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All Forum Posts by: Ben Crego

Ben Crego has started 10 posts and replied 32 times.

Post: First property closed and leased

Ben CregoPosted
  • Fort Lauderdale, FL
  • Posts 32
  • Votes 11

Hi everyone, we closed on our first rental property Friday, April 16, spent the weekend touching up and cleaning, spent last week listing and screening tenants, and we just completed the signing of our first tenants’ lease (effective May 1). Things are looking good so far!

Post: Tenant income verification

Ben CregoPosted
  • Fort Lauderdale, FL
  • Posts 32
  • Votes 11

@Kevin Sobilo thanks Kevin.

Post: Tenant income verification

Ben CregoPosted
  • Fort Lauderdale, FL
  • Posts 32
  • Votes 11

Folks always say they verify income at 3x (or whatever ratio) rent. If you have multiple adults applying, do you look at each separately or in the aggregate? Thanks!

Post: Got my first property what now?!

Ben CregoPosted
  • Fort Lauderdale, FL
  • Posts 32
  • Votes 11

@Aiman Bennroua: I’m in a similar spot. My wife and I closed our first on Friday. Spent the weekend touching things up and cleaning. It should be listed for rent in the next day. I plan to screen, do lease signing, and collect rent through Zillow. The realtor that helped me buy the property is listing it and showing it for me. I am in Florida so I’ll use the standard Florida Bar lease agreement.

Post: First Timer. Can anyone help me analyze this deal?

Ben CregoPosted
  • Fort Lauderdale, FL
  • Posts 32
  • Votes 11

@Anoushka Miranda think big fixes that you need to save up for - a/c, roof, etc.

Post: Offers way over list price

Ben CregoPosted
  • Fort Lauderdale, FL
  • Posts 32
  • Votes 11

Good ideas!

Post: Offers way over list price

Ben CregoPosted
  • Fort Lauderdale, FL
  • Posts 32
  • Votes 11

A buddy listed his house that he has lived in since May 2018 and received 11 offers within two days. One was 13% over list and then he had multiple at 8.7% over list (I.e. 20-30,000 on $230,000 list). The comps are around his list price.

He is concerned if he takes the highest offer that it won’t appraise and then he’s going to be stuck either renegotiating or relisting. Someone else was telling me that just happened to them.

Are buyers offering high numbers expecting the appraisals to come in low so they can pull the price back down?

Post: Time to fire my realtor?

Ben CregoPosted
  • Fort Lauderdale, FL
  • Posts 32
  • Votes 11

@Cory Lucas - I’m under contract on a single family home in Florida. The roof was obviously older looking but our inspection came back saying end of life so we couldn’t get insurance. The seller is putting on a new roof (with permits before closing) and fixed some minor plumbing issue. We let everything else found during inspection go. I bring it up because the seller was willing to cooperate. Good luck.

Post: Water and sewer in SFH

Ben CregoPosted
  • Fort Lauderdale, FL
  • Posts 32
  • Votes 11

@Ryan Husser - thanks Ryan. So if they leave the water on, or go crazy watering grass, do you just eat the cost over what you included in the fee?

Post: Water and sewer in SFH

Ben CregoPosted
  • Fort Lauderdale, FL
  • Posts 32
  • Votes 11

Closing on my first sfh rental property soon. The City charges a $30 fee to “open” an account each time you switch between landlord and tenant paying for water and sewer. I am considering keeping it in my name and letting tenants reimburse me. Has anyone had experience with this?