Category Archives: Property Class

Ep 33 – Atty John McMillan Talks Florida Evictions and Protected Classes

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For residential investors and property owners, especially those who wish to remain hands-off owners, assuming the role of landlord can be costly and strenuous for those unfamiliar with the practice of it. This is often made more difficult when undergoing tenant evictions. Confronting the near labyrinthine due process of law during evictions suits can prove a daunting task for even the most seasoned landlords.

Attorney John McMillan stops by this week to discuss evictions processes in residential real estate bayline-coverproperties and covers things to know in order to be a confident and successful property owner. With nearly 40 years of experience representing landlords, he brings with him insightful and educational resources to provide investors and owners with the knowledge and capabilities of being competent landlords. He provides the know-how to properly manage your properties and tenants, especially when handling evictions.

 

  • Florida evictions typically reached in 4-5 weeks
    • $15k properties filed in County Civil (most residential)
    • $15k or over properties filed in Circuit Civil
  • Costs of evictions
    • Filing fee – $198 + $10 for each addtl tenant
    • Svc. of Process – $45/ tenant
    • Atty. fees between $150-500
    • Extra costs for hearings and writs of possession
  • Know your rights as a landlord
    • Know service of process for evictions
    • No limit on lease length
      • longer than 1yr, leases must be subscribed under landlord by 2 witnesses
      • leases under 6 mths. subjected to sales tax in FL
  • Well-written leases are key
    • Thorough
    • Plain-English…you and your tenant should know and understand what is in the lease
    • Address potential issues in lease
  • Know your tenants’ rights
    • Fair Debt Collection Act
    • Fair Housing Act
      • Cannot discriminate against race, color, religion, sex, national origin, handicap, familial status (Protected Classes)
      • County specific classes added: Hillsborough County – age, sexual orientation, sexual identity and marital status
      • Federally-subsidized housing (Sect. 8)

For more information about landlord rights and eviction processes, contact John’s office here or by calling 813-988-5135

For lease templates and information on required language contact John directly at John@JohneMcMillan.com

 

 

EP27 – Kevin Bupp: Making Money with Mobile Home Parks

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Mobile Home Investing

It might not be the first asset class people consider when they start to invest in real estate, but there certainly are opportunities. Warren Buffett doesn’t involve Berkshire Hathaway in to businesses without great potential for return. Over 12 million live in mobile homes and post WWII manufactured housing has been the go-to solution for affordable housing. Potential for higher returns, increased tax incentives through deprecation and limited competition from new mobile home park developments are just some of the reasons this asset class should not be overlooked.

Our guest, Kevin Bupp, like many investors, got his start in single family homes, but soon realized that single family home investing did not offer the economies of scale to allow him to reach his lifestyle and financial goals. He saw an opportunity in mobile home parks, which tend to sell at higher CAP rates than apartments. Here are some highlights of our discussion with Kevin:

• Owning the land and not the trailer is the preferred form of ownership, as there is less management involved with the land.
• Management of a park is not that much different than running an apartment building
• Buyer competition is less intense at the moment than apartments, but the inventory is much lower as well
• City utilities is a big plus, as opposed to the park maintaining its own treatment plant or septic. If buying parks with septic, make sure the size is large enough so that you don’t lose a lot(s) if you have to upgrade the septic or rework it to bring it up to current code.
• Targets a 15% cash on cash return
• While based in Florida, he likes the Carolinas, Georgia, and the Midwest when seeking opportunities

Kevin also has his own podcast, Real Estate Investing for Cash Flow, where he covers many topics in commercial property, mobile home park and multifamily investing.

How to reach Kevin:

http://www.kevinbupp.com/

Real Estate Investing for Cash Flow – Podcast

EP23 Dan Feinman – From Single Family Investor to Hard Money Lender and Note Buyer

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Dan Feinman went from Wall Street to Florida real estate investor. The stark differences in value between the New York and Florida real estate markets allowed Dan to recognize a real opportunity in front of him with property in Florida. In between, he managed to travel the world and marry , settling in the Tampa area and starting a family.

