All Forum Posts by: Francesco Barbati

 Oh wow! That's crazy. 

Are the leads you get from these services shared by all the local agents, or at least they are exclusively yours (at least for a period of time)?

@Jonathon Van Dine welcome to BP! 

You are in the place!

 Thanks so much! This is exactly my thinking process... I am ok living there, it is like a perfect spot for me. I wish I was able to rent it out whenever but it is not the case. I have to make the decision considering it an house and not an investment. 

 I have time until Friday now to decide.

 You are right, I read the little purple book and I should try to fool my self... Thanks for your opinion!

Very good points and legit questions.

I am going to call the accountant asap to figure this out.

About the strict rental rules, the plan is to live there for a while (probably 6 to 12 months) because it is 5 mins from work and next to a family member that can help my wife with the kids (a toddler and a newborn) and it is in a great location (5 mins from Whole Foods, a big university, a big hospital, a huge mall, beach, Publix and 10 mins to Costco and a financial center). In the worst case scenario I am ok living there longer than expected honestly. 

I included maintenance in the cap ex since exteriors are all taken care of from the HOA. Thanks for the input!

 Thanks for this info. I have a question: was your daughter's friend paying back her father and recording the payments? 

 I am going to call Monday morning the condo management company to find out for sure.

I don't know what this mean honestly.

I runned the numbers and if I self manage, it should cashflow $150/m

I considered $1000/m (loan) + $360/m HOA + $2400/y taxes + $750 insurance + 10% cap exp. + 8% vacancy rate. I think I am being very conservative with number. Am I missing anything?

Hi everyone,

I have a two part question to ask and I highly appreciate everyone's opinion.

My wife and I are buying our first property in Boca Raton, FL. The money was lent to us at no interest (a total of $224K) which is nice! We found a 3/2 townhome that listed at $195K and we're getting it for 190K.  We originally offered $182,500 but the owner counteroffered at $190K bc the previous contract (which fell thru)  was appraised by the bank it at $190K but we have no proof of this. Our max was $188 so each agent agreed to give us $1k each from their commission to us.  The community has a 20% cap on rentals which is at capacity now so we'll live at the property until we can rent it, possibly for one year. Once we are able to rent it, we can get up to $2,100/mo. Here are the two questions:

1. The inspection was done today and the inspector recommended we asked for a $2k contingency since he found moisture on a wall near a window and there's a possibility of mold. The owner of the property is hard headed and my realtor thinks it's a bad idea. How do I proceed?

2. Assuming we go forward with the purchase, should we use the remaining cash to renovate the property?

Thanks in advance!