All Forum Posts by: Deb S.

What a transformation!  Great job.  Wondering if you had any inspections done before closing and/or new what the repairs were going to cost?  Thanks for the inspiration!

Good for you @Melba Chambers!  Big congrats!  Once the toe is dipped in the water the rest of the foot follows!  Keep us posted on your short sale.

After getting comps from an agent, you could look into selling it and doing a 1031 exchange to avoid paying capital gains.  Consult a financial planner though to make sure you don't trigger any taxes on the depreciation also.

@Dimitri Paspalaris  The 2 things that stick out for me are your liability and medical payments coverages.  They are too low.  Liability should be at least $300,000 and medical at least $3000 ($5000 is better).  The cost to increase these coverages is very low - probably less than $40.

I would also add sewer and drain backup coverage (terms vary: water backup and sump discharge).  Water spreads very quickly and can cost thousands to repair.  Get some peace of mind for about $25.  Good luck!

@Account Closed That would only work if the buyer lives in the house, no?  Investment properties require more than 10% down - more like 20 25%.  Am I missing something?  Thanks.

@Mike McGee  Yes, many of them have restrictions but of all those I looked at there were no issues of percentage ownership vs rentals.   However, that may come out if you are financing and the lender wants those details.  

The restrictions I mostly found were these:

must own for 1 or 2 years prior to renting

minimum rental period of 1 month, 3 months, 6 months (most common is 3 months)

pet restrictions - no tenants can have pets

There are very few condo complexes that have no minimum rental period which would allow you to do STR. One is The Promenades on Caring Way in Port Charlotte. Not sure if it's the East, West or which one has the no minimum rental period. It's ideal since it's located right next to a hospital for those traveling nurses needing housing. Their assignments are typically 90 days so most condo rental minimums would be met. You can check out Furnished Finders if you've never heard of it.

@Jeremy Rivera  You just joined BP today?  Can you post details on any of the 4 houses?

Do you have an employer 401k you could borrow against?  Maybe borrow the $50K from there to pay off the note and make monthly payments to pay yourself back in your 401k.  Not sure if this is would be considered self dealing.  Maybe @Brian Eastman could comment?

You are truly amazing!  That's a lot of deals in a short amount of time.  Are you doing this while holding down a full time job or have you made real estate investing your full time career?  

Hi Connie, is this monthly REI meeting in North Port still happening?