All Forum Posts by: Benjamin Pekarek

Michael,

Don't worry about the balloon - if the deal cash flows, you will always be able to find a lender somewhere that will take the debt, and the payment that goes along with it!

As Brian said, creative financing is the way to go. Don't worry about the rate that you're quoted by the HML, if the deal cash flows, who cares if you're paying 10% or 50%? Worry about getting yourself out of debt with these deals - when you establish a track record, better interest rates will just make your profits that much better.

Best of luck!

-Ben

I'm not an attorney, this is not legal advice, just my opinion based on my own experiences.

Unfortunately, you don't have recourse here to break your lease. You need to go to the county seat and document your issues, and pay the registry your rent. If you so choose, pull up the owner in tax records and send them a letter detailing what's going on with the property manager. Odds are, the owner doesn't have a clue.

If the outside temperature is over 90 degrees, A/C is an emergency, and you can pay the repair, and send the PM the bill. Nothing they can do about it.

Melissa,

Give me a call, or shoot me a PM. Ft. Myers is our backyard.

-Ben

John, 

Coming from the other side, depending on the size of the deal, and the length of time, I've paid anywhere from $500.00 (A-B C-D closing, held funds for less than an hour), all the way up to $5,000.00 ($2,000,000.00 home, cash buyer contingent on their sale closing. Deal held over for almost five full days - charge was $1,000.00/day, $1,000.00 accrued at 5:00 PM daily). Depending on how strong the buyer is, and how well you know your client, charge accordingly. 

-Ben

I'd like to hear more

I can help withfinding and analyzing deals, and dealing with buy and holds. But we don't wholesale. Feel free to give me a call and we'll go from there.

Branden,

What exactly are you looking to accomplish?

-Ben

 Jeffrey, 

I'm not sure where you heard that Florida is a "very tenant friendly state". Aside from commercial evictions, which take FOREVER!, I can get a nonpaying tenant out in 6-8 weeks from the date the 3 day is filed. The only time there is truly an issue is if the tenant has what I affectionately call "a verifiable ...complaint..." (my word works better!). 

If a landlord is not up to snuff on their repairs, you're 100% right, the tenant can pay the registry, and stay indefinitely,  leaving said landlord high and dry; however, in my opinion, if the landlord let the unit condition get to that point, they DESERVE to lose their rental income until the repairs are made!

All that said, provided a landlord does what they're supposed to do, Florida takes care of her investors. 

-Ben

@Account Closed,

I don't know if I'd be the right fit, but I'd be more than willing to have a chat with you. I offer a flat fee per closing specifically for owner/agents, as well as the more traditional brokerage commission splits if you're looking to build your brand. While we do have our office in south Sarasota county, our agents have traditionally worked out of their home offices, as our system is setup with cloud computing, and a VOIP office line (you get an office number, without ever having to be in the office!). 

I've voiced this before on the forums, so you'll definitely find it elsewhere if you look, but we're predominately a property management, and investor brokerage - I personally don't deal with "ma and pa kettle", unless they're buying one of my client's flips, or they're one of our tenants buying their home. 

Again, if any of this sounds interesting to you, don't hesitate to reach out to me (replace the "0" in our main phone number with a "1" for my direct extension; look in my signature line below), and we'll see if we might be the fit for you. 

-Ben

James,

When you say you're approved, what are you approved for? A residential 4 doors and down approval is entirely different than a commercial approval for 5 and above. That being said, there are plenty of C+ or better locations throughout Florida that could work for you.

-Ben