All Forum Posts by: Mike Romano
Mike Romano has started 28 posts and replied 61 times.
Post: Using hard money to flip a house and then make it my primary residence?
- Investor
- Florida
- Posts 63
- Votes 19
Thank you, @David M. My primary residence is under my name, not the LLC. I'm interested in using a Hard Money Loan (HML) for a fix and flip, which I plan to live in as my primary residence. Afterward, I'd like to explore the possibility of refinancing it under my name. However, one challenge is that HMLs are typically intended for non-owner occupied properties.
Post: Using hard money to flip a house and then make it my primary residence?
- Investor
- Florida
- Posts 63
- Votes 19
Hello,
Is it possible to use hard money to flip a house and then make it my primary residence? I have my primary home which I'm planning to stay maybe for a year, I'm exploring the possibilities of how I can achieve this. Additionally, my company is already established, and it's the one I use for my house flipping.
I appreciate your help in advance!
Post: How to Form a Partnership
- Investor
- Florida
- Posts 63
- Votes 19
@Shiela R. I will be using HML.
Post: How to Form a Partnership
- Investor
- Florida
- Posts 63
- Votes 19
Hi @Shiela R. I will have my team to get this project done, I will probably ask him to provide the capital for the rehab cost, material, labor, and holding costs, in exchange for my teaching him the process, and he will get his capital when gets sold.
Do you think this is a good idea for a first-time venture?
Thank you!
Post: How to Form a Partnership
- Investor
- Florida
- Posts 63
- Votes 19
Hello,
How to establish a partnership with an individual who is interested in learning how to flip properties and wishes to contribute capital. I'd like to understand the process of creating a Joint Venture (JV) contract for this arrangement. The potential partner intends to invest 50% of the funds required for the flip, In addition, he wants me to teach him as well.
I have done over 7 flips my self, but now I want access to more capital.
I would greatly appreciate any help.
Thank you so much!
Post: Strategies for Negotiating a Solar Roof Lease with the Seller
- Investor
- Florida
- Posts 63
- Votes 19
Hello,
What should I do in this situation where the seller still owes $52K with 20 years remaining on the contract, but I want to buy the house for flipping purposes while also having the seller pay off the solar panel on the closing?
The seller is very motivated to sell, but do not want to pay for solar at closing.
Thanks!
Post: Early termination of a year lease agreement by landlord Florida?
- Investor
- Florida
- Posts 63
- Votes 19
Quote from @Richard F.:
Quote from @Mike Romano:
Hello,
There are 6 months left on lease on my rental properties in FL, so I would like to end the year lease, and tell the tenant to move out, good tenant and pay on time, I just want the tenant to get out of that property, because I need to fix the property and sell it. What is the legal way to do this?
Thank you!
Check your local LL/Tenant laws to determine how much notice you must give. Be sure you properly send/deliver that notice within the required time-frame if the Tenant has not already vacated by then. Depending on local law, you may be able to give them written notice now, specifying the date six months out, and let them know they can leave at any time prior to that date with no penalty or deductions. Resend an updated notice each month if they remain, and at two months out, advise them of the local "holdover" laws and penalty if they do not turn over possession prior to the specified date.
For selling, I assume you want to get top price...I always recommend waiting until it is vacant before listing it. You are usually leaving a lot on the table if you try to show it for sale while occupied. Freshen up as needed with paint and inexpensive carpet if needed. And, be sure it is spotless! Including the windows!
Thank you!
Post: Early termination of a year lease agreement by landlord Florida?
- Investor
- Florida
- Posts 63
- Votes 19
I'm thinking about putting it on the market for sale and seeing if I can get a fair price. I know that if I fix it up a bit, I'll likely get a higher offer. If selling doesn't work out, I'm thinking about offering to buy the tenant out of the lease. Do you think that would be a good idea?
Thanks so much for your input!
Post: Early termination of a year lease agreement by landlord Florida?
- Investor
- Florida
- Posts 63
- Votes 19
I was considering sending a Sale of Property Notice Letter to expedite the process. Would it be advisable to proceed with this approach?
Post: Early termination of a year lease agreement by landlord Florida?
- Investor
- Florida
- Posts 63
- Votes 19
Thank You, Everyone!