All Forum Posts by: Lateefah Mathews

Hey, @Chad Westley I'm always looking to connect with reputable contractors feel free to DM me for more info.  

@Edward Acker Congratulations on embarking on your real estate ventures! Structuring an LLC in Florida is a relatively straightforward process. If you're considering handling it yourself, here are recommended steps. The Florida Department of State provides a guide on filing your LLC and obtaining your Articles of Organization. Nevertheless, here are the DIY steps to take before filing:

1. 1. Choose a business name and verify its availability on the Florida Department of State website (Free).
2. 2. Determine your business address. ( Home or Virtual Physical Address)
3. 3. Obtain an EIN (Employer Identification Number) tax ID on the IRS website (Free).
4. 4. Secure the services of a Registered Agent (You can find one online that covers all states).
5. 5. File your articles, ensuring that you use your Registered Agent's address for both the Agent and all members.

Wishing you the best of luck in your endeavors!

Hey @MarioBellavia! Blue Ridge is such a definite gem. Blue Ridge is in the North Georgia Mountain region, it's got adorable cabins and roomy vacation homes, perfect for a mountain getaway. If you're thinking about renting out when you're not around, I'd advise using a short-term rental strategy, the numbers are strong and it's a lucrative market.

The attractions there range from zip-lining, white-water rafting, and wineries, there's even more to discover, which is what's driving more traffic to the area and it has truly become a great destination spot. Definitely, worth looking further into for investment purposes.

@Dave A Beason Hi Dave welcome to BP! Feel free to DM me for a few Attorney references as well as handymen. TY! 

@Yahya Benhil I have a few references. Feel free to DM me for more information. TY! 

@Steve T.

As a native of New Jersey currently residing in Georgia, I highly recommend considering Georgia. It's just a short flight away from both JFK and LaGuardia airports. Cities like Atlanta and Savannah, stand out for their stable market growth, making it an ideal option for the goals you mentioned.

Below, I've listed a few cities in Georgia that align with your criteria. These areas have considerably warmer climates than Connecticut during the winter, coupled with stable economies and strong rental potential. 

1. Savannah 

2. Tybee Island


3. Jekyl Island

4. Blue Ridge

5. Atlanta

Feel free to DM me for further discussion with the additional questions you have! 

I completely agree with @Mackenzie Grate. Although outages are infrequent in Blue Ridge, they are (obviously) not unheard of. However, these outages could become an issue during rainy seasons and short days of cold weather.

Taking the route of making it clear in your listings about power outages and creating a backup plan is one option. The other option is investing in a backup generator, for which you should weigh the cost and determine its value for your STR.

Either way, congrats on your Blue Ridge Rental everyone loves that area!

@Yehuda K. Hey I'm not a broker myself, however, I specialize in assisting novice investors.

I'd be more than happy to connect with you and provide guidance on your multifamily investment journey.

@Shawn W. my pleasure to assist! Most builder contracts are one sided. They are not designed to protect the best interests of all parties involved. The FAR-BAR contract does and is the standard contract created by the "Florida Bar" and the "Florida Association of Realtors". 

As for your parents reading their contract, the majority of folks don't so it's completely understandable. Unfortunately I'm not in Florida otherwise I would recommend an attorney. Best of luck! 
 

Hey Shawn, 

Welcome to the BP community! I work with many Purchase and Sale agreements, and there are indeed some concerns with this contractor agreement. 

#1. It's not a common practice for any real estate transaction to allow for commingling a purchaser's funds in their general operating account. Generally, funds are held in an escrow account, a separate account designated for that purpose. 

#2. In a standard purchase and sale agreement there is usually a "specified completion date" for the construction. The absence of a completion date with no true timeline is concerning. Also, the lack of penalties for delays raises a red flag. 

These clauses deviate from common RE practices and I would advise further scrutiny by a Real Estate Attorney to safeguard your parent's interest.