All Forum Posts by: Account Closed

Hi there BP, I am a newbie, no question but I am really interested in REI and I know what my goal is, which is to have at least 10 SFRs by the time I'm 30 (I'm 20 right now).

My question is, I know that bank's typically asked for 20% as a down payment, but if I am purchasing the property at 70%-80% then couldn't I get it completely financed? I am looking to pick up properties that can bring in $200-$300 positive cash flow, I do not have the cash for a down-payment, but I do have enough to paint, carpet, etc. 

Also what is the best way to find "deals" in my backyard right now there are tons of houses getting flipped and though I am not interested in flipping I definitely want to start building my portfolio. I tried looking for deals through probate, spent almost a year, but being in South Florida most of these are apartments and 9/10 already had realtors in place or were looking for straight cash. 

Looking for any advice from the BP community. Thanks in advance.

Best Regards,

Dexter 

Hi everyone!

My name is Brandon from South Florida. I started my career in residential real estate and now focusing on off market commercial deals. I'm here to connect to other agents, buyers, sellers and other professionals in this large and exciting field. I never like to stop learning so this seems like a good place to be. 

Thank you,

Brandon S.

Ladies and Gentlemen:

Thank you again for attending the SWFL REIA luncheon at Pinchers Crab Shack yesterday. I truly enjoyed meeting all of you and hope that I was able to provide you with some useful information and insight into what may constitute unlicensed activity.

As promised, after seeking guidance from our Office of General Counsel, I am forwarding Florida Statute 475.43 for your review. This is the statute dealing with presumptions regarding unlicensed activity and substantial consideration. For those of you who like to read case law, please use the link below to read a Florida Supreme Court case, Old Port Cove Holdings, Inc., v. Old Port Cove Condominium ***’n One, Inc., 986 So. 2d 1279 (Fla. 2008), which also deals with this subject matter.

Case law link: https://scholar.google.com/scholar_case?case=11893346149393893891&q=986+So.+2d+1279&hl=en&as_sdt=4,10

I hope that these will be helpful to you. As you know, the Division of Real Estate is prohibited from providing any legal advice. Should you need further clarification regarding this issue, please seek the advice of an attorney who specializes in Florida real estate law.

Greetings everyone, looking forward to going through all the information here learning and working with anyone who needs financing.  I can lend nationally.

I've hear LimaOne capital does a lot of rehab loans. I'm not sure of their terms for rehab because I'm a buy and hold person but their website's display of rehab projects tells me it's a favorite of theirs. Give them a try.

@Account Closed

Just go to Sunbiz.org  that's the state Department of corporations website.  You can do everything online. 

@Adam Craig

In Florida it only cost about $120 to set up an LLC and then $75 a year to file the annual report. IRS allow you to treat LLCs as a "disregarded entity" So you can file them on your schedule e on your personal return, so there is no additional compliance cost. It's a relatively cheap effective asset protection tool.

Hope this helps good luck

I have office locations in South East and Central Florida and have been an REO broker since 1990. I am now Buying and Selling personally, and buy REOs, Estates, and Short Sales, successfully. I am looking to grow my ream to include investment partners to share in the lucrative and stable Baby Boomer properties. 1000 people a day move to Florida and they are seeking improved homes, most pay cash. As an SRES and ERC complaint Broker, I know Real Estate and how to make it happen.