All Forum Posts by: Cristiano Botticelli

Hey guys thank you for all the replies.  I will try to answer all of the questions as best as I can.  

The property is in Florida in the Tampa area and I am in Chicago.  

So @Bruce Scannell asked why the owner was selling, especially with a tenant.  According to the listing agent, the owner purchased the unit to live in but had to relocate because their job changed locations.  The owner rented never intending to be a landlord or have an investment property.  It was just temporary and so they have decided to sell

@Jeff Valentino I want the property because Tampa is growing at the moment, but also because we vacation there at least once a year and love the area.  My 5 year plan is to become financially independent of my current employer and eventually move down to that area.  I feel its a good time to buy and has a lot of potential for a flip.

@Anthony Angotti 

The tenant currently is not under a lease.  Its month to month and the rent is $1300.  Way too low.  So I would do my own background check on the tenant and negotiate a 1 year lease with a rent increase.  The agent sent comps for rentals and I can easily get $1450.  I would list it a $1500.  

@Mindy Jensen

 I have not seen the property in person.  Before I make an offer I would fly down to inspect it myself.  I work full time and make a good wage.  While I dont always have as much as $5000 set aside, I usually have additional income throughout the month.  I mentioned in the previous paragraph that the lease is month to month.  The tenant is paying $1300.  I would likely raise to $1500 based on comps

@Thomas S. So the numbers look something like this.

Purchase price $170,000, taxes $3000, insurance $1200, Association Fee $130.  Depending on how the loan works out, Im anticipating paying $1250 and renting for $1500

To some of the experienced investors, Im guessing you will say the margins are not large enough.  Im not dead set on this property, but it can serve a dual purpose if I do decide to move down there.  In the event of a long vacancy, I can handle the mortgage.  It would be difficult but I can do it if I have to.   

Im really excited to write this post.  I joined bigger pockets two weeks and today Im getting preapproved to make an offer on a townhome out of state.  I need some advice and direction.  Im sure some of this info is covered and I will do a search on my own, but I still want to see what others have to say.

So here's the situation.  Its a newer property built in 2008.  Currently has a tenant.  The tenant will stay.  They are currently paying a little less than the rental market in the area.  The rent will cover my monthly payment, association fees, and I can put some in the bank. 

I have zero experience with tenants or with leasing agreements.  I hate to jump into something without the proper knowledge.  If you have any advice from past experiences, I certainly appreciate your feedback

Hello, 

I wanted to take a quick minute to introduce myself.  My name is Cris.  Im in the Chicago area looking to learn about flipping properties.  Unfortunately, Ive acquired alot of debt do to other ventures.  Hoping to learn from some who have experience working with little to no capital. 

Either way, Im glad I found this forum and Im looking forward to learning as much as I can.

Cris