Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: David A Lisowski

David A Lisowski has started 9 posts and replied 191 times.

Post: Are we the last generation of landlord ?

David A LisowskiPosted
  • Rental Property Investor
  • Inlet Beach, FL
  • Posts 199
  • Votes 111

So is there a solution to lowering the FTHB age in these states? Affordable housing... connecting new buyers directly with builders and raw land?

At 41 years old, I straddle the cusp between GenX and Millenial (some call us the Microgeneration ‐ the moniker I prefer). We know life before the internet/tech recolution, but we also grew alongside the tech development and advances.

I can say that my experiences as a landlord have not been unpleasant, but not too spectacular. It is certainly an investment strategy I would like to refine and continue to use, but will not be my sole investment strategy. I think the real estate industry will be going through a transformative phase (probably already are), and things will be different in 5 or 10 years - the process or the industry as a whole.

But why sit by and wait for outside forces to dictate the future of the housing market?

Quote from @Alex Hileman:

I would take photos of the damages and trash, clean it out and get it rent ready, file a judgement, and send the balance of the rent and damages to a collection agency. If they collect anything, they will likely keep 40%, but at least you could get something while they do the follow up work.


 Not a bad idea. Document it because that costs nothing other than some time.

I'd clean it up, invoice the repairs/damages (so you can charge the security deposit), and complete any turnover renovations or fixes and find a new tenant.

I have not had to deal with such a situation, however, so my advice may not be best

Post: Connecting new buyers with builders - starter home market

David A LisowskiPosted
  • Rental Property Investor
  • Inlet Beach, FL
  • Posts 199
  • Votes 111

Before I invest too much time into this thought, I figured I check and see what kind of interest or marketability there is in this idea. There may already be such a thing in existence, too, so if anyone knows of something similar, please let me know!

Affordable housing is an issue. A major one. One I feel is being ignored and overlooked as if someone will just cone along one day with a magic wand and save us (or everything falls into shambles...) Okay, I'm not really an extremist, but I'm also not naive. If there is ever a problem or issue, the only question I ask myself is, "What are you going to do about it?"

Well, I had a thought about a network or forum (similar to BP or Angie's) where home buyers connect directly with builders and contractors who "specialize" in starter family homes. It would connect agents who "specialize" in land sales. The idea being to keep costs down and build affordable starter homes.

I understand that profitability is a big concern. I know a builder can build a $500,000 home with minimal increase in expenses compared to a $200,000 home so there would need to be an inventive (maybe volume of units) for builders and contractors. Real estate commissions on land sales are also low compared to homes and resales so there would need to be extra incentive for those agents.

Having an easy lead (or even hundreds of easy leads) may not be enough!

However, ultimately, there needs to be a practical, useful solution. Being a developer of starter-home neighborhoods, though valiant, seems like too much of a risk (especially as a starting point!). Upfront costs, carrying costs, etc. would be too much to take on as a first project.

But a program or app or forum or something similar would be as close to direct-to-consumer as we could get while minimizing the risk (i.e. entitely localized to that particular home rather than a whole set of homes)...

More or less just brainstorming at this point so I'll leave it here before I ramble too much. Thanks!

:edit:

I'd also like to add that the idea currently is site-built homes (not prefab). And to differentiate from the tiny home kits that are under $100k, these would be full homes - not 1/1 studio tiny homes. I know that complicates expenses. It might also be something that needs to be adjusted as this moves along.

Post: 1st Investment Property

David A LisowskiPosted
  • Rental Property Investor
  • Inlet Beach, FL
  • Posts 199
  • Votes 111
Quote from @Salvatore Ross:
Quote from @David A Lisowski:

Our LTR HOI went from $1,362 to $4,086 with no changes to the policy or coverage.

Our escrow (and mortgage payment) increased nearly $1,000 per month.


 Wow...are you currently shopping around for new policies or working with an insurance agent?


 Under contract to sell the LTR investment. Expenses don't work any more. Rent would be too high

Post: The Doom Loop in Chicago

David A LisowskiPosted
  • Rental Property Investor
  • Inlet Beach, FL
  • Posts 199
  • Votes 111

@Scott Trench

I'm wondering, too. Can we hit an ideal time to invest? My wife and I already have a few ideas picked out, but have done 0 market research yet.

Post: Lenders love my DSCR and rent rolls, but hate my LLC!

David A LisowskiPosted
  • Rental Property Investor
  • Inlet Beach, FL
  • Posts 199
  • Votes 111

@Shane Crockett

Majority share owner(s) sign LOX stating their control and they are allowed to make financial obligations on behalf of the LLC (with supporting documents, of course).

That's what I think... been a while since I worked a DSCR loan...

Post: 1st Investment Property

David A LisowskiPosted
  • Rental Property Investor
  • Inlet Beach, FL
  • Posts 199
  • Votes 111

Our LTR HOI went from $1,362 to $4,086 with no changes to the policy or coverage.

Our escrow (and mortgage payment) increased nearly $1,000 per month.

Post: 1st Investment Property

David A LisowskiPosted
  • Rental Property Investor
  • Inlet Beach, FL
  • Posts 199
  • Votes 111

@Salvatore Ross

Congrats!

Interested to see how this turns out.

We got hosed on insurance recently....

Post: Insurance Rate Increase by 20%

David A LisowskiPosted
  • Rental Property Investor
  • Inlet Beach, FL
  • Posts 199
  • Votes 111

Our LTR insurance went from $1,300 to $4,000 annually.

STR went from $800 to $2,600 annually.

FL is so messed up.

Post: What was your first real estate investment? What could you have done better?

David A LisowskiPosted
  • Rental Property Investor
  • Inlet Beach, FL
  • Posts 199
  • Votes 111

An 1,100 sq ft 2/2.5 condo in Nashville in 2006.

I wish I had never sold it. We thought we needed to in order to buy our first home. We didn't.