All Forum Posts by: Austin Fox

Still taking place? or rescheduling because of corona?

Unable to make this one :/ ill be at the next one 

@Jeremy Taggart thanks for the response and you're spot on how I feel. Like I COULD self manage but it most likely would cause a ton of headaches being so far. The PM would give me peace of mind allowing me to focus on other important tasks. Ill definetly be asking those questions as I continue vetting the proper pm

Hello BP,

Due to my local market of South Florida being way to expensive, I am looking into a new area where I currently own land(up north). Considering this is my first time using a property manager for an investment out of my area(3 hours), what are some key questions/items I should ask when vetting the right one? What are your experience in using a PM? Should I even use a PM if my investments are 3 hours away? Stuck on the fence here :/

-Austin

@Nathan GesnerNoted, valid point I do agree with you. This was my first house hack deal(still learning) but moving forward that's the way to do it. Thank you

@Theresa Harris thanks for answering, its a month to month verbal agreement because he's been a friend of mine forever. I felt like getting all legal would make things awkward between us. He's a good tenant but expenses have gone up. I'll check my local lease laws though. Idk if that would be in effect since there is no paperwork but still worth looking. Thanks!

@Kenny Dahill Thanks for answering, I never thought of it that way. Its m2m verbal agreement just because we've been friends since forever. I'm going to break the news on October 1st, letting him know that starting next year Jan 1st the rent will increase +100. That gives him 3 months if he wants to move out(which i dont think he will) and I'm not leaving him high and dry

Hello BP,

Im reaching out for advice as I am unsure of how to raise rent with my tenant. It's a month to month verbal agreement with a good friend of mine. He pays every month and we've had no issues for the past 7-8 months. Whats the best way to approach this? My goal is to get another $100 per month. Right now the rent is at $750.

Ello BP!

As I start to prepare my search for my second deal, I seek advice/thoughts. I currently live in a remodeled townhouse(which now has equity in the property, do not plan to sell, plan to continue living and if I move out, rent out) in South Florida and I am house hacking with a roommate at the moment. My goal right now is to obtain 4-8 unit that will cash flow $150/door. Any advice? Advantages? Disadvantages? Going into a second deal with a mortgage on my record? What about investing in the same state but several hours away?

My hope is by obtaining the 4-8 deal, it will snowball the following year and so forth.

Best,

Austin Fox

@Steve Weinstein

There are many factors that would influence that price. Where will the ac unit be located in the unit, in an existing closet or will you be building one? How much ductwork is needed? Can we punch through the walls/ceiling and add diffusers? Do we need to upgrade the panel? Do you need to add soffits? Who will be reparing the wall once you remove the wall units? These are all examples of the types of questions that will influence that decision. It will be a job-specific price. Contact your local HVAC/Electrician company to get an idea of pricing.