Make sure you have the mail forwarded to your business address after you purchase a new investment property....Why?

I made the mistake of purchasing a property for rehabbing for about 50K and not forwarding the properties mail to my business address. It was a duplex but both buildings were gut jobs. See pictures!

Duplex inside the Main 2/1 house. 

The City of Miami placed a violation on the structure for being unsecured. This violation was mailed to the property address but since the property did not have a mail box, the post office refused delivery. One of the terms of the violation was the structure must be secured within so many days or a $250/day fine would be imposed.

Front view of Duplex Front House.

Guess What?

This violation was written before I even purchased the property. It had been sitting abandoned for years so you can imagine the size of the fine. My Title company missed it so I was never aware of it until I started to repair the property.

Front view of Duplex Back House.

Well the fine had accumulated to $250K. Now, I do not know about you but I wasn't going to pay a fine that was more than the property was worth. So after speaking with the Title company, the area inspector, the City of Miami mitigation committee, I was able to mitigate the lien down to a manageable level. I would tell you how I did it but that is another blogging event.

Complete view of Duplex.

 So the violation was resolved! The City doesn't want to make it impossible for you with unmanageable fines. Their objective is to make you correct the violation and comply. I was doing them a favor by bringing an abandoned property back online and producing additional tax revenue. The moral of the story is to make sure you are getting the properties mail. I would have known about the violation a lot earlier in the process if I forwarded the investment properties mail to my business address.

Written by +Bob Burns.

####

"Pain is Temporary, Regret is Forever!" MREIA's President about.me/RobertKBurns Telephone #: 305-586-5280 email: sec8@planocho.com MREIA's Web Page: www.miamireia.com

Real Estate Investment Clubs

Investment clubs provide a great resource for beginners and experienced real estate investors. Real estate investment club is a place to meet and network with other investors. Members with investment knowledge and information is a basic requirement for a successful real estate organization. Success in real estate should be a combination of investment knowledge and market information. A real estate investment club provide ideas for investments as well as all the necessary information to make a reasonable investment in real estate.

Click HERE to view
Private Money Webinar

Since competition in the field of real estate is high, real estate investors need to keep themselves continuously updated on the new tendencies and development of investing in real estate. There may be new laws and fees for real estate. All this is difficult to maintain if you are not a real estate investor. An Investment Club is an ideal place for you. All matters with respect to investment properties can be discussed and sorted through the clubs experts. Part of the Club's benefits is access to experienced real estate investors and should be part of the club's strategy to become a successful organization.

Details of all other aspects of investments relating to property may be discussed such as mortgages, private money, hard money, rehabbing, land lording and much, much more. Most members of the Real Estate Club provide information via the Internet. Software programs are available for several different real estate markets, which help investors in real estate. Before you select software, you can discuss it with the members of the Real Estate Club, which may have been already used and have opinions. A good Real estate Investment club may act as a good forum to clear any doubts with respect to investment properties.

Click HERE for more information about the Miami Real Estate Investors Association MREIA
about.me/RobertKBurns