All Forum Posts by: Mic Nguyen

I purchased a SFH in Cape Coral area in 2010 when the market tanked for 61k. Its been rented to the same tenant since for $700 month. Annual expenses are $2k for tax & insurance. I could net roughly 110k after closing. Wondering if I should let it go now considering I haven't found a property to replace it with but I know my ROI is low @10.4% currently. Any suggestions?

I 2nd what @josh nix said. Depends on what your goal is right now. When I bought my first property, I was still working full time so I just used it as supplemental income until I could afford to buy another. Once that started I liked the fact that I was boosting my monthly income so I started focusing on long term rentals. Every once in a while, I'll get a great deal on a property and flip it because that gain would be worth 5 years rental income so i go ahead and cash out. So really depends on your goal and finances at this point. 

I am back in the real estate game after taking 2 years off to open a restaurant (which is doing well by the way). I have not added anything to my real estate portfolio since 2014 and now I'm ready to add some properties. My question is, with the market back up here in the Florida panhandle where are you guys finding the best deals? I don't reach out and buy something at the high point of the market. I guess we all got spoiled in the 2009-2013 era. Any suggestions? I have roughly 100k in cash to play with. 

Thank you all for the responses. Bill made a good point about tenants getting hurt on the property and their claim should not exceed 1 million, but im also concern about if I were to hurt someone in an accident or anything that could occur away from my business. My properties in the LLC should be safe there, correct?

Hello All, I have some questions regarding my LLC, liability, and insurance. I live in Florida and have an LLC with 3 free and clear rental properties deeded to it and have 5 financed rental properties in me and my wifes personal name. I was told by my insurance agents here that now that I deeded the properties to my LLC that liabilty coverage will not be included in my dp3 polices and that I now have to purchase separate liabilty polices. My 2nd question is, now that I formed the LLC and did my tax return, this is now a business income instead of just my rental income. They both transfer to my 1040 via schedule E but now on the LLC side of things the lender will not add back in the depreciation value of the property on the business. My last question, now that I have 3 properties in the LLC am I really that much protected? If someone were to get seriously injured on one of those properties above the liabilty covergage that I have, wouldnt the other 2 properties in the LLC be at risk? I know these are probably some detailed questions to ask, but as I see myself growing in the business, the more it confuses me and feels that I am at risk to lose more. Please advise if you know. Thanks

I don't know the laws where your located but in Florida you have to be a licensed real estate broker to have a property management company up to 15 properties and a CAM license over 15. Don't know if this helps but maybe something you wanna check on.

The problem is I cannot get financed here. No one will consider me because debt to income ratio but yes you are correct this would definitely help my ratios after a year on my tax returns. Do you know of any hard money lenders in Florida ?

I have a deal I think is very profitable. I have an option on a 2 story 4 plex. 1100 sq ft each. Purchase price is 90k and needs 30k in rehab. Going rent in the complex (5 other buildings in complex) is 650.00 per unit after rehab. My only concern is that I would have to move all in on this property. All my cash and credit card advances as I can not get a loan due to debt to income ratio & maximum fannie mae properties financed. I would probably take 6 months to build a solid reserve again.

There are nothing about pet violations I guess because its in bold letters saying so pets and intialed. I forgot to mentioned that I live in the state of Florida if law differs here. I know for future leases I will add a huge penalty for violating these terms.

I have a tenant who is moving out this Friday and It has came to my attention that the tenant has had a dog in my property when the lease specifically states that I do not allow pets because Im am allergic to dogs and because I just did a complete remodel on this property before the tenant moved in last year. What can I do? The tenant wants her deposit refunded but I believe she owes my money for at least a pet fee and to clean the house back up. Any advice would be greatly appreciated. Thanks