All Forum Posts by: Joel F.

Hello,

Flipping long distance----I own 5 rental properties in my home state of Florida. I've never flipped before. However, I may have an opportunity to purchase my grandmothers home in upstate New York (Niagara county).  the home is in a good school district, it is 3 bed 1 bath built in the 50s.  it is kind of odd in that it doesn't have a dining room and only has one bath.  it sits on about 1/3 of an acre not far from lake ontario (no frontage)  I think it needs about 20 k of work and could sell for between 95 and 115 after repairs which i believe (not having seen photos yet) to include new counters, maybe refinish cabinets, a new cook-top, a new exhaust hood or microwave, new flooring throughout, paint, wallpaper removal, a couple intereior doors and screen doors, lighting fixtures, bath vanity and im sure a few other things.  I think i could get for about 50k

First, is there anything i should know about new york law and flipping.  ( rules with septic tanks etc...)

second, does my 20 k estimate sound reasonable with mid grade flooring.  

i may be able to take some time and go up there to do some of the work, like the painting and wall paper removal myself.  

Thanks for the input

I am looking at updating my lease (FLORIDA).  Does anyone have one they are proud of they are willing to share? 

Thank you!

 Point taken Colin ...thanks 

I require them to be listed, so as to memorialize the number of people actually living there and to gauge what to charge for security and to ideally prevent someone from moving their kid in with 4 kids of thier own.  

hello,

I have a few rentals. One that rents for 900 per month leased to two 50 something adults.  They are bigger folks.  They appear to have moved in two of there 16 year old grand kids who are also large people.  The 16 year Olds were not on the lease and they never asked to move them in.  It's additional wear and tear on the house and appliances. I just replaced the fridge because the door was sagging from the amount of food on the door. They pay on time every mouth and are nice people.  I did an inspection last month and they had both bedroom doors closed.  I see why.  It's a 2bed 2bath single ca .     Any advice ?

one follow up, they could not call it due earlier than the five years though, correct?

Thank you gentlemen

good morning all,

I have a question, I have been approved for a loan to secure another investment property.  I have previously paid cash and have not had to use borrowed money before.  the loan I was approved for is a 15 year loan with a 5 year balloon maturity.  What does that actually mean? 

does anyone have a Form for late fees.  I have a new tenant who is late the first month and I want to kill this now.  Also the yard is easescaped and grass is growing through it. Any suggestions for enforcement of yard upkeep?  Thanks in advance