All Forum Posts by: Jazmine S.

@Wayne Brooks @Mick Misra Oops! Just answered my own question! 12 month minimum occupancy. Got it! ;)

@Wayne Brooks @Mick Misra 

So what do they look at as far as proving that it is owner-occupied? The property I am considering is a house that underwent a residential fire, and most of it is in very poor condition. Would it be a possibility to change all of my addresses to match this property, move some things in and say that it is my home but I need to make renovations to make it habitable for me? Or is this highly unethical in the REI world (or even impossible for that matter)?

 OOPS! I meant to type 20%. Thanks for the catch. ;)

 Thank you so much for your transparency!!

WONDERFUL!!! Positivity from real and true experiences is always extremely motivating! Congratulations, you deserve it!

Generally through not only research but also live forums such as BiggerPockets I've noticed that everyone seems to agree that the first few years of real estate investing typically do not produce much cash flow, and that you may only profit $150-$200/month per property (if anything).

I have a couple of questions.

1) Is this truly realistic, or is it possible to make more during your first year if you make the right choices? Also looking for help with regards to what specifically to take into account when it comes to monthly expenses. I pulled up a random property to use as an example.

$53,000 property: http://www.zillow.com/homes/for_sale/Fort-Lauderda...

Mortgage calculator: https://www.zillow.com/mortgage-calculator/?homePr...

So let's say I only put down the 10%. So based on the above calculator they are saying the payment to the lender in addition to taxes for the month would equate to approximately $266, plus an additional $67 for insurance, bringing us to $333. Since Zillow bases their insurance rates on homeowner's insurance, let's bump this up to $350. The estimated rent for those units in that area is said to be $1,200. Me being a local, I'd say that's high for this type of unit so let's say the rent is $1,000.

At this time we are at a $650 profit. (And potential for an $850 profit depending on the rent).

So, I'm thinking that either 1) people are saying that it takes time to make money investing due to maintenance and repairs and they are looking at how much they made versus expenses in the entire YEAR, and estimating how much they typically made per month after all is said and done... Or 2) There really are other additional expenses occurring each month that I am overlooking. Property management in my area is typically about $100.

2) Second question. Almost done I promise. ;) Since maintenance, repairs, turnover, taxes, insurance etc. are all constant factors that don't diminish... Where does the idea that you make more as the years pass come from? This has puzzled me lately the more that I think about it. Maybe it's making the assumption that you would be acquiring additional properties during that time frame?

I could not be more grateful for all of your help. :]

I did not have enough space in the subject line, but I wanted to further specify that I am referring to calls that require an immediate response.

Ie: Locked out of the house, in-home flooding due to a sewage/plumbing issue... Etc.

The more the merrier! Especially if they are coming from true experiences. Thank you so much as always.

 Hello Ed, this website has been created so that investors, educators, businessmen, and start-ups could collaborate with each other, educate each other, and grow. For you to go out of your way to write a post simply to say you are not going to help the person is a waste of time and space. I will be reporting your answer and hope that in the future you only respond to threads that interest you.

Hello everyone!

I am now at the stage of selecting all of the companies/individuals I want to work with in order to make an amazing and efficient team.

For my Property Manager I very specifically want someone who is INCREDIBLY personable and friendly, someone available 24/7, experienced, and licensed. If you have had very very good experiences with someone please pass the word along! With how heavy of an industry real estate in South Florida is, I have been surprised at the difficulty in finding a qualified fit.

Bonus points for professional, timely, and trustworthy inspection companies as I am searching for one at the moment as well! :)