All Forum Posts by: Javier Marchena

I will be out of the country until Jan 8th, so let me know your next meet up.

As a Landlord I will never trade work for rent. Neither I would reduce the rent for any work performed on the rental unit.

I will hire you to work in any other place and pay you for your work, but not in your unit.

Hi Jeremy

Love to meet. Working full time, nights or weekends work best.

Welcome @Felix Ortiz  You are in the best place to learn. 

I do RE Investing in the Central FL area. Let me know if you need any help.

Hi Peter, 

Welcome to the BP community. I buy and hold in all the Central FL area. Also help other out of state investors buy and hold. Let me know if there anything I can help you with.

Nothing wrong with calling your municipality and ask. They will say you need to pull a permit, and you should. You want to make sure everything is going to get done right and up to code. 

Yes you could save a couple of hundreds if you get a handy guy, but if you choose this way, make sure this handy guy knows how to do the job and it going to get it done right.

You do not want your rental unit floated and your tenant calling you Sunday at 10 pm!!!

For me this is too risky, I would not do it. It looks very nice on papers but there is a lot of "what ifs:"

Vacancy, I did not see this built up in your formula.

HVAC breaks. Have enough money to repair in case

Roof needs replacement. Have some money?

Tenant can't pay, and you need to evict, at least one month, 45 days?

Etc... many unknowns that can ruin your little cash flow.

Is there any equity on the house at 43K?? or is that market value?

It all depends on how much the seller is asking, how much are you paying as down payment, how much is your credit score, how many years you are financing.... etc.

I am looking at a property that the seller is financing. Listing price: $139K, Down payment 30%, interest rate 8% with a 3 year balloon. 

Hope this gives you an idea. 

I try to avoid Condos for several reasons. 

They have strict rules about tenant occupied condos, and sometimes they want to do their own tenant screening. I do not mind this, but sometime takes more time than it usually takes me.

Repairs of the building also take more time than I would like. In my case (I manage 4 for another investor), I need to talk to the HOA administrator, then he needs to find the maintenance supervisor, who is going to get the subcontractor and get a price to fix a leak in a window. After he gets the price and the HOA administrator approves it, we need to schedule a day for the sub to go fix it. In one of my house, it's fixed the next day, everyone happy.

Vacancy is another reason. If for any reason you cannot rent this condo, you still have to pay HOA fees.

Just my preference.

We also had a similar experience. They were asking for $140,000 in a house, but it was not worth it for us over $125,000, so we did offer $125,000 and they came back with a counter offer of $138,500.-

Sometimes I think the person responsible for these sells are just playing with us...