All Forum Posts by: Rene G.

My two cents. Don't listen to me, but the price is not the biggest issue here, in my opinion. 

You can circle back to price later, but first, talk more to him about his intentions:

"You want $1m for this duplex huh, how did you get to that number?"
* "What about any damage (give examples)?"
* "What is the age of the roof?"
* "Age of HVAC?"
* "Age of water heater?"
* "Age of appliances?"
* "Any foundation problems?"
* etc. You get the idea...

"So, you want to 1031 to buy another deal. Do you have the deal lined up now?"

"How much money do you need for the deal?"

"If you had that amount now, would you still want to 1031 the duplex?"

"I'm trying to understand intentions. What's important to you?"

"If you really don't know the house's value, considering any maintenance and/or damage, maybe you can get an inspection. Or at least consult a real estate agent. Once I know your true underlying reason to sell, with your understanding of the value, we can work out a custom-tailored deal. I'm excited! I know if we work together we can figure everything out!"

--

Once you get to the bottom of everything then you will know what to do. Who knows, maybe you could get a loan for the amount he needs for the downpayment (if it's not $1M), then do owner financing for the remainder over time. Don't be too hungry to make a deal. Be willing to walk away. Explain your terms and if he can't get what he thinks he can, he may circle back to you later. 

That's too big! Look at all that space. I doubt the highest and best use is to have that big dirt backyard. lol

I'm in Florida, and I'm in an area zoned for auxiliary dwellings. I built a 1,000 sqft single-story 2bdrm/1.5 bath in-law/apartment with a zero entry shower. It has separate parking and an entry that leads to/from the sidewalk. It has separately metered utilities, trash, cable/internet, and sewer connection. It rents for over $2k. Maybe this might be an option for you. At least, something to consider. Best of luck!

I'm assuming they are connecting the full bathroom with the half bathroom so the other bedrooms upstairs can have access to a shower. Honestly, that's too weird for me. I would not be happy with that. I would try hard to figure out a way to downsize the master bathroom and upsize the half-bathroom so there will be two showers. You can figure something out. The first thing that comes to mind is to eliminate the tub in the master bathroom and try to have two small standup showers (one for the master bathroom and one for the half bath). You might have to knock out some walls and maybe relocate the toilets. Hopefully, the layout will be in your favor. Good luck!

Anthony,

Real quick, everyone will be giving you biased advice.

Property managers say property management is hard. They also want your business.

Do-if-yourself landlords will say managing your own rentals is easy. They also want you to agree with them.

Then you have all the other people that have an opinion. Some have something to say no matter what the question is.

You always have to sort through all the noise. Everyone has their own style and strategy.

Don’t listen to me, but here’s my 2-cents. I say do your own tests. If you’re planning to start your own RE Business, what better way to get some good experience than doing your own property management your last few years before military retirement? I’ve managed my rentals for over ten years, often deployed to the Middle East. You have to stick to one strategy and not get distracted by all the shiny advice and things you could do. If you are in the military, you know the importance of strategy over tactics.

Remember this:

Experts talk about principles.

Amateurs love to talk about tactics.

Novices love to talk about other people’s techniques.

At the end of the day, everyone is trying to do their best based on many different factors. Ultimately, everything depends on you… you have to decide what’s right and wrong for you.

THANK YOU FOR YOUR SERVICE BROTHER!

Do you think landlords should require tenants to provide proof of vaccination before moving in?

https://www.washingtonpost.com/nation/2021/09/15/florida-landlord-requiring-covid-vaccine-proof/

Thanks for all the good info!

MY QUESTION: Landlords, what are your most painful problems (that you know how to handle), yet they keep happening?

MY THOUGHT PROCESS: I notice a lot of landlords posting unique one-off problems or situations. It's usually something they never ran into before.

What I never see are veteran landlords posting about their biggest nuisance problems. I guess I want to know what painful problems landlords have that they handle and wish they didn't have to deal with. You know... The things that happen again and again, that you know how to handle, but can't prevent from happening.

So you're left with the HELOC option or selling. Have you looked into the HELOC? Seems like it's time to start weighing options. Don't be afraid of what the market is doing. Keep sound practices and stay to the basics. If you have a cash flowing property now, what is the likelihood it will still be cash flowing at the end of the year and next year? If you get a HELOC you don't have to use it, BUT you could if you wanted, if/when you find a deal. If you sold, you'd be sitting on undeployed funds...if/when you find a deal, you're still in the same situation...what is the marketing to do? I'm not the guy to ask about getting SFH or duplexes in the Orlando. Sorry man.

Jack, have you considered leveraging your equity instead of selling outright? Get with some banks and see what options you have that would allow you to keep your NY asset "and" invest in FL. Maybe look into a refi/cash-out or a HELOC. I like to try to increase my Net Worth and I'd rather not get rid of a performing asset if I can help it, but that's me. Maybe you'd rather focus on cash flow primarily. After you research everything, go with your gut.

Good luck Scott, you got this Man! Stay committed and most importantly keep taking action. 

“The great aim of education is not knowledge but action.” – English philosopher Herbert Spencer

Happy New Year!