Real Estate Investing 101 and Beyond

If you are not familiar with the new CFPB requirements you better get that way. Any closing involving a loan will be very different. As a real estate agent, investor, closer, attorney, etc., get ready. If you are prepared the transition will be much smoother.   As a result of these CFPB requirements taking effect October 3 rd , the Far-Bar As-Is Contract all investors know and love has changed. The changes to be noted and things to consider are as follows: I. When to use the new Far Bar As-Is Contract The new Far-Bar should be used on any deal in which Buyer will be submitting an application for a loan on or after October 3 rd   .  Keep in mind, “any loan” involves those loans with conventional financing. This does not apply to private or hard money loans. II. What Has Changed In order to keep this blog from being pages and pages long let me caveat this section by saying that I am giving the very short version of what has changed in each section. You must r...

So, your broke tenant who hasn’t paid you in 3 months has apparently abandoned the unit, and the neighbors say they saw the tenant carrying out boxes in the middle of the night. You take a peek and see that the place is cleared out except for an old mattress on the floor, a huge poster of a unicorn on the wall and a box of toiletries in the bathroom. You’re thinking, “What a stroke of luck!” and you start marketing the property for a new tenant. Not so fast.  While you may think this is a pretty cut and dry issue, you need to at least consider the law of abandonment of the premises. Florida Statute 83.59(3) (c) sets forth how to determine if a unit has been abandoned : In the absence of actual knowledge of abandonment, it shall be presumed that the tenant has abandoned the dwelling unit if he or she is absent from the premises for a period of time equal to one-half the time for periodic rental payments.  However, this presumption does not apply if the rent is current ...

I am honored to announce that I have been asked to sit on the panel dealing with land trust at the Seminole County Subchapter Meeting for the Central Florida Real Investors Network on September 9th. For more information and to sign up for the meeting please visit the CFRI Subgroup Page.