All Forum Posts by: Erica Muller

If it were me, I would get all the financial end sorted out first so that you can show a proof of funds letter to the seller when you make them an offer to buy their home. I definitely have to agree with your agent on this one. If your friends are serious about investing with you, I would get all the paperwork put together, figure out how you are going to structure the business entity and open a bank account with the funds ready to go. Are they only willing to put up money if you have a deal in front of them? 

@January Johnson I mentioned in "most" parts. Panama City, Florida is also a hot tourist desintation like Miami and Orlando. It's a really popular spring break and summer destination and I would imagine you do pretty well there! The locations that are harder to rent in summer are slower spots like West Palm Beach, Jupiter, Vero Beach, Naples, Ft. Myers, Cape Coral and places that are typically hot snowbird destinations. Places like Orlando, Miami, Ft. Lauderdale and Panama City are pretty much year round hot spots. That's really great news for your rental!! 

@Brandon Hall I spoke to my CPA, everything is I'm doing is legal. I'll PM you. . . you had me really freaked out lol. 

@Brandon Hall I can't respond in detail right now because I'm headed into a meeting but I will PM you. . . I'm not a wholesaler however, I have purchased from them in the past. I also obtain my own inventory that I put renters in and hold before immediately flipping. I don't think what I'm doing falls under the things you mentioned above, I also use a CPA that handles everything for me, I don't deal with it myself, but I am going to speak to dave as well as my CPA to find out how it's all structured just to confirm. Thanks for your input!! I am a bit far removed from everything after I acquire the property. I'm pretty sure if what I was doing was illegal my CPA wouldn't still be in business but God forbid, I've heard horror stories. I'd hate to become one! Thanks for the words of caution!

I love vacation rentals and would prefer my neighbors do that over LTR. I've had long term rentals in the house across the street from me three different times and each time it was always issues. I work in the STR industry and haven't seen half of the issues in those neighborhoods. . . I can't believe someone would accuse another of being "greedy" because they want to AirBnB their property. What is this, North Korea??!! Chill out.

@Dave Foster Can I PM you? I've always been able to do a 1031 so I have a few questions as to how and why if that's the case. I don't want to be doing anything I shouldn't be. Are you a CPA? 

Thanks @Ivan Vargas, It's definitely crazy to think about but until that moment I never realized how dangerous living on a golf course could be. Any closer and it could have possibly killed her. 

@Steve Vaughan  I meant 1031!!! Thanks for pointing that out lol. Not sure where my head was at. 

@Stephen Ghanoo Welcome and congrats on your second purchase!! What part of Orlando did you invest in? 

@Hae-Yuan Chang I may be interested. I will PM you.