All Forum Posts by: Aaron Cooper

hi BP community, i am looking for recommendations on how to best use my equity I have in some of my rental properties.

I have 4 properties that have a combined equity of about $700k.  I have 2 30 year fixed mortgages totaling about $200k.  So a total value of about $900k.  These properties produce $90k a year in rent.  They are A/B class rentals.

I feel I could better maximize all this equity but what is the best way to do That when its spread amoung 4 properties?

Thanks for any ideas and recommendations! 

i have used rently on a limited basis. i decided to let my clients opt in or out of self serve lock boxes. i just didnt want my customers thinking we were trying to slip something past them. some clients are opting out because they are just not comfortable with it. it does help speed up the renting process and the email reply system is really nice. no issues to really report, but we are still experimenting with it.

Originally posted by @Nancy Bachety:

@Aaron Cooper

Aaron, have you decided to go into Vacation Rental Mgmt? In your area, I've seen a lack of them. I am actively looking for a team for mine in St. Augustine and have found one local and Evolve (based in Colorado but with "partners" who are local and Rented (not local either).

 Hi Nancy,  I have not yet.  I have a traditional property management company here in Jacksonville that has done very well.  I have just started renting out my own vacation rental down in the keys for the first time.  I started this tread because the vacay rental management seems extremely expensive to me and most of the work is just responding to emails and marketing.  St Augustine does have a have a lack of vacation management.  I am just a bit to far 30-45min away to really properly manage homes down there and Jacksonville has very little to no vacation rental business here. 

I am looking into a new Home Equity Line of credit.  Has anyone had a bank that they recommend? I dont really have a relationship with any small local banks yet. 

I have some investor friendly agent in jax.  PM me.

There is a duplex in riverside small but amazing location that would be great for a house hack.  Its under the homepath program right now so investors cant touch it yet.  I believe its under contract but there is always a change that falls through.  I think it was $170k?  Its the only duplex on homepath in jax.  

Thanks Beth.  I was told my vacation rent was classified as active income but rental income is considered passive income.  So I am trying figure out what the truth is behind it. 

How do you like vacation rentals vs long term. 

I am new to vacation rentals but have numerous long term rentals.  My question is this, is the income I get from a vacation rental taxed differently than the income I get from my long term rentals? If so what is the difference?

Thanks All!

Originally posted by @Danielle Fattizzi:

Hi Bigger Pockets,

My company currently has an off-market, direct-to-seller 28 unit apartment building for sale in a solid C area of Jacksonville, FL. With financing (25% down @ 5.5% and 25 yr amortization) this property cashflows $2,400/month. PM me your email address or post it below and I will forward info. 

Danielle

 please send me info! [email protected]

I personally avoid this area for both investment and management.  typically high crime, many homes are in extreme need of repair amd unless you plan to hold this property for 20 years i dont see much changing in the community.  

You will get very different opinions in this area, there are some who have great optismism for this area but its been like that for decades. 

Originally posted by @Robert Hetsler:

I have 6 separate properties in Jacksonville Florida that are all currently rented and the total gross rent is $5,265 per month with net monthly profit being around 4,000 a month. All properties are being sold as a package deal and I am looking for a quick close.

 Are these properties still for sale?