All Forum Posts by: Charlie Miller

Sounds like your current flip is taking a long time...most flippers are in and out in a month or two from what I've seen.

Get a few under your belt to see how you do financially but I wouldn't quit your job until you have a lot of experience and a good team in place.

I should be closing on a house in Auburndale (7th property in Central Florida) in early June and will be down (I live in NY) at that time to paint and coordinate some light rehab. You can stop by the house and I can share what I know (which isn't much compared to many people on here!)

Welcome! I agree with Karma and his book recommendation!

I haven't been present for closing of last few properties. Just sign, overnight/fax/email, and wire money. Technology makes it easier these days it seems.

@Account Closed

I'm not sure about the exact definition for "lockout" but in my case, it has a separate entrance to the outside but also can be connected to the main unit through a door. Kind of like on some adjoining hotel rooms that can be combined if both sides open the doors. I'm paying utilities for both since it's one meter. We put language in lease about "excessive" utility bills but it's still not ideal. Purchased for 60k put 11k into it and rents for $800 (main 3bd/2bth) and $450 (1bd/1bth lockout) so I should have enough cushion for high summer electric bills.

Hi Joe, I don't have experience renting a split level house but some potential issues (that you've probably already thought about) might be:

-no separate meters/utilities so would you pay utilities?

-separate zones for heat/AC?

-how to physically divide the space (legally)

-parking if the driveway is narrow so tenants will block each other in.

I do have a townhouse with a 1 bedroom/1 bath "lockout" that is rented separately. I pay utilities which I hate doing but the increased rent makes it worth it.

Charlie

Great thread! These are the reasons I love my Florida property manager. In NY I still get to deal with these questions. Showed 1 bedroom apartment last night to a couple with one kid and another on the way. Kid was running around like a mental patient...playing with my drill (still in case but he could squeeze trigger to turn on), playing with stud finder, climbing step ladder, etc. Mom and boyfriend were clueless.

What do you estimate you'll be able to rent it for? What would your total payment be (including P&I, tax, interest, maintenance/hoa) on a 30yr fixed if you refinanced today?

You mentioned being self employed so do you have credit under your company? Maybe the company can be involved somehow?