All Forum Posts by: Ismael Reyes

Just bought a hard copy.  Hopefully this book will push me to transition from SFRs to MFRs.

First off, Happy New Year to all.

I've read many of the forums on Lease/options and still have some questions...

- Does Florida have specific regulations regarding Lease Options?

- In a seller, investor, and tenant buyer scenario:

1. Separate the lease and option documentation on the seller-investor side, investor-tenant/buyer side, or both? Why?

2. Can the option price ever be based on a note payoff amount at time of closing?

3. Is a 4-yr or longer lease/option automatically considered an installment sale based on length of time?

4. What are the ramifications for the investor if the IRS determines that a lease/option between seller/investor was actually an installment sale?

- Is it feasible to structure a deal with a seller and tenant buyer when the property is underwater and will remain that way for 2-3 more years? Eg, fair market value is 130k, 164k mortgage at 6% - 30 yr - 8 years into payment). $1169 PI, $1200 fair market rent. Seller willing to lease for $950/mo as part of 5 yr. or longer Lease Option.

Thanks in advance for your feedback!

Rey

Here's another valuable mentoring skill - understanding the learning style(s) of the student(s) so that he/she can better tailor the teaching. Does the student favor visual or auditory cues, or must he/she touch the problem, i.e. hands on? Is the student a logical (linear) thinker?

Then there are those that learn better alone (the BP site is great for them) vs. those that need to learn in a group setting (will get the most benefit from REI clubs, boot camps, and a bona fide subject matter expert, aka gurus).

Good listeners can usually identify the basic learning preference of a person fairly easily and quickly:

Someone who says "I see what you mean" is probably a visual learner.

Someone who says, "sounds about right" is probably an auditory learner.

Someone who says "that feels right to me" is probably a kinesthetic learner.

Someone who says "that adds up" is probably a logical learner.

On the flip side, being cognizant of one's learning preferences is also important when seeking mentorship. As an example, I am a visual/kinesthetic learner. If I can see basic concepts drawn up, I can usually learn them. However, difficult concepts, particularly those in the creative financing realm, to focus it on RE, require my hands-on. For me, a picture or flowchart is worth 10k words. So, if I'm going to pay for a mentor's services, I will ensure that he/she can sync up with my learning style - my mentor should be willing draw up the steps of a creative finance deal in a flowchart and walk me through the process. Talking or writing about the steps, while useful, won't optimize the learning.

Food for thought...

Another couple of great tips. Thanks Adam!

Greetings everyone. My name is Ismael and I am thankful to have found this site - your inputs have already saved me from several "guru" predators and highlighted creative strategies I had not considered as I look to accelerate my real estate investing.

I look forward to learning from your shared experiences and providing some input of my own as I progress.

Best regards,

Ismael Reyes

MI Real Estate, LLC

Greetings everyone. My name is Ismael and I am thankful to have found this site - your inputs have already saved me from several "guru" predators and highlighted creative strategies I had not considered as I look to accelerate my real estate investing.

I look forward to learning from your shared experiences and providing some input of my own as I progress.

Best regards,

Ismael Reyes

MI Real Estate, LLC