His entrance in to the world of single family investing was during the worst economic crisis in a lifetime. The downturn, however, did not hurt him or slow his progress. The dire economic situation allowed him to sharpen his skills and emerge stronger.  It allowed (or forced him) to be nimble and open-minded about how to make money in the business…teaching him lessons that will serve him throughout his career.    Dan used savings and savvy investment techniques to purchase his first investment properties.   He experimented with buy and hold, rehab and flipping and then taught himself how to lend to investors just like him.  We hope you enjoy Dan’s discussion of his journey.

Topics Discussed on the show…

–  Advantages of hard money 

–  Key factors to look at when purchasing an investment property

–  Keys to creating more equity

–  Building relationships with banks and other local lenders

–  Techniques for first time buyers

–  Strategies Dan uses to find good investment opportunities

–  Hard money Loans defined and dissected

–  Strategies in obtaining a hard money loan

Interesting Quotes from the show

“You have to love talking about real estate.“ –Dan Feinman

“You learn something new with every house flip that you do.” –Dan Feinman

“You have to do what you love.” –Dan Feinman

“The key to creating more equity is relationships” – Dan Feinman

“Fine the borderline of where a neighborhood is changing. You will find value there.”

Dan’s Favorite spot to hang out

The Hideaway Café in St. Petersburg, FL

Contact Information

646- 320 7997

Dfeinman1@aol.com

 

Dan’s final piece of advice

Learn by doing and go ahead and take the plunge.

 

 

EP19 Larry Feldman: Office Investor Moves BIG in to the Florida Market

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Wells Fargo BuildingIn 2010, Larry Feldman and his investment partners had decided it was time to strike when the iron was hot. Tampa Office vacancies had plummeted, which took office prices with it. Feldman was gun shy of the Tampa region, as he really did not see it is a market worth pursuing.

Finding deals in other markets, however, proved to be challenging, so he decided to take another look at Tampa and MAN, is he glad that he did! The rock bottom prices presented a handful of opportunities that were too good for Feldman to turn away. Since then, he has been one of the biggest deal makers in the area and stands to make millions on bets that the office markets had bottomed out purchasing the Wells Fargo building in Downtown Tampa and Morgan Stanley building in St Petersburg, among others.

Feldman’s strategy has been to focus on the core business sub-markets (densely populated downtown office space cores), buy under-leased real estate at rock bottom prices, invest in building renovations, build relationships with brokers and try to flip. He stands to make millions from his timing of this market.

Feldman and his partners bought the Wells Fargo building, one of the signature office buildings in downtown Tampa for $115 per square foot and invested $15 per square foot in improvements. Replacement costs for the asset could approach as much as three times what they paid for the property.

He credits his strategy for working closely with brokers as a reason for quick turn-arounds on assets with stubbornly high vacancy rates.

Feldman is not your typical hands off institutional asset manager. He is very involved in the property management of his real estate. He subscribes to the old fashioned way of “Management by Walking Around.” On any given day, you can find Feldman in his Downtown Tampa office in the Wells Fargo building, working the phones, walking the property, checking on his tenants and trying to work on creative ways to make sure the brokerage community keeps him on the top of their list when they have a hot prospect.

We think you will enjoy Larry’s approach to deal making.

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 Temporary Office Space in Tampa

EP17 – How One Investor Segued from Single Family Homes to Multi-Family Investing

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Multifamily InvestorChris Urso is a multifamily real estate investor and coach.  His real estate company, URS Capital Partners, now controls over 50 million dollars of real estate throughout the Midwest and Southwest of America.  Chris began investing in real estate at the young age of 21 years old when he bought a 2-family in 2001 with the money his parents were intending on using for his college loans.  In this podcast, Chris covers a range of topics from how to get started, what has worked for him and hasn’t worked and how he structures his deals.

One of his proudest moments in his investing career was purchasing a 280 unit building in Charleston, SC for 7.2 million dollars.  Urso then invested 2 million dollars into renovations for the property.  All in all Urso plans on selling the property in the next two years for a 3 million dollar profit.

Points Discussed on the Show

Advice

Chris Urso gave some great advice throughout the show.  One piece of advice he gave is that it is important to focus your energy on one specific type of investing.  Urso also stresses the need for every young investor to have a mentor or a coach in their life to help guide them.

