All Forum Posts by: Carlos Rovira

I'm putting this out there for anyone considering purchasing turnkey from Real Estate Done 4 U (i.e. Michael Drew). I just bought 4 properties from him back in November. Two of them had issues. One of them had a tenant that was withholding rent due to deferred maintenance issues that were pretty serious. I was able to stabilize that one but it has cost me a lot of money, headaches, and most importantly, time.

The second property had a pending eviction already when I closed. I was not made privy to this by the seller (Michael Drew), and did not find out about it until the property management took over management and 2 months went by. I am attaching photos of the property so that you can see the condition that it was delivered to me in. No doubt I will stabilize the property and make it profitable, but this totally defeats the purpose of buying turnkey and leaves a sour taste in my mouth. 

For anyone considering buying turnkey from this guy, STAY AWAY. STAY FAR AWAY. The product that he provides is NOT Turnkey. It is value add real estate that he is selling at retail. The complete opposite of what Turnkey should be. 

Went with a local community bank here in Miami called professional bank 

TD bank approved me as well though they took long to close so I closed with PB before. Good luck!

@Will Chamberlin

Interested. PM me. Thanks.

Taneisheo Ferguson An efficiency should be pretty simple to build out and won't cost you that much. The challenge is in doing it legally. If you want to do it with permits, you will run into a lot of barriers. It is common in Miami to find properties with efficiencies that are done without permits (i.e. Illegally). The challenge with doing this is that you may have issues when you go to sell the property as most banks will not finance any properties with unpermitted units.

Jaago Viitkin PM me will recommend someone

David Farron PM me and I'll share the contact for my mortgage broker who does a really good job. Won't hurt to talk to him. Cheers.

@Peter Sik no I mean the seller pays 6% to the listing agent rather than the listing and buying agent splitting it. 

@Russell Brazil  noted re: ethical issue, and I totally agree, although consider the market in question. Miami is a city built on cocaine, corruption and money laundering. The market is poisoned by that sort of corruption and it happens every day. The likelihood of something like that getting a licensee in trouble, is minimal, considering the amount of unethical business that occurs in general. It's a sad truth and it's the reason Yoni is having issues getting a deal. 

Yoni Ramras drop your realtor, go straight to the listing agent and offer them the full 6% commission. That should motivate them to get you in "first place."

Zachary Clough I run a small web design firm out of Miami and often outsource work to these services. I find that they are only worth it for small tasks. I wouldn't use this for an entire web site project as the quality of the result won't be great and you will find yourself spending too much time managing the freelancer and making sure they get things done. I've also found that freelancers on these services don't really think long term and are more interested in getting the one task completed and paid for so they tend to cut corners and complete things in a way that will lead you to have to hire more people downstream to either fix issues that were done incorrectly before or redo previously completed work to accommodate a new scope that wasn't anticipated before. Depending on how much work you need, I recommend finding a local developer who you can work with long term and will think long term when rolling out features without creating unnecessary work for you in the future. Good luck!

I am currently buying 2 turnkey properties in Kansas City, MO. I am looking for a good insurance agent in that market to help me get basic policies. If anyone has someone please feel free to PM me. I am out of state so need to be able to work via email/phone. Thanks!