All Forum Posts by: Elenis Camargo

@Account Closed I would think they are all pretty similar length of time to get a license. I have friends who have gotten them in other states and it sounds like the Florida one I just got. What are you wanting to do exactly? Get licensed in a random state?

@Daniel Mendez I have looked all over for a decent mutli family in Jacksonville and they just are not there. They are all on the west side of the river and in super rough condition. It's truly not worth the money to fix them up because they may not even appraise for that much, and you may have a harder time with tenants there. I do have one property on the west side and we are evicting the tenant as we speak. My other two properties are on the east side. I'm looking for other cities where the multi family properties are better.

@Steve Kriz Where are you currently located? I live in Brooklyn, NY and invest in Jacksonville and have not used a turnkey company. I have found the properties myself, done any rehab necessary managing the contractor I found on BP, and self manage from here. I just became licensed (sales associate) in the state of Florida as well. What I can say before using a turnkey property is to make sure you do your own analysis and do this for the long term. You can't trust the numbers that any wholesaler or turnkey company gives you because they are just trying to sell you a property and get it off their books. So run your own analysis before trusting theirs!

@Travis Clark I have an amazing contractor in Jacksonville. His name is @Gary Siver. DM him for more info. 

@Caroline C. Thank you so much! And wow, small world!! We plan on relocating there next summer once our lease it up. Yes, totally wishing we were there today with this dry, cold weather. Would love to stay in touch. I'll send you a request to connect  :) 

@Kathryn Koutsis Thank you for reading and I'm glad it was helpful to you. Happy to answer any questions you have along the way. 

@Nora Davila Thank you! Awesome that you're in the planning stage  :)  send me a PM and we can talk more about any questions you have about self managing. Happy to help there.

@Account Closed That's awesome!! LA and NYC, two of the priciest cities in America. If we can do it, anyone can  :)

@Tim Kaminski Great questions! We are paying more than our cash flow for the HELOC just to get it paid down faster. We have jobs now but plan on moving to Jacksonville next year and doing this full time so we want to pay down the HELOC before moving and not having these jobs.

Correct, the PM only does the tenant placement. He took the pictures, listed the property, showed it, accepted applications, did background checks and did the walk through with the tenants. Once they have the keys, the tenants are mine to manage. Great question about the PM placing anyone in there. The PM will present to you all applicants and let you choose one, and good PMs will tell you their opinion on whether to accept them or not. That's what ours did. The tenants he placed are the only ones that have autopay setup and have not given us any headaches so far. Worked out well!

The tenants have my phone number and email. I tell them to email me anything they need and call only for emergencies. They mostly follow that rule. I got some contacts through referrals and others by Googling or looking on Craigslist (handyman for example). 

I honestly did not want to use the HELOC for a down payment but we only used some of it and since we have additional money from our jobs where we can pay it down within a year, it mitigates the risk. If you were going to take years to pay down the HELOC then I wouldn't recommend it. The market can swing at any time and interest rates can go up. But if it's paid off in the short term then it's not as risky. My opinion of course :)

Happy to chat more and answer any other questions! Just send me a PM. Best of luck on your current and future properties!

@Monica Bear Awesome! I'm glad you were able to read both and enjoyed them  :)

Thanks for the compliments on the property! I was very proud as we had never done that before, especially out of state. 

Those are exactly the points I was trying to show in the other article. There WILL be issues along the way, that's the nature of the business when dealing with tenants and properties. If this is something you really want to do long term, then you don't give up no matter what gets thrown at you. 

You're welcome. Feel free to reach out any time and I wish you the most success on your first deal!!