All Forum Posts by: Jim C.

When the news media starts claiming "the sky is falling" renters tend to hunker down (like they did with me from 2008-2011). I had virtually no vacancies during that time, as it appears that the renters weren't sure what was going to happen, or if they would lose their jobs, so they stay put.  I think it's kind of opposite to the Stock Market or economy in general. When the economy is hot, tenants tend to move more often and often try to rent something above their means or more extravagant. That's my take.  I'm still looking at B&H and if the right deals comes along, I'll jump. And I'm stockpiling cash to buy when the housing market dumps. But if history is any indication, the stock market will downturn first, followed by housing market a few months later. Just my $.02

Most buyers would not want to buy an eyesore next to them. I did this a few years back and regretted it. Couldn't get interest in the property until I took a hit in selling it. The old adage Location, Location, Location applies to the Location next door (and even down the street) from your property.

@Dane Peterson- Hey Dane- Thanks for the info. I'll reach out to them and see what they have to say. Thanks!

Anyone have experience in purchasing/installing a modular home in SWFL (Estero, Bonita) specifically in Lee County? I have a parcel of land that I'm considering having a modular placed there for seasonal rentals. They seem to be cheaper than stick-built homes.  Any comments would be appreciated. Thanks!

@Danny Lagestee- It doesn't matter who you buy the property from as long as the numbers make sense.

@Danny Lagestee- Welcome to BP! You'll find lots of valuable information here. Would like to meet up with you and grab coffee and talk further. 

@Kyle Grimm- Are they on a month to month, or year lease? If month to month, tell them you are giving them a new lease to sign, with the following verbiage (I cut this from my lease):

1. Parking of Vehicles: All vehicles shall be parked only on the driveway, street or in designated parking areas. The Resident shall keep these areas free and clean of any vehicle fluids, such as oils, etc. Trucks (except for pick-ups and passenger size vans) boats, trailers, campers or motorcycles shall not be parked or stored on the premises without the prior written consent of the Owner/Agent. A maximum of 3 motor vehicles are allowed for tenant(s), and that such vehicles must have proper license plates (no temporary tags longer than 30 days), as well as proof of insurance on such vehicles. Un-plated, expired, or uninsured vehicles must be removed within 24 hours at landlord’s request. Tenant agrees not to park or store a motorhome, recreational vehicle or trailer of any type on the premises without written consent of the Owner/Agent.
2. Repair of Vehicles: The Resident shall not repair vehicles on the premises (unless vehicle is kept in an enclosed garage) if such repairs shall take longer than a single day. Repair of vehicles on the premises shall be limited to the Resident’s own vehicles.
3. Disabled Vehicles: Disabled vehicles shall not be left on the premises for longer than 24 hours. Disabled vehicles which are not in an enclosed garage will, after having one written 24 hour warning placed on the vehicle, be towed form the premises a the vehicle owner’s expense. All vehicles shall have a valid license plate, and insurance.

Don't trust anyone's numbers, other than your own. If you are familiar with the area (and you should be where you are investing, you would know the rents and vacancy %'s). You can call Insurance agents to get a general number for insurance. After speaking to a Mortgage officer you will have an idea as to points / % down, etc. Only then will you have the information you need. Then you can offer contingent upon performance / inspections, etc.

@Ray Jansma- One of my Handyman I use took a job repainting a house in Hessville. Long story short, the Code Enforcement people came and asked to see his license. Not his driver's license, but City of Hammond Contractor's License. All tradespeople doing work in Hammond need to have a license from the City. And I'm sure you know what is needed to get the license? ALOT! That's why alot of tradespeople will avoid Hammond at all costs. So, it cost him $500 fine. It seems the code enforcement folks drive around looking for contractor style trucks or vans and then start questioning. So it seems that costs for remodeling will be higher in Hammond due to the licensing requirements. A few years ago Hammond cracked down on "split" properties; where LLs took SFR's and converted them to duplexes/tris by making the basement or attic areas separate living spaces. So be really careful if you buy anything listed as Multi; verify from the City that it's legal.

As far as COC and flows, it can be just as good in the other areas I mentioned. And you'll find a little better appreciation in the areas I mentioned as well. That's icing on the cake. Cedar Lake can be a bargain if you get a fixer upper. I've seen them sell as low as $15k (needing work of coarse). PM me for more info on Cedar Lake and Merrillville, I'd be glad to help!

@Fernando Galvan-   For the best used appliances in that area, I go to "Things N More" appliance thrift store in Gary. They have great prices and offer a fair warranty.