All Forum Posts by: Frankie Torres

Hey BP! =D

Im currently waiting approval for a credit check through a hard money lender. I am positive that I will get pre-approved, however, my exit strategy for a flip I am seeking to do, will require me to refinance and rent out, in the event I am unable to get the property off of the market. IOT words, If it takes me more than 120 days to sell, I will put it up for rent. My first flip will be out of state while I am going to school with my GI Bill. Luckily, the cost of living in California is substantially higher than the 2 areas I will be investing in. I am very fortunate to have a wife that brings in active duty income and benefits, so during the time being, I have decided to pursue REI full time.

  Does anyone in the Tampa and Port Saint Lucie area know of any reliable and friendly mortgage brokers? 

I am a newbie but very committed to doing what it takes. 

-Respectfully, 

Your friendly neighborhood BiggerPockets Member 

@Vaughn Smith haha, I hear ya ;D 

That's good information to think about!

@Aaron K. That’s good knowledge I appreciate it!

@Colleen F. I’ll definitely put that into consideration. From the sounds of it, I’m leaning on assigning a weight restriction, and limiting the amount of dogs and breeds a tenant can have on my property. I’ll also charge a pet fee and depending on the situation I will have a backyard fence installed to split the yard. 

Thank you all for the advice, definitely a huge help! 

@Ray Harrell  I agree with you 100% it would be hypocritical, and I am not for that! I will be investing in small multi family. By not charging a deposit, It makes sense that would make the property more attractive to renters as well. 

@John Bryson Really helpful! I will make sure I conduct intensive screening for responsible pet owners. Would it be necessary to even speak with an attorney then? Last thing I would want is to have a law suit on our hands 

@Aaron K. Thats a really good idea, however, would this be legal in most states? I will be sure to keep the fence into consideration when I am running the numbers on my analysis.

@Katie Stewart I have taken everyone's advice into consideration, and I've come to the conclusion that I will charge a monthly pet fee with the rent. I will also make most of my properties pet friendly and not charge a pet deposit, this way it'll attract more renters. Thank you so much! =}

Greetings BP! I currently have 3 dogs; a German Shepherd, Black lab, and a chihuahua, however, something has occurred to me several times already, how am I going to handle me having 3 dogs if in the future my tenants have pets? I would prefer if my future tenants didn’t have pets, however, that wouldn’t be fair since I have 3 and 1 is a German Shepherd. How would anyone suggest going about this situation? Just charge a pet deposit and monthly fee? I’ve been researching and so far this is what I’ve read. Anyone have any experience with this? I’d appreciate any help and advice I could get! -Respectfully, Frankie

Michael Sato Thanks Michael!

John Thedford Thanks for your reply! I am currently deployed in the Middle East, so I apologize for the delayed response. There is a wealth of critical information on the Florida statutes, and It makes sense to me to internalize that information by getting more involved in the industry, by obtaining my license. After reading 475, I am determined to have lease options as a part of my business model, so I’d much rather avoid getting involved with legal issues, as it could hinder my reputation especially since I am starting out. I have read that some investors don’t need a license for lease options, as long as they structure it properly, however, If possible, I’d rather do things with less headache personally. Again, thanks for your help John!

Thanks Kevin for reading my post; I appreciate your time! 

-Frankie

If it’s not too late I would love to help. 

[email protected]

If it’s not too late I would love to help. 

[email protected]