All Forum Posts by: Frank Procopio

@Drew Sygit send me a message I have been treating messages for realtors out there for 2 months

Looking at picking up c class singles in the Detroit area? Anyone doing this? Feedback? Go to Broker or manager? Reached out to a few with no responses

That is really personal preference. I often find that pet owners are more responsible, screen them like you would any other renter. You can require insurance and an extra deposit as well as impose breed restrictions. Or just flat out say no especially if you are worried about your dog with other dogs

Are you investing from a distance or locally? Do you intend to use a property manager? I rely on mine for my rehab costs and expectations. A realtor and GC are also good resources

@James Hamling you can be the richest man in the world and still be miserable. Look at people like Robin Williams. Success means different things to different people but if your not happy or fulfilled then what's its all for. Won't argue that money makes things easier but its not everything. But if your thing more power to you.

John Thedford lets connect if you have time this weekend or next week. I just got licensed down there and am joining Nabor as we speak. Would be interested in connecting with other people who do investments in the area. 

John Underwood what are you seeing as cons on your short term rentals besides cleaning and renting costs? 

Luke Anderson I havent switched to an umbrella policy yet in NY even on my blanket loans. But from my basic understand Florida is different in that aspect as well. You also would have to go through a different company licensed in Florida then there is hurricane insurance. I also do not like how their laws with commercial lending make it show up on your dti. So feel like I would have to go seller financing or hard money as to not crush my buying power. Right now everything I own is under a corp or llc 

Few things to consider:

1) Will the storage units impact the lives of your tenants. You want to foster long term tenancy and constant traffic may not be ideal.

2) Will your local municipality allow you to do this? Where I am it would have to be zoned appropriately

3) What is the cost? Would you be better off just putting that into another project or upgrading the units

Get multiple quotes for the labor to determine the value he will bring and how much money he will save you. Everyone brings different things to the table. As you scale time becomes your most precious commodity. Figure out his worth then incorporate it into the deal