All Forum Posts by: Brennen Thompson

We've got some STRs throughout FL... One thing that we've learned about FL is that it's county AND community specific. So although you might be able to have a STR in X county, Y community might allow them, while a neighboring Z community might not.

My suggestion is to contact the HOA before even doing your underwriting. Ideally your agent should be doing this before even sending you properties to underwrite. To be sure, I would do my research on the county and contact the HOA before even making an offer.

If you're looking for wholesalers, I'd suggest looking for Facebook Groups... If I had to bet on it, I'd say that there's a "Montana Wholesale" Group out there where some players check in, just be cautious because people with no experience also try to push garbage through those groups. 

As for a lawyer, I've only purchased one deal from a wholesaler and we did not use a lawyer. I would advise working with a title company (the wholesaler will usually have their own) to be sure that the title is clear and the paperwork gets done properly.

If you're interested in going the route that @Joe Hammel mapped out, it might be worth looking into the equity you have in your current property. If you've got some equity, you might be able to pull out some cash and use it for the 3-5% down that Joe mentioned. The less of your own money that you can have in a deal, the better!

Have you ever thought about creating your own PM company... Might be a stretch, but if you've been able to manage 16 units on your own you probably have some solid processes down. All depends on your goals but the opportunist in me could resist chiming in! 

Hey dude! 

I would check out the other rentals in the area and make my decision accordingly. I.e. Do they have laminate throughout the living room/kitchen/bathroom and carpet in the bedrooms? Or do they use one style laminate throughout the entire house? This will help you avoid under/over improving the property. 

If it were me, I'd go with LVP or laminate. Since your square footage is so small, the extra cost isn't going to hit you that hard and will be a great way to make your property stand out! 

Love this!!! Really goes back to supply and demand. If most students live on campus, you might be a little more hard-pressed to find a few people that are willing to pay a premium just to live in a house with strangers. On the other hand, if on campus housing is pricy/limited and you're in a solid location (close to school, bars, etc.), you'll have no problem charging a few friends a premium just so that they can live together... experienced this one first hand! 

Direct to seller has been king while the market has been hot. The difficulty now becomes managing seller expectations with market realities... If you're not the type of person that likes direct to seller, we've had a lot of luck on the MLS by contacting the selling agents directly (as an unrepresented buyer). With multiple offers on the table, if you can close quickly and the agent can take full commission you might be able to out maneuver other offers, even at higher price points. It's worked for us!

Thank you guys! We decided that we're going to try and work something out with him in hopes that he'll understand the situation and its likely outcome in order to avoid any legal issues.

Hey guys!

A friend and I are houshacking in LA and have recently been thrown into an unusual situation.

For some context, we bought a duplex last December and inherited tenants that currently live opposite of us. Up until this point, we’ve had no issues with these tenants. Moreover, a standard buy-out/eviction would be costly/time consuming since they've been in the unit for roughly 8 years.

Earlier this morning, there was a domestic disturbance in our tenants unit. As a result, one of the tenants on the lease will be moving out. The other tenant plans on staying (the one that will probably be going to jail) which brings me to my question:

Given that domestic abuse is not something that we want happening on our property, we were wondering if this gives us any ground to evict? We don’t have anything in the lease covering this issue (other than standard law abiding contingencies), but given the severity of the problem we’re thinking that there might be a work around here. If so, we planned on having a discussion to work something out with the tenant and would only like to involve our lawyers if absolutely necessary.

Any help/advice here would be greatly appreciated!

Hey guys!

A friend and I are houshacking in LA and have recently been thrown into an unusual situation.

We bought a duplex last December with inherited tenants and currently live on the other side. For some further context, up until this point, we’ve had no issues with these tenants and they’ve been in the unit for roughly 8 years.

Earlier this morning, there was a domestic disturbance in our tenants unit in which one of the tenants on the lease will be moving out. The other tenant plans on staying (the one that will be going to jail) which brings me to my question:

Given that domestic abuse is not something that we want happening on our property, we were wondering if this gives us any ground to evict? We don’t have anything in the lease covering this issue, but given the severity of the problem we’re thinking there might be a work around here. If so, we planned on having a discussion to work something out with the tenant and would only like to involve our lawyers if absolutely necessary.

Any help/advice here would be greatly appreciated!