All Forum Posts by: Edgar Claudio

Hi Delmas,

For my properties, I try to be proactive and spend money to lessen or avoid calls from tenants unless it's an emergency. I make sure things like the plumbing hoses and pipes around the sinks and toilets are new and installed correctly. You can also put a clause in the lease (depends on your state tenant/landlord laws) which states any repairs under $50-$150, the tenant has to fix it themselves. 

Hi Ida,

The add-on service I offer is AC filter changes done every three months. It allows me to make sure the filter is changed out on time, provides a convienance to the tenant, and allows me to inspect the unit 4 times a year.

I only offer services that have a fixed price like internet/cleaning, unlike water or electricity. Hope this helps!

Thanks

Hi Sam,

I've been house hacking now for a few years and it's working great for me. I also started house hacking with a duplex here in Orlando. I'm not a mortage specialist or lender, but I think the gov loan you mentioned above is for FHA with the 3.5% down. I've never personally used it, but I know some folks who have used it to get into owner-occupant multifamily properties. I'd reach out to some lenders and ask about FHA loans as a start. Good luck!

Thanks

Hi Everyone,

I know when a property is 5 or more units, it's considered a commercial property. Does this apply to 5+ units under a single roof though? I ask becasue I'm looking into a deal that has two 4 plexes (separate buildings) sold as a package deal. Does this make the property fall under "Commercial" standards or is it still considered residential?

Thanks

Hi Brett,

Thanks for having me! I bought my 1st property back in Dec of 2011 so just under 5 years now. Since then, I've purchased 4 properties and currently own 3. 

Hi Teo,

I didn't at the beginning. I started after learning that one of my contractors wives actually did interior decorating. I paid a flat fee and had it done. For me personally, the investment really helped me be more aware of other styles and concepts.

One hack I learned is I found a few schools around my area that teach interior decorating after my initial one was done. I went to the school, posted an ad for paid work, and had a ton of young professionals offering their talented services. I recieved the help I needed to sell or rent my homes and they got paid and turned my properties into a real life school project.

 Hope this helps!

Thanks!

Hi Brandon,

I own 1 property in a lower income area and it cash flows well. 

Assuming you're already pre-approved, I'd make a list of the properties you're interested and walk them. 

When I walked the properties that I was interested in, I took along a handyman and a friend. My friend took interior/exterior pictures and notes, while the handyman/contractor called out issues/problems and their estimated costs. Average time spent per property was 15-20 mins. When I got home that afternoon, I reviewed all the pictures and notes carefully and calculated all the rehab costs. I then consulted with the real estate agent on my choices and submitted my offer(s).

Let me ask you this Brandon, after all monthly expenses, do you know what you want to cash flow per door? For me, my minimum cash flow per door/unit is $350. 

Thanks

P.S- I called a few contractors off Craiglists and found one that I paid a flat fee to walk the properties and provide written estimates.

Hi Everyone,

I'm working on a seller financing deal at the moment here in the Orlando area. The condo has a high renter to owner occupant ratio thus making it extremely difficult to acquire traditional financing. On top of that, 1 entity there owns more than 10% of the units. The location is great and rents/cash flows very well. Any advice or pointers on how to get a bank to give me a mortgage on this property or refi? I plan to occupy the unit as my primary home. 

Thanks

Just joined as a Pro! Working on building up my property portfolio and looking to listen learn, and make friends.