received the funds quickly, and didn't have to come out of pocket. I do plan on looking into refinancing into a longer term in the future, so as to increase cash flow.

Evelyn, I know you mentioned the UK, but where were you thinking about investing Mike?

@Shannon H., probably the most important things to do when writing your own lease, is making sure it is compliant with all landlord/tenant laws, and that you are following any local guidelines specific to your location. You also want to make sure you are properly using legal terms in the contract. Once you've written your lease, you can always run it by an attorney for a fraction of what it would cost to purchase one from them.

Now back to your original question, the list of clauses that every lease should have is very long, and they're all equally important. I would look for examples in the File Place, googling Lease Agreements, etc., and look them all over. Definitely include the things you consistently see on all of the examples, and pick and choose what you may or may not want from each one (some examples may have small things others don't).

The one thing that has provided me with a feeling of safety (and this doesn't apply to every landlord, I use it because so far my tenants have all been military), is making sure there's a clause where the tenant provides the information of their 1st Sergeant and/or Commander, and gives me permission to contact them should any issues arise. The military makes sure it's members follow their legal and financial obligations, so by getting the problem solved by their leadership, I am avoiding having to go to the courthouse, accruing any legal fees, etc etc.

Allan  

@Brent Davis just because you put them on 30 year notes, doesn't mean you have to take 30 years to pay them. You can always pay more towards the principal when times are good and you can afford it (obviously taking a cut from your cash flow). If certain months get tough (repairs come up, tenant turnover, etc), you know you have the flexibility of being held to a smaller payment, than you would on a shorter note.  

@Alexander Felice, I definitely want to do something that'll allow me focus on REI. I'll add that to my list of jobs to research.

@William Butler, I appreciate the support sir! Thank you 

@Alexander Felice what did you get into as far as banking? Becoming a loan officer is another thing that has crossed my mind a few times. I just haven't taken the time to research what I would need to do to get into that.

@Andrew Ashby I'm aware I'd most likely be taking a pay cut getting out of the military, but I'll gladly take it if it means getting a job in the real estate field. My wife and I live below our means as it is, so it wouldn't be too difficult. Ideally, I would love to be a project manager for other investors (even assistant project manager if the operations are big enough to have the positions). I feel like my military experience managing big maintenance operations would transfer over nicely.

Speaking of projects, how is that flip coming along?

@Andrew Ashby don't think it's a pessimistic rant at all. Thank you for sharing your experiences with me, this is the kind of stuff I need to hear before my move there.

I started applying for lots of jobs last August leading up to my separation in January, and kept getting the "we are moving forward with a more qualified candidate", so I know what you mean in that last paragraph. A lot of those jobs I feel my experience made me the perfect candidate, so I'm not even sure what happened there haha. That was one of the reasons why I ended up extending my enlistment for another year.

You say that had you known what you know now 7 months ago, you would have found a different road to Florida. What do you think that would have been? Finding a corporate salary like you mentioned?

@Wes Harrington I've never heard of being a broker's assistant, I'm going to talk to my real estate agent/mentor about it. Maybe he can set me up at the brokerage in the mean time so I can start getting my feet wet, and learn what goes on at these places. Thank you for the tip!