All Forum Posts by: MarZia RiVera

Hello All,

I just found this company that assist in building your business credit without affecting your personal credit or score.  Works best when your personal score is over 710 but I am told you could receive credit with a lower score.  The business credit once approved does not report to your personal credit report.  It took about 2 weeks, I was then approved for $24K in the form of 3 credit cards all with a 0% interest rate for at least one year on all purchases as well as the ability to do balance transfers.

They have a system in which they feed your profile that gives them the names of the banks and investors with highest percentage for your approval, then they only make application to them.   You only pay their fee if they are successful.  The fee is 10% of the approved amount, is it a little steep? hmmm..... well I figured time is money and I received over $20K in two weeks to utilize anyway I see fit AND its not a loan its building my business credit.  In six months or so I can request to raise my credit limit from all three bank cards.  

MarZia RiVera

Hello @Ernest just pick up the phone and ask, we don't bite, unless your offering us luch or dinner. 

@Shefali R. no difference in Florida.  Any agreements, leases, contracts, repairs, maintenance, etc done prior to closings must be done in the sellers name with the seller agreeing and then adding it to the purchase agreement.  Almost anything can be done so long as the seller is in agreement, excecutes all paperwork along with the other party (Tenants in this case) and then added to the purchase agreement.

If all agree to move forward and do this then you as the buyer should be involved with it every step of the way, side-by-side with the seller so you are making decisions with seller signing.  Offer up your lease agreement rather than the sellers former lease agreement, or any repairs or  or maintenance or moving request made by the tenant should be with you along with that the seller as it will be you who will be taking on any maintenance moving forward after the 15th after closing 

@Shefali R.  The only way that that would work in Florida, is if the seller agrees and go into lease agreement with your future tenants, collects first last and security and places in his escrow account or in escrow at the title company doing the closing. You and the seller can then move forward with signing of lease (seller only executes with tenants), the tenant walk-through, move-in checksheet, etc.  Once the lease and move in are finalized  you can then add the lease to the current purchase agreement.  At time of closing the lease agreement, the security and last month escrowed and any pro rated rent for the month would be transferred to you. 

Once you have closed on the property you would then send a letter to the tenants notifying them of new landlord, transferred management if any, to whom and where they will be paying their rent. 

 Upon drawing the lease you can opt to have it state that at the time of sale a new lease will be drawn with the new landlord owners name and then after the sale have the tenant sign the new lease with you executing, otherwise leave the lease as it is prior to the sale and upon renewal put all the updated names 

Good luck

MarZia

Hello @Thomas Lam, I am on both sides of your scenario, I own property in Costa Rica and as a Property Manager I wanted to self manage, does not work. In reference to @Jon S. comments makes some very good points managing from a distance, but in response to Jon's comment regarding the PM knowing of a tenants unclean condition the only thing you can choose to do with that information is use it to determine if you will renew the lease. Unfortunate a thorough background check and interview does not reveal a tenants cleanliness even if you schedule the visit at their current residents as they will clean up prior to your arrival. Even you as the owner visiting cannot force a tenant to be clean. Now if your PM or you see damages you may request those repairs with tenant paying them. In my 20 years of managing I have had filthy tenants come and go of which I would have never expected live that way, the only thing I could mention is when it created a hazard to the home but I have never had any move out repairs and deep cleaning exceed a security deposit amount.  If you choose to interview other PM's check their years in PM, the number of homes they manage, more is not always better. Search there past listing to view the condition of homes in photos, the DOM, the price range they may cater to, then ask for their client references and call them. Interview the PM like you would a tenant.   Good luck

MarZia RiVera

I recommend you have an attorney well versed in landlord/tenant laws write up your lease to ensure if you are pulled into court for any reason it is written correct and will stand up.  Your desires and requirements can be all written out correctly.  As a Property Manager, REALTOR or Broker we are NOT allowed to "write up" a lease agreement, meaning we can ONLY fill in the blanks (that applies to every Real Estate contract).  If the Agent you hire does not have an attorney written lease then they should be utilizing the FAR/BAR lease provided by the State.

When you hire an attorney to draw your lease you are also creating a relationship with a local landlord attorney so when you do need one they already have a file on you.

I am not sure in other state,in the State of Florida a property own by a company ie Corp, LLC etc cannot represent themselves in court, they must be represented by an attorney. For all those on here that have represented themselves previously, you might get by once or twice depending on the Judge but those cases can all be called back if the opposing side wishes to do so.

I am not an attorney seek the advice of your own cousel, this information is based on my personal experience in Florida

MarZia

@Dimas Espejo Welcome to SW Florida, the toll is not so bad when you purchase a toll pass or try to plan your route into the Cape by taking care of business towards the North in Fort MYERS then heading into Cape over Hancock Bridge parkway from then on you can leave the Cape from any bridge no chair. 

Let me know if I may assist with the MLS prior to your licensing as well with property management info. Have you looked into which office you will hang your license?

Hello Alan  if this tenant has never been late before, I assume that he's mailing the check?, reach out to him to let him know it has not arrived just to give him a heads up if it was delayed or lost in the mail.  If he deposits at bank also reach out now asking him when but not if he has, assume the "deposit" this takes you out of an accusatory position in case it was sent, or deposited with a wrong number etc.  It puts the ball in their court to tell you what's up keeping the conversation positive.  Somewhere in all that thank him for his early timely payments. 

I don't usually penalize tenants on the first late, ESPECIALLY if they reach out and communicate.  If they miss another I direct them back to their lease verbiage, if they become habitual I become more stern (never had to get to this point I screen very well and make the lease very clear at time of move in) if I have to post the three day notice I add fees from day one at the same time communicating to find out what has occurred or changed financially to bring this on. I try to maintain the relationship to continue to collect whatever I can each day/week depending on their story. But before the debt gets too deep, beyond what's escrowed of last and security, at some point you have to move forward with removal if the tenant cannot at least submit all rents to catch up. I don't concern myself with the late fees at that time, they can be collected at a later date or the end within the security deposit.  Sorry may have gone off topic

MarZia

Hello @Nick D'Alessandro

I would suggest scale down on your student loans payoff at the moment, maintain minimal or just above payments while taking the rest of those funds and more, whatever you can save for your "Real Estate business" fund.

You see it takes time to build a real estate business for property management, sales and listing.  And with that time building your business you will need cash to survive.  

To prepare, as suggested prior, start with getting your Real Estate license, at the same time find a Broker that offers full service property management, already has a portfolio of properties managed in brokerage (most important) along with great in house education in all aspects of RE. Not all Brokers / Brokerage are into PM. 

Now over the next 6 months until you relocate learn about PM and RE in general but most important to start is PM. Work with that Broker remote learning how to find owners to manage their properties. Start building a portfolio now over the next six months so when you move you are walking into full time RE earning monthly residual income from rents of those owners you have already on boarded.  You can do this by working out a split with the Broker while you are working remotely to bring in owners properties and learning the business now to August then a different split when you arrive and take over the day to day management. By August you will have created business providing residual monthly income to cover your cost of living giving you the opportunity to jump into sales full time with the pressure of making a sale to survive. 

Once you are here you can go back to aggressively paying off your student loans with your residual income from your PM portfolio.

We have purchased 4 freshwater canal lots in Cape Coral Florida, two with cash two seller financed.  We have begun the process to build the first Spec all permits in place, seawall is in, ground ready for pool etc. We are looking for financing to continue, who is offering the lowest interest and great terms to builders for Spec Homes.