All Forum Posts by: Account Closed

@Branden Sewell where in the orlando area are you looking at? Have you checked the cities in the greater MSA? There’s deals to be had especially if you qualify for a FHA loan. I would be in heaven if I only had to put down 3.5% of purchase price for a property. If you owner occupy there’s banks that will do the FHA loan for you. Find a place and at the same time find a bank that will pre qualify you. If you’ve been pre qualified how much are you approved for?

@James Hsia it’s a business. That’s what everyone says over and over again here. It sucks and tenants try to play to your emotions. Follow thru with the eviction and move on. They are already behind. Don’t get more in debt for them to live for free. If you can’t do it, hire a property management team that can. Make less money but sleep easier at night.

serve him a 30 day notice ASAP and move on. If one month of two empty units scares you just think what happens when you have no insurance on the property or like you said your rates instead (year after year after year).  

As like someone else said.  If I were looking at the other unit and saw a Pitbull I’d move on to somewhere else.  

Vacancies suck and are scary. But don’t let fear ruin your business.  

welcome to the community and congrats on your retirement. You are taking a great first step, the learning step. It took me 4 years to go from watching on the sidelines to finally making the plunge. 

It all depends. Are you working in your retirement or just living off the military retirement checks?  It depends on what you want to do.  You don’t have to be a landlord to own rental properties. That’s why they created property management companies.  

The only recommendation I have is to learn as much as you can about what  type of real estate you want then take the plunge.  

I do buy and hold. But that’s what I’m comfortable with.  I don’t want to manage a contracting crew daily or weekly for flips.  

Good luck 

Everyone’s situation is different. But just like most people said, it depends. 

1.  Does your employer do a match of the contributions.  If so I would recommend to at a minimum put into your 401k to get the full matching from your employer. 

2.  Not sure what your tax burden is, but if you are in a higher tax bracket maxing out your contribution to your 401k saves you roughly 3,000ish dollars in federal income tax, plus whatever you state income tax is if any. 

3. What is your end goal for real estate?  That’s the biggest thing.  Flipping, house hacking, brrrr, straight up buy and hold, notes, or something else????  Tha should dictate what you do with your contributions to your 401k.  

my advice would be to adjust to market rent out the gate.  Rather to take a little vacancy upfront versus a hit monthly. And once you accept the lower rent it will be harder to raise it.  Show the tenants the current market rents in the area.  It isn’t like they will be able to move to something else unless they “downsize”.  I feel for you, the whole I don’t want my units empty right away. But rip the band aid off early.  

Thank you.  I guess I never even thought about that.  Guess I have some work to do tonight.  Thank you

Evening everyone, hopefully this finds everyone winning the day.  I just closed on a property and am about to have a vacate unit, the others are all inherited tenants.  But I need to find a more iron clad lease.  Is it worth buying the BP one?  I had got one from the e-forms website lease, but as I've been reviewing it I've noticed a lot of holes in it.  I don't like holes.  Any advice would be greatly appriecated. 

Originally posted by @John Underwood:

@Account Closed I would just confirm this with your local Magistrate or authority that handles evictions.

If utilities have been cutoff this will add to your position.

I’ll have to wait until I can speak to someone ( attorney ) on Monday.  But time to start some process to get them out regardless of what it is.  

The utilities were on last I checked.  Only one person on the lease and I can confirm they are still in jail.