All Forum Posts by: Deb S.

@Kenneth Garrett that's great information.  I wasn't aware of the FOIA and all the info that can be requested.  Thanks for the tip!

@Alejandro Valdes go to the local county office where the property is located and tell them what you want to do.  They will tell you exactly what you need to do.  You can pull your own permits as far as I know.  Lots of people are handy and do their own work on properties they own.  If you decide to do the work yourself, make sure it will pass inspection or they will make you fix it or redo it!

@Margaret Jay  It depends on how much coverage you want, how old the building is, the type of roof the building has (wind mitigation report will be asked for), owner occupied or no, etc.  I own a condo in Punta Gorda that is a 2bed, 2bath just under 900 sq ft.  Because I rent it out, my policy does not cover contents (ie: personal property).  There is hurricane coverage with a $1500 deductible and the cost is $450.   Hope this helps! 

@Keegan Darby Hi Keegan.  You mention this is 'off the beaten path' and 'class C' neighborhood.  While the numbers look attractive, keep in mind that typically in these neighborhoods there is more need for 'management'.  By that I mean, the tenants many times will be calling more often for repairs or complaining about something.  Or worse, the neighbors will be complaining about loud noise, parties, drugs, etc. 

I bought my first 3-family investment property in a not so desirable neighborhood in Providence.  While it was a cash cow, it was also a pain in the a$$.  For example, the 3rd complained of how loud the second floor was,  the second floor accused the first floor of breaking into their apartment and stealing their TV, we found out there was quite a bit of short 'visits' to the first floor by lots of people at all hours of the day/night (selling drugs) and last but not least found someone sleeping in a sleeping bag in the basement!!  

Just be very diligent about screening your tenants.  Make sure you get a security deposit and set expectations from the beginning (ie: landlords don't replace light bulbs, batteries, etc).  Let them know you'll be coming by quarterly for an 'inspection' to ensure they are taking care of your property.

I also have my tenants sign a 'move in checklist' which lists every room and the condition of everything in the room from lights, windows, condition of walls, doors, appliances, etc where they have an opportunity to say 'good condition', 'working', or they can write in comments such as 'door lock broken'.  You get the idea.  When they move out they get back a new 'move out checklist' and do the same.  Normal wear and tear is expected - so I do not expect to see any surprises especially if I've been going over there quarterly.  

Best of luck to you!

When you read the condo association rules make sure to look for any rental restrictions.  Some only allow rental after 1 year of ownership.  Others only allow seasonal rentals and not annual so read carefully.  Ditto on checking their reserves although the bank will want that info also.  You may want to ask some neighbors about the association and if they are happy with the management.

@GARY LEONARD JR  I appreciate the response Gary.  We all have our threshold for risk and clearly yours is more than mine in the current environment.  I choose to wait for a better time frame to pull the trigger on my first fix and flip.  It has nothing to do with intimidation.

I crunched alot of numbers on that deal and spent a lot of time on it.  Had it been a fantasic deal, I may have gone through with it but it was just a good deal.  With that said, there are plenty of 'good' deals and again in this current economy, I would prefer a 'great' deal for the risk being taken.

As far as my reputation goes, there is no issue. I've told the wholesaler several times I will pay him the deposit amount agreed on. So far he has said he would do that as a last resort. He has re-negotiated the terms with the seller due to the current situation so clearly there is concern on his part on this deal also. We communicate several times a month. We are in the same REI groups. My reputation is and will stay in tact. I am well aware of the consequences of having a bad reputation.

@Joshua McCave are you talking about being a 'bird dog'? That is not illegal.

So far so good.  Received my rent and they are still working!  #feelingblessed!!

@Lee Jedlicka Forgive my ignorance but if you are applying as an individual, why do they even know or care about your LLC? I just created my LLC a few weeks ago so this topic is of interest to me!!

I just backed out of the deal that I was going to do. Would rather lose a couple thousand dollars than my shirt! Hard money lender I had lined up is also pulling back so it looks like it’s going to be a tough ride for a while.