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All Forum Posts by: Edwin Duran

Edwin Duran has started 29 posts and replied 62 times.

Post: Is This Legal?!

Edwin DuranPosted
  • Orlando, FL
  • Posts 62
  • Votes 17

So Ive got some written contracts, Im wondering if i could sell these ?! Is it legal ?

Examples include applications to rent, lease options.. etc

Post: Real Estate Business

Edwin DuranPosted
  • Orlando, FL
  • Posts 62
  • Votes 17
Originally posted by @Kenndy Mendoza:

@Edwin Duran 

Key components of a PM business are leasing & renting and that will require to hold a Sales Associate or Broker's license. . In the state of FL., a manager can lease a property for less than one year WITHOUT a RE License, as long as it is using the lease contract approved by the district court and is not receiving a commission. You can always add a broker to your team, if you do not have a license. This will add a sense of security to your operations, and voiding the potential of being involved in illegal activity without even knowing. 

Before you do anything, do your homework, checking your state requirements to save you trouble. 

Kenndy Mendoza 

Komerci Group Property Management 

[email protected] 

 Thanks for the information,  definitely helpful. What is the process like to get your brokers license? I've read so many different things as to how to go about it and like clarification. 

Post: Real Estate Business

Edwin DuranPosted
  • Orlando, FL
  • Posts 62
  • Votes 17

Hello BP'rs

Do you have to own a professional real estate broker license to start a property management business? What are the requirements?  

Post: Just closed on #12 rental

Edwin DuranPosted
  • Orlando, FL
  • Posts 62
  • Votes 17

Congrats!

Post: Fannie Mae Properties

Edwin DuranPosted
  • Orlando, FL
  • Posts 62
  • Votes 17

Ive been doing some research on Fannie Mae properties, as a potential first purchase. Wondering if anyone can speak on their experience with these properties. I would be using it as my primary residence.

Originally posted by @Ben Leybovich:
Hah - that's how I've bought everything I own...

HA! The power of leverage has helped you immensely! I guess that even if the super rich use other people's money, we should do the same? Pending that we know what we are actually doing.

Originally posted by @Dell Schlabach:
It is how I have bought most all the real estate I own. We have 12 rehab projects 80k-250k per project, in the loop, all 100% financed with private money, purchase and rehab.

Our office complex was also funded with none of my own money, my current personal residence .....etc etc

While there may not be a lot of sellers willing to do no money down deals, there is a lot of private money looking for a good return.

Im pretty sure it can be nerve wrecking at first to use private money because of things possibly steering the wrong way. However, if you don't mind sharing did you start using private money from the beginning? Or did you use your own until you built some sort of track record so that these private lenders could trust you with their capital?

Originally posted by @Michael Lemieux:
@Edwin Duran , 2 of the last 3 house we bought were "no" money down. The last one was a grapevine deal. We put $500 down, seller held the mortgage. Paid 70k just sold in March for $147.

Woahh, lots going on there.. Would you mind telling me more about that deal ?