All Forum Posts by: Cosmo Iannopollo

Wait, you said the lease expired? If this is true, DO NOT accept any payments they offer. You are free and clear of them if the lease has expired. The second you accept ANY money from them, they have the right to be in the property for at least another month. 

I feel like this education should occur upfront with your agent. Once offers are in, it's basically out of their hands. A seller isn't going to turn down a higher offer because the numbers don't add up for the eventual buyer. 

In this case, I'd use your valuations and process to inform your agent of what you're looking for in future investments. This way, they can alert you to properties that fit your criteria. 

@Antione D.

Since you're new to this and planning to move to Atlanta, why not save a little more and when you move, buy a multi-family that you can also live in? I believe it's called house hacking and it's what I'm doing right now, and I love it. This gives me the ability to pay down my mortgage while also gaining invaluable knowledge into the world of real estate investing. 

It's all about how you frame it. You've given them years of discounts, but to keep up with rising costs/taxes/etc, you must revisit their rent prices. 

Just let them know that they're great tenants, you want to keep them, but the increased costs are forcing your hand. That being said, you're still willing to offer them a steep discount over current market rates. 

This way, they feel like they're getting a break and you come out as the landlord who is looking after them. Win win. 

Hard pass. I lived in Hartford for 6 months in a place like this. Was a renovated building in a C neighborhood and the PM told me they were renting units for $500 to try to attract tenants like myself (good credit, stable income, no arrests, etc.). I signed a 6-month lease and left right after. Never felt comfortable there. 

Most likely scenario, you spend a ton of time and money fixing this place up only to have section 8 tenants to choose from. Your PM may charge a premium for having to work a rougher area, and your tenants will most likely undo your hard work. Not to mention, you can't change your neighbors and that fish smell likely isn't going away. 

Cheap does not always equal deal. Unless you see the neighborhood turning around dramatically in the next year or so, I'd let someone else take advantage of this "opportunity". 

@Doug Martin 

Doug Martin in Tampa? Pretty famous football player by the same name in the same city ;) 

With that type of money, in an area like Tampa, absolutely attainable. Thing is, you definitely need to get to a point where you can discuss a deal/formulate a business plan, and that takes education. Figure out a game plan. What do you want to own? How active to you want to be? If not very, do you know how to interview property managers? Yada, yada, yada. 

Good luck!

Wholesale? Any improvements? 

What was the purchase price? 

Just wanted your thoughts on whether or not you would recommend buying and holding condos as rental properties. I ask this because I recently found a 2/1, 700 sq. ft. condo selling for $39,000. With 20% down and a $136 HOA, the expenses are around $500 with rents in the area going for $900 and up.

Obviously this is great cash flow with a property I will own outright basically as fast as I want. I know some people are hesitant to buy and rent condos, but this deal just seems like a no brainer. 

Thoughts on condos? 

My wife and I are looking forward to this. Coming from New Haven.