All Forum Posts by: Cristian Aviles-Morales

Originally posted by @Account Closed:

Originally posted by @Nicole Obregon:

Is this a deal breaker for you? Is it an automatic disqualified? Or, do you take it on a case-by-case basis?

Here's some background info on my situation:

Renting out a townhouse in a decent, working-class area, some crime, but ok
Rent is $1,000/month, 2 bedroom, 1 bath, renovated

I have a prospective tenant who said that he has a past eviction, in 2015. His credit is spotty, but he said he's working with a credit correction / assistance company to get it straightened out and improved. He makes $5,200 verifiable income at his job. He explained that he and his roommate got evicted in 2015 because his roommate lost his job, and they had a hard time paying the rent. 

WWYD?

I would pass.  Leaving the unit empty for a month is so much cheaper then risking having to evict someone.  I could see if it was 10 years old or something. But it was just 3 years ago.  

Like everyone else here said during the eviction process there are tons of chances for the tenant to voluntarily move out. Florida it is 2-3 months without it being contested.  So if someone tries to rent from me and has an eviction I am gambling on 2-3 months rent plus 2,000 dollars in attorney fees that they will always pay on time. 

Why risk that much money to fill a unit 1 to 2 months sooner?

 Do you have any resources that I can read that relates to FL Tenant/Eviction/Landlord rules? 

Didn't know about the 2-3 month grace period before it hits their credit report. 

@Kris Hodges So you agreed to heavy lifting for 6 months and sending a check of 5k off for each deal you hustled for? If so, cool! I wouldn't be okay with it and would love to know that before wasting my time sitting through a presentation. I wouldn't be okay with that if after I asked if there were additional fees or costs that we should be awsre of weren't mentioned. He may be a vet, and I'm nit discrediting his knowledge. I am however sympathetic to OP. Just unfortunate he had to even felt brought to the point of considering legal action for a simple refund.

Got into Rebogateway which is one of those data softwares that will collect those divorce records or recent evictions and show you where it happened and who the owners are based on public records.. 

I realize my next step is to send post cards to said individuals to talk to them about their properties but I dont know if I should specifically say to buy their properties, negotiate a discounted price, and then assign the contract (which rolls off the tongue alot easier) or if i should say i want to connect you with someone i think may be interested in your property so lets put it under contract that i can assign

It sounds so baffling that part. 

And on top of that sure I can go to REIAs with deals and if no one bites then they arent deals but what other ways are there that can help me generate a buyers list that others have found successful? Also I know about finding out who are the recent cash buyers in my area as well and reaching out to them. Any other ideas?

Originally posted by @Jason Malabute:

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Hi guys I was practicing analyzing this deal. The ARV I got from the lowest Zillow estimate. The rehab looks pretty cosmetic so I estimated under $15k. The vacancy rate I got from realtor. 

Can you guys tell me if the calculation looks ok? Am I forgetting any other expenses?

The seller says cash purchase only. Thank you.

 Hey question as I'm still new here. Is it normal to share the address of your property when sharing these reports? The reason I ask is because I was afraid to share mine (so I would intentionally not put in an address when sharing) because I always had a fear that others would "swoop in" and take a potential deal from me.

@Kelly Iannone I just wanted to stop and say I really appreciate your transparency and willingness to help other investors in regards to Orange County. Made me shed a tear haha but seriously thank you. 

Man. How spicy. Whoever deletes the thread or comment first is probably guilty. 

Originally posted by @Chris C.:

Hey Sagi!

I do some flavor of this currently. First things first: Most of your tenants will be kids. Like, younger than college-age kids. A lot of people coming to work at Disney are a part of the Disney College Program (Read: Internship). Most do not stay long as "contracts" are 6-7 month stints. You will get more selection if you cater to this period instead of traditional year long leases.

Be ready for typical college-level issues: They didn't do their dishes from the night before. They leave a mess behind. Set up strict leases to help alleviate this. There are good ones out there, but prep for the worst and you won't be surprised when it happens.

Also - be ready for really off schedules. Most of your tenants will work weekends, or come back to the house at 12AM or later. You'll need to be ok with whacky schedules - no matter if it's a DCP kid or a lifer. Because of these schedules, I find that most of the tenant pool from Disney does not have the time or freedom to properly care for a dog. I have had 3 incidents with different dogs before I swore them off for good. Fair warning.

As far as zoning - Most of the area near Disney is SFH-zoned. You are probably talking big numbers (maybe 600-700k+) to get a MFH-zoned property within 20 min of the Disney area that isn't a dump and in need of severe rehab, I know from experience. There are some SFH that have garage apartments - this is your best bet if you wanted to set up a "Duplex" environment. Your utilities and your mail will still need to go to the same address though, so you will still interact at some level. I have friends who have "upgraded" their SFH with in-law suites and other separated living areas to achieve a better level of privacy and command a higher rent. You'll need to work with a designer or local real estate office I think on that one. The office will be more likely to give you advice if you use their agents to buy.

I warned a lot but have had good experiences too. Nothing like getting free or discounted tickets to events through roommates who are generally happy to live with you and are responsible adults who need a safe, quiet place to retire after a long day on Main Street. Personally, even after all my strife, I would do it all again for sure.

Feel free to add or reach out to me if you'd like any feedback on neighborhoods! In general, the closer to the parks, the better pool of tenants you have access to, assuming you do want to rent to Disney folks.

So for your leases that you present to them, are you using BP's contracts? I am thinking about renting out 2 of the 3 bedrooms in my SFH but I just don't feel comfortable with the lease which so clearly has language that pertains to renting out a home.

Any advice? 

Originally posted by @Andy Pate:

@Cristian Aviles-Morales If you don't mind me asking, when you went through the VA Loan process, did you utilize a co-borrower or were you able to reflect your own income? Which lender did you end up going with? I'm talking with Veterans United right now.

 Hey sorry about the long time to get back to you. Busy busy. 

I utilized a co-borrower yes, the loan is both in my wife and I's name. If I had done it on my own income I would have been fine as well. The reason we went with co-signing is because since we're young, I wanted her to be able to have more "history" of adult-credit like things so in the future it will benefit her immensely. 

I talked with Veterans United once, and they were pretty good. I never went with them though. I financed directly through Navy Federal since they were cheaper. Typically, mortgage lenders/brokers which are people who get you that mortgage will charge slightly more interest than competing established credit unions. So definitely shop around. I know it's possible for them to give you a better rate though! But Navy Federal matches anything up to a certain % and if they CAN'T match, they GIVE you $1,000 I think as a "sorry". 

Isn't it possible to create a lease for short term renters that signify you will rent for 1 year... and then add a clause that you can break the lease with 1 day prior notice, no penalties? 

@Andy Pate Nice man. I am only on episode 35 of the podcasts, since I only watch it on my commute to and from work. Yesterday in Orlando we had the Breast Cancer walk which I was at, and boy did I see so many multi-families. It surprised me really because that part of Orlando is a decent part that you can walk down the road without too much worry.

But the cost reflects that for sure! A duplex, according to zillow, was valued at half a million.

I hit a speed bump myself in a way.. I started deep diving into BP a month after closing on my SFH I bought using the VA loan. Now I'm just trying to figure out the best recourse I have since selling is off the table since I would only be losing money, lol. Doing what I can, I'm planning to rent out a room hopefully in Winter or Spring. It's something at least. But it's nice to meet you. The CFRI is so expensive in my opinion to be a member, I'm sure it's worth it though. 

There's another group that is considerably cheaper and has good knowledge, GOREIA and it's up in Altamonte Springs. I made the commute up there (45 mins one way) and it was worth it.