All Forum Posts by: Brent Langlois

Could be that previous contracts fell apart because most banks won't loan less than $50k, the bank could also dump the deal if the appraisal comes back low. Regardless, it's a red flag to me.

I think Jeff B's advice is good. The 2nd "lowball" offer will put things into perspective for the seller...or he or she will get pissed and reject both.

I'm looking at one right now as well. It was a major concern when doing the offsite research. However when I got there, there was a good vegetation buffer...so no eye-sore. And the noise didn't occur to me until I got back and my girlfriend asked me about it. The vegetation did the trick.

Best to go to the property and check it out. I'd ask myself: "would I want to live here and deal with this". For sure it's a turn off to the majority if it's loud and wide open.

If there is an HOA, that would solve your "roof" dilemma. If the unit needed a new roof, the HOA would enforce the replacement.

Thanks @Matt Faix

I assume you can't work "offline" in any capacity with the online version?

Thanks for the info. I'm leaning towards pro software but don't want to miss out on key features in the online version. 

I agree @Account Closed that most bugs ought to be worked out in 3 years. Typically any new version of windows is worse than the previous so I try to avoid updating

Tried to find the best place for this post, apologize if I missed it.

I'm looking into Quickbooks for bookkeeping for my rental properties. The main choice is between online and desktop software. The online is a monthly subscription (3 options) while the desktop appears to be a one time purchase for the software. I like the idea of a one time fee and then I'll have the software for life, but they seem to really be pushing the online version on the site.

Looking to fellow BP investors for insight on what they use, experiences, likes and dislikes, and recommendations.

Much appreciated

-Brent

I don't think you (as an agent) need to know anything if it's an existing home, unless the home is known to have foundation problems. A geotechnical engineer should be brought on in that case. There is published data that can give you an idea of the surficial soils (typically upper 6 feet). 

If you're listing land then it may be a good idea to know the general soil conditions and how it relates to its future use.

Hard to answer your question without specifics.

Dislaimer- I'm a geotechnical engineer

@Nili Yosef

Yes it appears both methods work according FL law and the gents above appear to recommend the checking acct. Sounds like a wise decision.

Although typically I think the bank will require a larger minimum balance in a checking acct than a savings. My bank (BOA) requires $1,500 minimum in my checking or regular direct deposits. I think it's $500 minimum for the savings. Last thing you want is the bank to start tapping into your tenant's security deposit due to a low balance. Maybe the minimums can be negotiated.

The great aspect of your "situation" is that your negative cash flow properties all have great equity. Your adding cash to your pocket 2-fold by selling and turning the equity into cash and eliminating the negative cash flow. Plus you rid yourself of the time/effort in managing these properties. Couple the above with the fact that your not expecting appreciation and the signs point to sell for me.

Take the money and buy a great deal, put it toward your existing properties, or combination thereof.

-Brent

Now a little paranoid, I re-read the Statute:

Duty of landlord/tenant:

(b) Hold the total amount of such money in a separate interest-bearing account in a Florida banking institution for the benefit of the tenant or tenants, in which case the tenant shall receive and collect interest in an amount of at least 75 percent of the annualized average interest rate payable on such account or interest at the rate of 5 percent per year, simple interest, whichever the landlord elects. The landlord shall not commingle such moneys with any other funds of the landlord or hypothecate, pledge, or in any other way make use of such moneys until such moneys are actually due the landlord;

I don't see an issue using a Savings Acct, so long as the $$ is untouched and the interest gained is transferred to the tenant as stated. Am I missing something?