Quote’s from the show

“Anyone who says they’ve never lost money in real estate is full of you know what. “- Chris Urso

“You can’t dance at every wedding.”- Steven

“Stay focused on the end game.”- Chris Urso

“Don’t do a deal just for the sake of doing a deal.”- Chris Urso

Favorite Places in Florida

Urso’s favorite spots to hang out in Florida are Del Ray Beach as well as the beaches on the West Coast.

Favorite Book

Rich Dad Poor Dad by  Robert T. Kiyosaki

 Contact Info

http://www.eliteapartmentcoaching.com/

 

EP15 – How One Investor Acquired 9 Apartment Complexes with Great Mortgages in Only 18 MONTHS!

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Today our guest on the show is a multi-family real estate expert by the name of Michael Becker.  Becker  is the Senior Director of Lending for Old Capital Lending and Principal in

Michael Becker - Apartment InvestorSPI Advisory, a real estate investment firm specializing in the Multifamily Apartment investments in the Dallas-Fort Worth area.  What is surprising about Becker’s story is the breathtakingly short period of time he was grown his portfolio.  In two years, he has acquired 9 complexes with more coming this fiscal year.   Becker started out as a lender, when the light bulb came on one day and he made the decision to move from collecting a check to taking control.  He originally started in the single family market and quickly came to the conclusion that he could not grow the single family business with the speed necessary to meet his goals.

Steven and Eric cover much more than just Becker’s investment history.  Michael possesses the knowledge to talk frankly about how to acquire debt to purchase multifamily properties.  He touches on many types of lending from small, community bank borrowing to Commercial Mortgage Backed Securities (CMBS), and his personal favorite, agency debt (Fannie Mae and Freddie Mac).  Find out the pros and cons of each one of the debt options and learn why Michael likes the agency lenders so much!

Other Important Points Discussed:

  • Syndication Strategies
  • Off Market Deals
  • Property Management Strategies
  • Importance of Education
  • Inspection – Due diligence
  • RUBS – Ratio Utility Billing System
  • Water Conservation System
  • Mistakes made in the 2008 downturn
  • His firm lends in Florida and has done a deal recently in Jacksonville

Quotable – “Running toilets is the sound of making money to me.”

Books:
ABC’s of Real Estate Investing
&
The Advanced Guide to Real Estate Investing by Ken McEleroy.

Tips:
Get involved – Educate yourself
Find a Good Property Management
Get a good physical inspection
You are never going to know everything you need to know. Avoid paralysis by analysis.

Favorite part of Florida – Panhandle .

Mbecker@oldcapitallending.com

Old Capital Lending

 

EP13 – {Podcast} When Did You Start Investing in Real Estate?

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…this investor considered buying his first property shortly after buying his first car! Listen to more:

tony Muniz tampaTony Muniz, a Tampa, Fl native, started off in real estate investing at the ripe old age of 18, with no money and little real world experience.  Tony bought his first home in 1979 for $5,000 by convincing an owner to provide him financing.  By the age of twenty two years old he owned approximately eighty homes throughout Ybor city and Sulfur Springs.

Like every other real estate investor in America Tony was affected by the economic downturn of 2008, but he not only survived he came out stronger and shares his his experiences on tough markets.

Quotes and Tid Bits of Advice:

  • “Real estate investors, especially, have to live within their means.”
  • Have the ability to realize when you are simply not fit for an investment.  Tony reveals that sometimes you need to, “Do what you do best”.  You should not waste your time, energy, or resources on tasks that you are not able to complete successfully.
  • Sometimes its better to me lucky than to be good…..Tony believes that Tampa’s bubbling economy contributed greatly to his real estate success.
  • Losing money is not necessarily a bad experience. The only way to know how to not get your nose bloodied is to get your nose bloodied and then make sure it does not happen again

Is he still in the Market?

Tony is currently looking to invest in retail centers that are anywhere from 20,000-50,000 square feet.

Most influential educational tool? Nothing Down: How to Buy Real Estate With Little or No Money Down ~ Robert Allen.

Favorite Restaurant –  Carmine’s in Ybor City.

