All Forum Posts by: Sam Alpha

I purchased a property with the intention of selling my primary residence (5/3 - suited for a family with kids; 3500 sq.ft.; ) and making the purchased property my primary residence. Due to this, I applied for a primary residence mortgage, on the purchased property.

I have put my current home up for sale and have had little activity, despite it being priced aggressively.  In researching, I found the low activity is contributed to 4 major factors:

i) start of school

ii) increased competition from new builders (priced about 10-15% higher)

iii) lack of a swimming pool (to cater to the younger ones)

iv) price point ($450k)

*There are 3 comparables that have dropped the price by $40k over the last 30-45 days, but are still remain under ACTIVE status.

I am prepared to wait till demand picks up a little or the right buyer comes along.  However, in the meantime, I would like to rent the purchased property to avoid the burden of a double mortgage.

How should I proceed from here?

Thanks in advance.

@John Kentis the hassle worth the extra little rent?  Also, when it comes to students, the contracts have to be written in such a constraining manner (purely to protect your investment), that it can become a little unattractive to the decent tenant. 

Also, issues occur with students from time to time and it is very difficult getting any sort of compensation should something happen as most work part-time student jobs.

It can be done, but it's the hard route.

Hi @Nick Johnson

Welcome to the community.  I think @Erin Leglermight be able to help you as an agent. She is also an investor herself and so will understand deals from that perspective, as well as be able to guide you should need be.

I have my own lic. and so have not used her, but have heard very good things about her. Check out the last deal she found for @Andrew Davis(who also is very helpful) and the great job he's done of it.

Good luck and welcome back.

Hi @Andy A.

I personally do not own rentals for vacationers, but know some people that do.  I live on the opposite side of town, but am familiar with the market and RE enviroment that caters to vacationers on the SW side of town.  Do let me know if you have any questions and I will try my best to answer what I can.

Besides that, this link contains the various threads that address the questions you may have.

Sam

Hi @Sheena Varghese,

Welcome to BP.  It's always nice to see another local on here.  

I see that you've already hit the hurdle of finding it difficult to make the REI meets. Don't be too hard on your self as it is the same issue with a lot of us. However, in saying that, do try and make to it a few, as I hear that the contacts made there have good value.

Alternatively, ask here.  There are a few Orlandonians(?) here that have good experience and are very willing to help.

Best wishes,

Sam

@Justin Stamperit's interesting that you mention laying flooring on top of flooring.  For the most part, it is not possible with most materials esp if it is over tile.  However, the new wood VINYLS are the ones that tend to be the most forgiving and one can get away with laying it on tile as well, due to it's thinness.  

We are most probably going to go with that material as it should save us about $3500 - 5000 in demo costs.  At the very most, we will have to pour a thin layer of concrete, if the leveling is too out of place.

Would you have any suggestions for investor friendly companies that sell A/C units at a decent price?

Thanks,

Sam

@Steve B.that is an interesting suggestion for low end rentals.  I didn't know that Goodwill did appliances, nor would I have thought about it.

@Anil Samueltry the Used restaurant equipment stores in Kissimmee.  For some odd reason, they tend to have residential grade equipment, from time to time.

I was able to get a quote for the kitchen/bath that I seem comfortable with.  It includes removal of cabinets and install of new cabinets with granite counter tops and includes the island in the kitchen along with 3 bathrooms.  Note, that this is only for the cabinets and counter tops and does not include the flooring.

QUOTE: $9750 inclusive of labor and material

In regards to the A/C, would it be best for me to see if I can salvage/get them fixed or is it better to get new ones considering that the age is around 18 years old?

I would snap @Erin Legler's services in a heartbeat. She was the one that found @Andrew Davis the sweet deal that he's working on atm.

@Robert PerryThank you for the link.  I think I can get away with that.

@J Scottjust out of curiosity, what happened were one to lose the PDF files stored on their hard drive (in case of a hard drive malfunction etc.)?  Is there a record of purchase and would the PDF be resent?

Thanks,

Sam