All Forum Posts by: Mark Russo

We average about 30-60 days to get a lease signed.

Tim,

What monthly rent amount are you basing your scenario on? If you can provide the address of the West Warwick SF property, I can take a look and give you a market rent for the house.

We also have to think about maintenance costs of the house - they will increase for an older property. Will you have time to do the repairs/upkeep yourself?

Your financing offer looks good, but if you can get something similar for an owner occupied two-family, that may work even better for you.

It sounds like everything worked out with the move-ins? In my experience, as long as you communicate very clearly with the incoming tenants that it is a very narrow time-frame for the turn-over and that there is the possibility of a potential delay (and offer a few free days of rent if there are any delays!!), it usually works out OK.

We try to always set very clear expectations with out tenants.

Dmitriy,

Thanks for the info. I will definitely review all of the guidelines, before I move forward.

Dmitriy,

Thanks for your response. Has anybody ever spelled your name correctly before they actually saw it in writing??

I am not familiar with the Self-Directed Solo 401K. I will do some research on that product.

On the Self-Directed IRA, I thought that you could do work on the property, as long as the funds came directly from the IRA?

I hope I am posting in the correct Forum.

I just recently joined BiggerPockets and introduced myself.

As the title indicates, I am looking to purchase an investment condo in the Orlando or Fort Lauderdale area. There seem to be some good buys in both areas.

Does anybody have any experience with these areas? There are so many condo developments in FL. These are some of my concerns that I really have no idea how to research.

Does a specific HOA allow rentals?

Is the HOA solvent?

How do I determine of there are age restrictions in a development (HOPA)?

I will purchase the condo with cash for through my Self Directed IRA.

I welcome any feedback as well on a Self Directed IRA real estate purchase.

I would also see if you can connect and start working with a local appliance shop that does appliance repair and provides refurbished units. You will save money, as opposed to the big box stores, and they specialize in rental-unit appliances and the issues that come along with them. Our guys will take the call from the landlord and do the initial troubleshooting over the phone with you (based on what you say is happening with the appliance), coordinate the scheduling and repair with the tenant, and once they get there will let you know what is in your best interest (repairing or replacing). Try doing any of that with Home Depot or Lowes.

Again, these shops, in my experience, specialize in rental unit appliance service and provide better service. Home Depot and Lowes are really geared towards the actual owner-occupied appliance issues.

Anthony,

Thanks for the response. I am not aware of either of those organizations. We deal primarily with Condos, Single Family and Multi-Family (max 10 - 20 unit) properties. So anything that is an "apartment" type building we do not work with, and I think is a different business model, usually with in-house maintenance and/or management.

Hello,

I am hoping to start in 2014 with my first investment property to buy and hold. Although I am located in the MA/RI area, I am open to investing anywhere that makes sense. I will post the details in the appropriate forum.

Currently I have a property management office that manages about 450 units in the Providence area. Over the last five years, we have dealt with just about every type of maintenance and tenant issue you could think of (although we still get surprised almost daily by our tenants!). I can hopefully contribute and help other forum users out through our past experiences and mistakes. And though I am not an attorney, I can also provide any RI investors my landlord/tenant feedback from being in front of the Housing Court judges literally over 100 times.

Thanks

Document with pictures and dispose of everything. I would also then file a collection against him for the judgement amount and all of the repair expenses.

I would also contact your insurance company. From the extent of the damage, it sounds as though you may be able to file a claim.

Good Luck!