The best way to reach Tony is his email Tony@gabrieltampa.com or his cell phone number which is 813-932-7944.

EP11 – Florida Investor Overcomes Obstacles to Own over $1m in Real Estate

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Pinellas Real Estate InvestorTony Montanez was stuck in the daily grind of his carpentry and handyman business, but he dreamed of taking control of his professional life and longed for financial freedom. He saw real estate ownership as the potential solution.  The problem, however, was that the downturn in the market had hurt his credit and it was challenging for him to acquire the debt necessary to make ownership of real estate in critical mass a realistic possibility. But, Tony did not let his dream die quietly. Armed with the skills he had learned as a tradesman and the willingness to network whenever and wherever, Tony set the wheels in motion.  Creativity and open mindedness helped this Pinellas County investor obtain success in a very short period of time..

Listen to how Tony overcame his personal obstacles to put him on the path to realizing his goals and dreams.

Check out this episode!

Show Notes:

Quotes:

“One of the worst things an inexperienced investor can have is good credit and some money”
“You can only do so much behind a computer.  Deals are done meeting with people.”

Favorite Florida Restaurant:

Bonaire – St Petersburg Beach – 36:30
Email 
tonymontanez.com
Tony’s Band – Big Moon Rocket

EP10 – What is Happening in Miami Real Estate Development? Where Is the Market Headed?

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The Miami real estate market is one of the most resilient markets in the world and certainly the strongest market in the State of Florida.  It was left for dead after the 2008 market downturn and even optimistic projects estimated it would take at least a decade to rebound.  Fast forward to 2015 and the Miami market is seeing eye-popping growth, not only in construction starts, but also a rebound in prices.

193x257_TimBecker_9988Tim Becker, CCIM & Director, Kelley A. Bergstrom Center for Real Estate Studies, is our special guest for this first of a four part series of the State of Florida’s major real estate markets, in preparation for the Center’s Trends and Strategies Conference February 26-27 in Orlando, Fl.

In this part of the series Tim gives a brief overview of what is moving and shaking in the Miami real estate development scene and some areas of potential concern.  If you are an active or aspiring real estate investor in the Florida markets, you will definitely want to catch all four parts of the series.

 

Check out this episode!

Contact info:

Twitter
Linkedin
Stutzin Hall
PO Box 117168
Gainesville, FL  32611-7169

EP9 Todd Jones: Yes! You Too Can Reduce Your Property Tax Bill!

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reduce your property taxes

After the mortgage, the second highest expense for real estate investors is often property taxes.  It might surprise you to know that experts estimate that between 30 and 60 percent of taxable property in the United States is over-assessed, which leads to higher property taxes.

Fighting and winning a battle with your local tax assessor’s office might not be as difficult as you believe.  Investors, apparently, do not believe that to be the case as only a small percentage of property owners appeal their assessment.  Maybe it is a case of investors having too many other battles to fight in the day to day management of their respective business, but perhaps there is lack of clarity over how the process will play out, as well as a fear of fighting a government agency armed with seemingly legions of trained professionals and a legal system tilted against them.

Perception is probably not reality.  In this episode, Steven and Eric talk to Todd Jones, shedding some light on how the process works and how investors can contest the assessment.  Todd helps guide us through the sometimes mysterious ways of how property assessors determine value of your real estate and subsequently, the taxes you pay.

Todd Jones is an MAI appraiser and President of the Florida Association of Property Tax Professionals

Todd’s position as an appraiser and Tax Professional allows him to look at a many types of deals all across the State. As a bonus, he talks about an area of investment that he sees as one of the hottest in Florida.

Quotables -
“In Florida, the Statutes require that that assessors extract the costs to the buyer and the costs to the seller from the sales price.” …approximately 15%

Favorite Restaurant (s) -
Yoko’s Sushi Restaurant
Capital Grill
Zudar’s Deli
Pipo’s
Holy Hog BBQ

Favorite Book
No Asshole Rule – Robert Sutton

Must Attend
The University of Florida – Bergstrom Center for Real Estate – Trends and Strategies Conference

Counsel to Investors
There are always niche opportunities – learn how to peg values
Hone “imagineering” skills

Todd Jones  –
813.760.0212 – mobile
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