All Forum Posts by: Ben Cohen

Hey Brandon, I called them and it seems they only provide wood, they don't manufacture trusses. Thank you for the recommendation in any case.

Thanks for the insight Alex. I think you and the other commenters are right, it might make more sense to just try it out on Airbnb before putting a bunch of money in. 

My father is a GC, so that's why I quoted the numbers for the jacuzzi and deck area on the low side, but yes costs of everything have definitely gone up. 

Wow!! 17k for a pool would be a dream.

So in your opinion a jacuzzi / above ground pool would not be a wise investment specifically for an Airbnb property?

Hi everyone,

I'm closing on my first owner-occupied SFH at the end of this month. It's a 3/2 in the desirable Wilton Manors (Broward County, Florida) that I'll be paying out of pocket around 500-600 a month to live in once I get roommates.

Thinking ahead, once I eventually move on to the next property, I'm considering Short Term Rentals. The Airbnb/VRBO nightly rates in this area are insane ($300-400/night for the nice 3/2s) but 100% of them have a pool, and the house I'm closing on does not. 

Here are some options I've considered:

1. $70k total: Build an in-ground pool for 50-60k, add a nice deck & outdoor tiki area etc. With financing I could have a monthly payment of 300 or so for the pool which isn't so bad - but this is for a term of 20 years. (Is pool financing smart or foolish if it's for a STR investment property?)

2. $20k total: Install an above-ground pool that is partially dug into the ground, build a deck around it. See pictures here for reference: https://www.instagram.com/p/CC.... The property will have a pool, but I fear it'll always be less attractive than an in-ground pool to the point that I'd have high vacancy or be forced to lower my nightly rate.

3. $20k total: Build out the backyard with a jacuzzi/bar/tiki area.

4. $0 additional: Continue living here as a house hack and invest my money in other real-estate ventures, whether Airbnb or long-term rental.

Thank you all for your insight!

@Brandon Davis thank you!!!

Hi everyone,

We just got permits for remodeling of a fire-damaged SFH in Pompano Beach, only to discover that truss manufacturers are taking 16-25 weeks to manufacture and deliver trusses.

Does anyone in the South Florida area have a relationship with any truss manufacturers who might have quicker manufacturing+delivery time frames? It would be very very appreciated.

Thanks!

Hi everyone,

We just got permits for remodeling of a fire-damaged SFH in Pompano Beach (Broward County) FL, only to discover that truss manufacturers are taking 16-25 weeks to manufacture and deliver trusses.

Does anyone in the South Florida area have a relationship with any truss manufacturers who might have quicker manufacturing+delivery time frames? It would be very very appreciated.

Thanks!

Hi everyone,

We’ve been using RentRedi and it’s been great for management, but recently one of our tenants is causing us some issues related to payments. 

The tenant is paying rent on the 26th of the month (when it’s due) but the money is taking around 4 business days to get taken out of her account. By that point her account does not have enough money. The rent is not paid and she is charged an overdraft fee. Oftentimes the money is not in our account until the 2nd or 3rd of the month. 

I spoke with RentRedi and the issue is not on their side. They said the issue is with her bank. I told her to contact her bank and she’s saying it’s not an issue with her bank. 

She is getting very frustrated with us, and is asking for alternative payment methods. I’m really reluctant to do so because (1) we have other units coming up and I want them all to be on the same platform, and (2) I don’t want to give in. 

What do the more seasoned landlords here think?

Thanks!

Hi everyone,

We've done driving for dollars and have around 1100 distressed property leads in our area which we added via Dealmachine.

We’re getting ready for our first DMM campaign - we narrowed our DFD list to:

- Sold over 3 years ago

- At least 60% equity

This takes us down from 1100 to around 200. It's a bit disheartening to see that, but is that normal? Note that this does not include properties where there is no equity percentage available on Dealmachine. If we include properties without equity percentage known, it increases from 200 to around 500.

Should we also start texting / calling / emailing the owners while the postcards are being sent? Or will that be seen as too annoying / intrusive?

Thank you!!

Ben

Hi everyone,

We're in the process of doing a few BRRRR deals in Broward County and are looking to expand into the Treasure Coast area of Florida, particularly Port St. Lucie, Fort Pierce, Vero Beach and Stuart. I'd love to connect with other investors who work and invest in these areas.

We are a family-run team of three - myself, my mother, and my father who is a General Contractor. We're hoping to find fixer upper properties in the area.

Looking forward to connecting with everyone!