All Forum Posts by: Catherine Javier

Hello BP family! Asking for help & guidance, I am new in this landlording & tenant screening.

We have a two bath, two bedroom condo in Orlando. It is A midterm rental. The current applicant wants fo lease for 6 mos. He has 500 credit score and has two criminal backgrounds. 1st criminal was traffic- running in red. 2nd was battery of an officer in 2019 and was charged as felony.  We are not comfortable renting out to him. Our mindset might be wrong, pls advise.

If we decline, how do we tell him correctly & politely? 

Thank you!

Hello BP family, we are planning to renovate and upgrade the master and guest bathroom, and add a kitchenette.

The first contractor is the one that we used for Our Rental, he is good, but it’s not responding back on a timely manner. Until now we don’t have a quote for the job and it has been almost 2 wks. 

The second GC Is referred by our lender. He is also a real estate agent. He quoted us 20k For two bathroom renovations with the kitchenette- labor only… And he said that he can finish the job in two weeks.

The third GC is one of the vendors from Opendoors who repaired our door. He quoted for 20k but woth labor & some materials (some we need to buy) he said he can finish in 3-4wks. 

We have no idea how much would the material cost for the bathroom renovations…

Any thoughts? Who should we choose?

Both of them asks for a 50% down payment. Is this normal? The two other renovations we had, contractor asked to be paid halfway on their job.

thank you so much. By the way, this renovation is in Florida Orlando area.

Hello everyone! Question from A newbie…
We have an LLC in Florida. We purchased the rental property using the LLC in Florida. After three months, We also purchased any rental in Washington state. Can the Property in Washington state be under the Florida LLC? It was purchased under our name but my spouse & I self manage the property.

Thank you in advance everyone!

Hello BP family! Here I go again asking for your expert opinion... And as always, thank you everyone for your honest opinion and help!

My partner and I are ready to purchase another property. We are planning to put 5% Down, use a Conventional Homestyle Loan to rehab the property, make a part of the house a mother in law suite for ourselves and then house hack while we are away (we are travel nurses). We have 2 properties to choose from. Both are in the same city, Altamonte, both in good community. Both has 2 car garage, both can offer a mother in law suite. Both can be rented with similar price, but of course computations will be different because of the price difference. 

We offered 325k on Property A, was verbally accepted by the seller last Friday. However our pre-approval was 1 day late and here comes the Cash offer. Of course we were beaten... But we agreed to be in second position. I was really crushed when we didn't get this property. Today our agent texted us and informed us that we may be back in the game, cash offer didn't pushed thru.  It is past 5 days from the time we signed the 2nd position, we are thinking it could be a problem with inspection. Our realtor asked the listing agent but did not answer directly he just said "buyer wants to renegotiate the price". If we go with this property, this needs full rehab but sweat equity will be ours. I cant find the best Comps but looking at Redfin/Zillow probably it is on 380's - 400 when rehabbed. (all other properties I saw was 1960's up).

Also earlier today, we offered on  another property. It is more expensive, but we think we will have to do less rehab. It has new paint interior and exterior. It was listed at 410k and we offered 390k. We will know tomorrow if our offer is accepted. I am assuming seller will negotiate the price. Comps around the vicinity is invalid because most of them have pools. but what I am seeing 400's ++ around this area.

I made a comparison, but we would appreciate any thoughts you have.

We want to ask your opinion how can we navigate on a better deal.

Thanks again!

Hello BP family! Newbie here and looking for some insights..

we are actively looking for the properties to househack then BRRR, we plan to rent as midterm. I have this 2 properties in Orlando we looking at. Both would generate the same income. First will be a turn key with a garage already converted ADU with separate entrance, ~1700 sqft. All we need to add is a kitchenette and this is about 4-5 miles away from 2 major hospitals.

The second one is a 2000 sqft with 2 garage. The main house itself can be converted into 2 living space, and the garage can be converted too. Needs rehab It is about ~8-12 miles away from 2 major hospital, but is about 5 min away near to a 300+ bed hospital.. 

What would be a better deal?

And if i choose the latter, any idea how much do i need to prepare to covert 20x21 garage into an ADU in Orlando?

Thanks everyone!

Hello BP family! Newbie here and looking for some insights..

we are actively looking for the properties to househack then BRRR, we plan to rent as midterm. I have this 2 properties in Orlando we looking at. Both would generate the same income. First will be a turn key with a garage already converted ADU with separate entrance, ~1700 sqft. All we need to add is a kitchenette and this is about 4-5 miles away from 2 major hospitals.

The second one is a 2000 sqft with 2 garage. The main house itself can be converted into 2 living space, and the garage can be converted too. Needs rehab It is about ~8-12 miles away from 2 major hospital, but is about 5 min away near to a 300+ bed hospital.. 

What would be a better deal?

And if i choose the latter, any idea how much do i need to prepare to covert 20x21 garage into an ADU in Orlando?

Thanks everyone!