All Forum Posts by: Nancy E.

We have been using the same PM for 8 years and have been happy for the most part. However, the latest turn required extensive maintenance and upgrades. We kept the security deposit but it was about 1/8th of the total bill. Some of the repairs we authorized but some were done without our consent - we were just billed. From our calculations, in 2024  we will lose 1/2 our income on this single-family property in Florida.

Any suggestions on our response to the PM? We would prefer not to fire them. The damage by the outgoing tenant was not that extensive to warrant all the upgrades. Our PM has previously said they must have properties they manage up to a certain ‘standard’.

We do not want to pay legal fees for Small Claims Court.

Any help is appreciated.

Stephen E

@Savannah Kennedy 

The smart investors will watch and see how the coronavirus will impact homeowners and/or the unemployed. Those with reserves will buy and those without will either hold or sell. The "wait and see" approach is smart since no one knows how long this isolation or stay at home phase will last. 

Hello Ryan,

@Ryan Dossey

This is a great learning story that shows all the problems we handled when Fix & Flipping properties. The TV shows do not show the true world that investors live in each and every day.  We have acquired hoarder homes with dead animals, infested properties, etc. We also had a water issue two years ago at one of our rehab properties caused by a contractor who was supposed to be installing floors and new kitchen.  The world of rehab is unique, exciting, and full of surprises. 

When you finish your rehab, please re-post new after work pictures.  

Thank you. 

From Nancy E. 

@Michael Beeman

This is wonderful news. Congratulations and best wishes to your continuous success in real estate investing. It is great to hear your story and know that the Bigger Pockets community provided value.

Keep us updated and best wishes to you and your family.

From Nancy 

Hello @John Hockin,

Welcome to BP and to the state of Florida.

This website is a great place to start getting familiar with techniques and resources.

Best of luck and maybe we will connect at a locate real estate investor event like TBREIA.

From Nancy

Hello @Sherman McLendon,

Try changing your perspective - deals can be found in other places from Real Estate groups within your area of interest: real estate investing associations (REIA), and google meet ups opportunities like Deal Makers.

There are motivated homeowners out there, but keep in mind that Florida has a lot of investors.  You are competing with those with more experience and money. 

Whatever you do, do not give up on your dreams.

From Nancy

@Dale Carlson

This is great news and we on BP love to hear about success stories.  A wise person once said "Better late than never!"  Stay on track and keep moving forward the journey is intriguing -- and, your goals are just in front of you and you are the maker of your destiny. 

Congrats. 

From Nancy 

Hello, 

We have completed two deals with Finance of America (B2R); and, both deals were effortless. The first one was a full rehab that took one month to finish and the second property was a wholesale deal, which closed four weeks after the initial purchase contract. Our FAC rep is responsive, but we are apart of HomeVestors of America with a large marketing population. The rep attends our annual conference and solicitations of their lending services to more than 800 Franchisee. We receive more personal attention because of HV involvement. However, I would recommend their services if you are looking for lending support.  FAC terms are good in comparison to a hard money lender.

Good Luck

From Nancy Emineth   

Hello @Eric DeVito,

Unfortunately, family members cannot always see your dreams until there is evidence. Since the beginning of your journey will be hard and you will need emotional support at times, I suggest you locate a local REI meet up group for support.

Whatever you do - don't give up on your dreams. Real estate investing does work and can be your ticket to a different life.

Good luck and keep us posted on your success. 

From Nancy 

Hello @DANIEL BROWN,

Welcome to Bigger Pockets and a community of "like minded' real estate investors.

There is a lot of good information on this website, so check out the links at the top of the screen. The podcast and blogs are to die for - information to help you grow and expand your REI interest.

Good Luck and keep posting, we love to read success stories!

From Nancy