All Forum Posts by: Deb R.

Hello @Patrick Ng,

I don't know a whole heck of a lot but have done a little research on Quit Claim and only feel able to give a little insight on question 3. You can buy Quit Claim paperwork from an office store and fill it out yourself if you feel comfortable getting all the information correct like lot identifiers and such. I had a lawyer here in central Florida quote me $700. Aside from that, what are you trying to accomplish by removing your fathers name and adding yours? Have you spoke with anyone about possible taxes you may have to pay for the transfer to you? I don't mean property taxes, which I don't believe should change unless: you will be the only one on the deed, house currently has homestead exemption, and you will not be living there. You cannot claim homestead if you do not live in the house most of the year (don't know the actual amount of time required off hand).

the one thing I do know about Redfin is that it has the option to select "no HOA" properties, I haven't found any other site that does that.

Brandon does some of the webinars and in one he told of a house he bought for cheap but it rented at a loss for something like a decade then finally sold. He didn't sound confident he made money even with the sale.

Greetings from Kissimmee, Florida. The name is Deb and I am thinking about becoming a RE investor by way of rentals maybe wholesaling. I'm looking at all things, but my husband and I are looking to move soon and are considering putting up the current home as a rental so that seems like a good place to start. When we purchased the current house, the market was crazy for the size we wanted which got us to looking at larger homes that needed more TLC, then in about ten years we could sell and use the profits to buy something that fit us better. Now we are thinking that we might try renting it, but it is in a HOA, even though I know others have rentals in the neighborhood it worries me. A Real Estate agent told me that we could try it for a while then sell in three years and not have to pay the higher capital gains, so that might be a nice trial but still I worry. I'm a worrier. Anyway, I've been doing a lot of reading about all the ways to invest in RE which brought me to BiggerPockets.com. Unfortunately, I not only have more worries but more questions, thankfully with a large dose of excitement. I am in search of any tips, tricks, and connections that this site may bring my way that might help to ease my worry and lessen my questions by increasing my knowledge 😊. I don't know what I have to offer at this time other than sandals on the ground for anyone looking to invest in the central Florida area, but let me know. Thanks for your time and I wish you all a happy day.

@Brandon Penn congratulations on the achievement! You started the way I am thinking to start. Did you set up your LLC before buying another home or was it transferred after you were settled in the new place? Guess I should ask first if you set up a LLC? What was the thing you found easiest about becoming a landlord? And what was the hardest? Thank you for your story!

 Thanks for the info Frank that helps. As for why there would be problems not renting, etc. Brandon's Hell House, that is what got me thinking about the downsides and worse case scenario.

Ok...

Discovered a new block, hope someone can answer. Where does the money come from to pay the mortgage when you first buy the property but don’t have a renter? My answer would be to hold money in a bank account but how much? A years worth? Do you drop the price if it just doesn’t rent? How much and for how long? When do you know you’ve chosen the wrong property? When the bank forecloses? 

@Frank Patalano

Just don’t feel comfortable with calculating the deals even with the tools under BP. I don’t like just plugging numbers into something I need to understand how it is calculated and why it is calculated that way.