All Forum Posts by: Jeff Copeland

 This would have to be worked out with the lender, based on why they have concerns or won't allow it. I would venture to guess in some cases it's because the buyer doesn't have any money, or enough cash reserves, rather than the fact there is a second position lien (as long as they are in first position, why would they care?)

Property tax rates will vary considerably from market to market. 

Also be very cautious about using the current owner's property tax bill from public records. In some areas where owner occupants have a homestead exemption and/or an annual cap on tax increases, there can be a huge spread between what the current owner pays, compared to what a buyer will pay after the property is reassessed at the new sale price. 

Many county property appraiser's/assessor's offices will have an online calculator where you can plug in a purchase price and get a tax estimate. Here is one example from Florida: https://pcpao.org/taxEst.php

Your age is not a factor. They will look at your credit, income, employment history, and debt-to-income ratio. 

How did you verify the actual square footage? It's not uncommon for public records to say one thing, an appraisal to say another, and a measurement to say a third. And there's also "gross" square footage versus "living area" square footage. 

Often, if the public records underreport the square footage, there's very little invective for a property owner to correct it (it would just raise their property taxes). But for an investor it often makes more sense to have everything updated and accurate before selling or refinancing a property. 

I think this is much less of a concern with manufactured products like laminate and LVP. They are going to be very standardized. 

Even if you're picking it up from the same store, there's no guarantee it all came from the same pallet or lot number. 

Your friends can either be equity partners (form an LLC and pool your resources. Your LLC's operating agreement will dictate how and when profits and capital gains get distributed).

Or they can offer you debt financing as a private lender. This blog post explains the financing process (which is essentially the same for bank financing, private money, or seller financing). 

Your owner login is completely different from the PM's login. 

Your PM should provide you with YTD "close out" statements (called a "Rental Owner Statement" on your properties (and of course process your final draws, release any reserve funds, and transfer any deposits), but you will no longer have access to your owner portal in their Buildium account once your properties are deactivated. 

Your new PM should provide you with a new login to whatever system they use, but it will not be linked to your old portal, even if your new PM also uses Buildium. 

I've discussed this very question with lots of people from different segments of the industry. 

Here's the situation in Florida:

1. Yes, rising interest rates are putting downward pressure on prices, but

2. Other factors (population growth + housing shortage = good old-fashioned supply and demand imbalance) are still putting upward pressure on prices, and

3. Comparing asking prices to sold prices is not particularly relevant. What we need to be comparing is year over year sold prices. 

4. Based on simple economics, prices won't decrease on a macro level until supply exceeds demand, and that isn't happening anytime soon. This is borne out by the available market data below. 

Looking at the most recent market stats available (September 2022 compared to September 2021) for SFH, which are a good indicator of broader market conditions:

Properties sold for 96.5% of list price (down from 100% in 2021), and

Days to Contract increased from 9 days to 21 days, and

Days on Market increased from 49 days to 56 days, and

Inventory increased by 51%, and

Months of supply increased by 80% from 1.0 to 1.8, but

Average sale price still increased by 11.7% year over year. 

So far, what we are seeing play out is not a crash, but a return to slightly more normal market conditions. 

Try the agent finder tool here on BP: https://www.biggerpockets.com/...

 I would absolutely not advise "threatening calls to the tenants". Believe it or not, they can sue you for unfair debt collection practices. 

Ask me how I know!