All Forum Posts by: AJ Aviles

Thank you @Nathan Gesner, @Kim Meredith Hampton, @Richard F., and @Simon Ashbaugh again for the advice! I just completed the renovation project (my previous tenant ended up walking) but my new tenant just moved in yesterday for $1,150 per month! 

Total Renovation and Furnishing Cost = just under $13K so I will be able to pay that back in one year. 

I put some before an after pics below:

Hi @Odane Harding. Glad you love the app, it has accelerating our billing process to tenants tremendously! And just to clarify your question - are you looking to

a. Send the same bill to multiple recipients or 

b. Send multiple separate bills to multiple separate recipients ? If multiple separate bills, is the PDF template/format of each bill the same or different?

Hi BP Community,

If you are a landlord that shares a Utility invoice (PDF) to your tenants every month because they cover a portion of the utility bill or you just want to share it with them, keep reading because this post may save you repeatable mundane manual work... 

I bought my first property earlier this year, and found tenants (1 year lease) but it came down to negotiating the rent amount. So I threw the option out their for them to have a fixed monthly rent amount PLUS covering 75% of the Utility Bill --> they accepted that option. And of course, I was going to need to share this Utility Bill with them every month via email but I didn't care because I was so jazzed I got my first tenants!

But after 3 months, I got TIRED of performing the same process:

1. Downloading Utility PDF from portal

2. Copying information into a written email

3. Redacting my personal account information

4. Attaching the PDF to the email and clicking send)

And me being a full-time software/data engineer I LOVE automating things so I create an app to perform the above in 7 easy clicks. It went from taking 10+ minutes to now only taking 30 seconds to complete this. Take a look at the demo video linked below and if this sparks any interest or you have a similar process where something like this app could help automate, would love to hear about it in the comments! :)

Check out a demo video here: 

@Nathan Gesner - I accidentally had the location set as Miami but the studio is actually in Orlando, FL (area code 32806). The studio is 300 sq. ft. so very small but the rehab will include a rear Lanai extension adding +100 sq. ft for laundry and storage. I dropped a photo below for reference:

Thanks for the feedback!

@Richard F. - this is great advice. Thanks. I am confident that I can get at least $1000 post renovation and this is a long term property hold so that extra $300 will go a long way over 10+ years ($12K for Rehab; additional $36K out after 10 years = 300% ROI in 10 years).

I do have two kitchen remodeling connections that I trust so I will set up a walkthrough to get those renovation estimates on a higher quality finish. Thanks!

@Simon Ashbaugh - I am leaning more towards this route because I can take the risk while I am young and will have minimal living expenses since I live at home with family. Thanks for the encouragement! 

@Kim Meredith Hampton - thanks for the insight.

1. Yes, it is a legal conforming studio rental.

2. Correct, that is something I have been considering. I am leaning more towards MTR route (FF) as that is how I found my tenants (medical professionals) in the main house and I don't mind cold calling leads as I kind of enjoy that part. Also, there were similar size studio's on Zillow that were renting for $1,000 and obtain a renter within a few days.

3. Correct, I factored in 1 month for rehab and another month for leeway in finding a new tenant.

4. There is no HOA and yes, MTR is 100% allowed.

Hi BP Community. For those who have ever been in the situation on booting a month-to-month tenant to remodel unit and rent for more cash, this question/situation is for you :)

I currently have a side studio to my single-family home that is being rented out for $700. The tenant has been there for 5+ years and has never been an issue and always pays on time via Zelle. She was the previous owners friend. And if I bump rent +$150, I do not think she will go anywhere and accept to stay because of convenience to her mom and work. 

Due to my 2-1 buy down, on April 2024, my mortgage will be going from $2,546 to $2,803 and then to $3,071.25 in April of 2025. That amount includes Principal, Interest, Property Taxes, Home Insurance, and PMI. I currently cashflow, $50 on the full property (3bed-1bath + separate entrance studio) with the $2,546 mortgage payment but will not be able to once April 2024 comes up.

So if I were to put ~$12K worth of renovations to the studio (new kitchen counter tops, cabinets, furniture, paint) and based on my research, I should be able to rent the place to a mid-term renter for $1,000-$1,300 per month (+$300-$600 more than what it is now).

So based on my situation, these are the current option I am thinking of:

a) Lowest Level of Effort: Bump my tenant's rent by $150 with no renovations or value adds to the unit. This will leave me at negative ($107)  cashflow per month.

b) High Level of Effort + Vacancy Risk: Perform the remodel (I already have a trusted contractor) and find a mid-term renter which is very obtainable given the B+ location of this property in Florida.

Which route would you take and why?

Thanks,

AJ

@Doug Spence, @Michael Smythe, @Nathan Miller - appreciate all the feedback.

@Doug - If I ever needed someone to be there in-person on short notice, my aunt is local to the area and has helped me a bit by being there in-person for things. I only have 1 investment property while working a full-time remote consulting job so once I hit 3 properties with my full-time job I will look into a PM company. 

@Michael - appreciate the feedback and yes, I had to interview 7 plumbing companies when my Sanitary Line busted and I was able to get it repaired by an A+ company while being in CA the whole time. 

@Nathan - thanks for that feedback. I have my go-to inspector who has helped me a bit. And have my go-to plumbing and bathroom contractors. Now just looking for the right Lanai builders but most require me to be in-person so that is what I am trying to figure out next.

Hi BP Community - I am an out of state investor (lives in CA, invests in FL). If you are an out of state investor and you need to preform one of the following: Home Improvement, Home Remodeling, or Home Repairs and the contractor requires you to be on-site for the walkthrough/inspection (which most of them do), how to you go about getting the job done without having to travel to that property? Do you have a local connection to go over there to represent you? Do you use some tactic to convince them to do it over FaceTime or some other communication technology?