All Forum Posts by: Greg Morris

Taxes way to high. You need to go the tax office and explain what is happening. Try to get the city to reduce the taxes. Talk to whoever owns the other 5 about the problem and have them support you in solving the tax problem. 

I'm sure she is doing the best she can. If l may suggest a few things that might be of help. Offer a $1000 bonus to the realtor (a tip as it were which has to be paid through their broker) for finding a buyer within next 30 days of date posted and closing the deal You can print up the offer, the address, your contact number drop it off at each real estate office and have them post it where the realitors can read it and know about the offer. Your agent will still get her commission or she may have to share with another agent. But you can give the tip to whoever actually sales the property after the sale. Secondly take a video of your property. Do a walk through detailing what was done and how nice it is. Post it on YouTube and offer it to agents to post on their private websites. You only need one copy when the agent request a copy just copy one off. Mention it on your posting you have a walk through copy available. Have open an house on the weekend on a nice day. 

It depends on the project. General contractors agreements should have the coniditions of the contract,  the work that is being done, the price, payment, when it will start and be completed, change order, taxes such as material taxes who is paying what in taxes, insurance and your obligation. Mortize Bode are you using contracts with GC are just hiring contractors?

Contractors in Fla must have a license to work. If you hire a contractor the first  thing you do is ask for a copy on his license. Go on to the state site and check out his or her license for any complaints and that it is up to date. If you hire a contractor have a contract as to what you both agreed on and a copy of his or her liability insurance. Protect yourself, if the contractor refuses do not hire the contractor.

Good advise Katie Courtney. Double wides are considered private property like an automobile and depreciate yearly. Make sure your getting the value of your cost. Most lenders won't touch them after 15 years or so. The roofs are good for about 12 years, faucet are made of cheap plastic and tend to leak after a few years. Floors as mentioned is thin chip boards and rots through quickly. Take water meter with you when inspecting. Check under cabinets. Water well can go bad, ask how deep the well is, most of the time it's the pumps that go bad...is it an above ground pump or a sub pump? Pumps cost around 400 to 500. If it's a sub pump the line coming up could have a pin hole losing pressure. It hard work pulling one out when it 100 ft long but it can done. Check to see what's trailier is worth. If you have a question feel free to write  me.

You need to do walk through, check the property over for repairs with a contractor, go over the rehab numbers, insurance cost and what it is going to cost you before you buy the house. Are you planning to flip the house? What are the houses selling for in the area? What are you thinking you will sale it for? All of this before you buy the house. I suggest you study up before you buy a house. Find a contractor who is willing to work with you and isn't over charging you because you dont understand home construction. I'm in Spanish Fort Ala and l am a contractor , house flipper as well. Write me if l can be of any help. 

Alot of good advise for sure. Just to add. Finding an experience contractor is vital. You want someone who knows not only what needs to be repaired or replaced but knows the cost as well. A contractor who is buying stuff constantly is aware of cost. Make sure when you do your walk through your looking and sensing the flooring as you walk through, does it feel soft etc. Be aware of the total environment. This will decrease missing something and having to pay out more on repair later. Also buy a moisture meter to carry around when inspecting. 

From what l was told from VA. You have to live in the home for one year. Afterwards you can refin the house. To buy a duplex with your VA loan you have to live in one unit for one year and have two years rental experience. Whereas both will be investment properties l dont see why you wouldn't be able to use a 1031. IRS deferr. You better talk with your acct. I like your idea though. Let us know what you find out. Thanks.

I have to agree with David Abbate. 400k for a rental of 2.7 k does not make sense. You might want think hard on this one. Be careful. 

Derek Harris is right. I'm sure BP has some Good material, but if your on a budget like most of us l would recommend you buy some nice study videos at udemy. I think they currently have a good deal going on right now until the end of the month ..look under business. BTW checkout SCORE review their free courses and find a mentor. The free courses are under real estate.