All Forum Posts by: Andrew DeWeerd

Originally posted by @Charles Soper:

Hey @Bernard Sanga, sounds like you have the classic successful professional problem, plenty of cash but no time.  Awesome that you are taking time to educate yourself, it's addicting, right!?  As @Andrew Varney mentioned there is a Sarasota REIA that meets Wednesdays @ noon and a Bradenton REIA that meets Tuesdays @ noon at the Bradenton Yacht Club in Palmetto.

 Thank you for this info Charles!  Do you know any that don't meet at noon on a work day!?  I haven't heard of any, and some of us guys got to bring the boat a little closer to the dock before we leap from the W2 income world.. :) 

Hey @Jack Glazer, there are deals to be had yet, although I feel like they've really dried up in the past year. I've bought two duplexes in the past year (well.. close on 2nd in a week), one is Bradenton, one in Sarasota, and both only happened because I lowballed and was persistent in following up as they lowered their prices down ~$50k (which is pretty substantial percentage, but that's how high things are getting listed right now). Even with the lowball offers, I'm only at a 8-10% COC prediction with the typical reserves BP preaches about. I'll actually hit over 20% on the one I've had a year but really b/c I'm self managing.

In Bradenton/Sarasota, stay out of areas just off of US41, orjust east of it, stay away from Newtown in Sarasota, and Oneco/Samoset in Bradenton.  Those are your C-/D property areas that might cash flow but you'll have drug addicts and squatters (encountered them on house showings there..).  Lakewood Ranch is the most happening place in Florida, but you'll pay for it, and it's basically all new construction.  West Bradenton is solid, much of Sarasota is solid, but everywhere has it's patches.  

I have alerts setup for St. Pete and Tampa, but honestly just a quick 1% rule, I've only ever seen like 5-10 properties that would have even passed that, to take a deeper look, and when I did they were pretty poor neighborhoods.  

Good luck!

@Steven Smith does it show you the funds were received on time, but you just don't receive the money in your account for a week?

@Suny Capezzuto in FL nothing is selling at 1% rule and somehow investors keep buying them, especially if they’re more turn key. If you sell, sell at/above the comps. You should be able to refi though at better rate than 5.5% though, I’m in contract to buy a duplex and that would be 4.5% if I had not owner been occupying it(so getting it at 4%). That’s through Flagstar with them competing against a few other brokers to give me the best rates. Good luck!

Hey BP! 

I'm crazy excited to get into my 2nd rental duplex at the end of this month, which will also be my first house hack for my wife and I! The first duplex I purchased came with tenants (who've been great) and hasn't needed any rehab yet, only small repairs in the year I've owned it (on track for 25% COC return with self managing the property). This next property I'm moving into will need new flooring/paint/kitchen remodel among others, and I'm looking for suggestions on your favorite LVP or other flooring that's the best value for quality and price, and recommended colors for rental properties to paint, along with best value for kitchen cabinetry options.  This might be a tall ask, but I know you're all up for it!  My wife and I plan on doing the painting and flooring ourselves, but probably subbing out the kitchen rehab as I think I may need to re-wire and re-plumb if I decide to add a dishwasher.  Thanks BP, looking forward to your inputs!

added: One unit has the old school 70's wood paneling board, do you guys prefer to paint over it, or replace entire unit with drywall?

Hey Pawel!  I'm really bummed nobody replied to your question, I have the exact question.  What did you end up going with?  

@Rich Hupper I believe you’re correct, they must have lived in one side of the duplex. If they didn’t then they committed fraud!

When ya’ll take on tenants currently on a year long contract with previous owner, how do you prefer to bind the contract you’ve inherited to include you as the new lessor? 1) Just scratch out old name/address and wrote your name and have them initial/sign? 2) Create new addendum? 3) or do I need a new lease altogether? I’m in Florida, and I guess I’m not even sure if that contract is still valid, or if it fully transfers to me automatically, etc. lookin for some wisdom and advice! Thanks!

Thanks everyone, I think I’ve got this settled. On another note, how do you feel the best way to changeover their lease terms to indicate how to pay me, etc? Do you guys print up an addendum or whole new leases? Driver in person to get to know them?

This is really good input everyone, and validating a lot of my thoughts when I posed the question. I don’t want to evict if they’re paying as the unit being smoked in isn’t tip top shape already (ceiling still stained from previous renter). For pet addendum, what would you recommend? One time fee, monthly?