All Forum Posts by: Benjamin Pekarek

Welcome to Bigger Pockets Nicola. I'm a Realtor and Property Manager based in Sarasota, Fl specializing in multifamily purchases, and their subsequent management. If you have any questions on how to get started, don't hesitate to reach out.

@Mark Suliman, 

Unfortunately, the laws have changed so far as occupancy limits, you can no longer limit the maximum number of CHILDREN in anything larger than one, and two bedroom units, and then only in multifamily. Whatever you do, don't charge her extra rent! If you try that, you'll find yourself at the best, heavily fined, and most likely at least 30 days in a small barred room wearing a pretty orange jumpsuit! However, if you don't accept Section 8 in any of your properties, you can deny her due to her S8 voucher, other than that, find SOMETHING wrong with her credit, or background check. Trust me, you don't want to deal with this tenant, I GUARANTEE you that there is some boyfriend/baby daddy/boo boo bear that will be moving in with them, and since that person is not on the application, that in itself is a whole 'nother can of worms. 

-Ben

E-mail me the pro forma, I might have an interested buyer if the numbers make sense.

Hello Loreal! 

We're always looking for the bombed out multifamily, whether they're in Georgia, or Florida. If you draw a straight line across the state of Florida, just below Naples, we'll do anything and everything that makes sense financially above that line. 

My favourite areas for small deals are Manatee/Sarasota, Pinellas/Hillsborough/Polk, Leon, and Duval counties in Florida, and White/Habersham counties (LITERALLY ANYTHING!!!!!) in Georgia. 

Send us some deals!

@Charlie Fitzgerald might be able to help you.

Depends on your insurance company, and to what extent the house has been wired in aluminum. My latest rental property had the main lines from the meter to the panel box wired in aluminum, and the rest in copper. I had no issues getting insurance. My insurance company did tell me that if the whole place had been aluminum, I would have been looking at a rewire for fire insurance.

Hope this helps! 

@Wendy Hoechstetter, 

"Prehabbing" is the wholesaling of rehab properties prior to their rehab. In other words, buy lower than low, and sell lower.

@Marcus J Richardson,

There is never any "usual profit". 

For one, trying to set uniform prices violates anti-trust laws.

Two, every deal is 100% unique - some deals have a $5K profit margin for the wholesaler, and the next time there's a $50K margin. Every time you evaluate a deal, you'll be able to determine the margin you want to set.

Three, you yourself are going to have to set your desired "profit" for any deals you attempt. Are you willing to chase a $1K house, or is a $5K margin going to be your minimum? Only you can determine what makes you tick. 

@Sebastien Hitier,

I'm a turnkey provider in multiple Florida markets. Smaller (SFRs, Condos, Townhouses, etc.) in the Tampa Bay area, and multifamily complexes throughout the state.

PM me if you'd like further information. 

Vuk, 

Cell phone doesn't allow me to link. I rely heavily on word of mouth, but we also direct mail through property records. We don't go after the listing/buying side of real estate too much, we're predominately a property management firm.

Marcus,

You would need to work under another broker for two years as an agent prior to being eligible for your own broker's license. To have a brokerage just for your own deals is not practical - unless you plan on doing 10 million dollars worth of volume every year! You have to factor in the rent/mortgage for the brokerage office, the salary/hourly for the receptionist, the bookkeeper's pay, either on staff or outsourced, the insurance costs, as well as all your regulatory costs & dues.

It'll be far cheaper to get an agent's license and keep your half of the commission than try and open up your own brokerage for your own deals. 

Disclaimer: I am a Broker, Property Manager, & own my own rentals. Nothing said herein should be construed as financial advice. Consult your CPA, Attorney, and Financial Planner for advice pertaining to your specific situation.