All Forum Posts by: Nicholas Crum

I can't speak for every bank but the one I use said if it sits for 60 days in the account then I would be able to use it as a down payment. I would try another bank as some only require a letter notarized and signed from your parents stating they do not intend to receive any of this money back. Every bank is different.

Hope this helps.

@Tom Myers

If you have anything in SWFL I would be interested.

Thanks

Looking for a wholesaler that has properties ready for sale. We are interested in mainly properties that would be ideal for a flip. Have cash in hand, ready to buy, quick closings. Please reach out if anyone knows or has any inventory.

When your passive income from REI becomes equal or greater than your day job.

@Esaul Viramontes

I do not know much about the Sarasota area but if you find something you would like to partner with let me know. My business partner and I would like to explore outside this market a bit.

I am looking for single family properties in the SWFL area. I have a business partner with cash on hand to buy. Preferably under the $200k mark with renovations necessary.

@Esaul Viramontes. Where in SWFL are you relocating to?  A lot of cash buying down here going on. You will be competing with many investment companies. Are you wanting to become a wholeseller or just utilize them for deals they have found?

You need to provide more information. Is this a flip, rental, wholesale, etc... What are the numbers? There are hard money lenders on here that may want to help.

Everyone is pretty much stating the same thing. Look at your lease. If it says all requests must be in writing then you have grounds to start the eviction process after delivering a 3 Day Notice and it expires, if they withhold rent. They did not submit requests in writing but took it upon themselves to repair the AC. Also, I would be asking the AC company if the filters were ever changed. You will be amazed at how clogged the filter can get after one month and it will freeze up the AC unit. This is again the residents fault.

Personally as a Property Manager in Florida I would contact the AC company in WRITING to only conduct business when you give permission, not the resident. I would also ask to receive in writing what the problems were and what work was done on the AC.  Lastly, I would start the eviction process immediately if they withhold the rent payment. These tenants will not be happy no matter what you do.

I am just looking to create fun discussion and I am curious to see how some of the BP members are doing in REI. So I ask this question to those of you who are willing to share, What does your portfolio look like or consist of? How many and of what type.

Let the discussion begin!