All Forum Posts by: Benjamin Pekarek

We're based out of Sarasota/Bradenton, and I shoot all of my personal closings to Rebekah Gimenez of Trust Title Group in Orlando. I've been in this business for almost ten years now, and I've NEVER had cheaper, or smoother closings than the ones I trust to Rebekah. I try to shoot all of my clients over to her as well - she's even gone as far as to have a notary complete the closing here in town for one of my clients that was a little leary of a mail-away closing. Can't say enough good things about her! 

BP won't let us put contact information but their website is their FULL name.com.

In my opinion, finding the right title agent is more important than finding a good Realtor! 

Good luck to you all!!

Hello Glenn! 

We manage a nine unit mobile home park in Brandon (among other things). If you'd like some tips on the greater Tampa MHP market, PM me, or give me a call. 

Here's to your success!!

-Ben

Joe, I would follow the recommendation of getting a line of credit against your current assets, buy more, finance them, and continue on. The problem I see is the inventory is Sarasota doesn't cash flow. You'll ultimately be moving into new markets. IF you're moving into new markets, the way to go is to buy multifamily.

Just my $.02.

-Ben

I 100% agree with Wayne! Most of the banks and reo servicing companies (hubzu, auction.com, etc.) are now charging technology fees, buyer's premium fees, breathing fee, stupidity license, etc. All kidding aside, as an agent, I refuse to show these properties without first getting a signed compensation agreement A.) Passing those fees to the buyer, and B.) Ensuring I make my expected full commission. As an investor, it makes all the sense in the world to make up the difference in my commission, and/or pay the additional fees to see these (USUALLY) deeply discounted properties - that being said, when I put a compensation agreement in front of an investor, to a man they howl about how I want to get "overpaid" for just "doing some paperwork". My answer is always very simple, if you don't want me to get paid, I won't work for free...go find a newbie who's willing to work for nothing, and watch how fast he shipwrecks your deal! 

I'll leave you these two:

Good service isn't cheap, and cheap service isn't good.

&

If you think my fees are expensive, just wait to see what my fees are when I fix your SNAFU!

-Ben

Deeply discounted multifamily, anywhere in Florida. E-mail is in my signature to make sure BP doesn't kick me back.

Welcome to my hometown Danny! 

What type of management will you be specializing in?

-Ben

Colin,

I can't speak for a rookie, as the way I've gotten my equity partners is grom my track record. I personally wouldn't try to have a partner come up with more than what you need - convential lending is cheaper for me than what I pay my equity partners.

It depends on what you're using the JV for. For me, I use the JV for the downpayment, renovate (increasing the value), rent it, and refinance. The cash out from the refi pays me a "fee", pays back the JV partner, and we go do it again - the contract I use pays the JV partner cost + 20%-30%, so they're more than happy to come back again and again. In the meantime, I'm building my portfolio of cash flowing rental properties.

-Ben

Darren,

The only way you'll be able to pay 30% is through a JV agreement. I frequently pay 20-50% interest, however, as John Thedford said above, anything over 17.99% per annum on a LOAN is illegal - an equity partnership has no ceiling.

-Ben

 Tim,

I'm not sure where you got the impression that property management was an unlicensed activity...to be a property manager you have to have a minimum of a florida real estate sales license, or you are guilty of practicing real estate without a license, and subject to the penalties as such.