All Forum Posts by: Jeff Fountain

Hey team,

I recently purchased my first RENTAL property in St. Augustine, FL. The insurance company, Southern Oak, canceled on me because I own more than five rental properties. I thought maybe they would be concerned with how many I owned specific to FL but apparently not. Any help or suggestions for a reputable insurance company where I can find coverage for that area would be greatly appreciated. I am working with my original broker to find someone but thought I would come on here and ask. Thanks in advance!

So my friend did not use them but ended up offering a seller their original asking price after said seller had dropped the price of the property. Thanks for the feedback. I thought we would see more of a response from the BP community. This program must be very new...

Wendy, We have a company called Coastal Appliances on the mainland that has been in business for many many years. Walk-in and immediately talk with someone. They carry most of what Lowe's carry and offer the same price. While a veteran and can use 10% off at Lowe's or Home Depot, NO THANK YOU. After experiencing hell in trying to apply a warranty once with Lowe's I said never again after all the time spent on the phone. I will pay a bit extra money, pay for the extended warranties and use a reputable local appliance store. They deliver, set up take away, making life easy and enjoyable in dealing with appliances. Just my $.02. Buy local/family owned if at all possible. 

Does anyone know the validity of the the RibbonHome buying program? https://www.ribbonhome.com Do you know of anyone who has used it and if so, did he or she have a positive experience? 

I have a good friend struggling to get an offer accepted on a new home purchase in Florida. We all know the market is extremely aggressive and competitive in the state. Her realtor recommended the program so thought I would try and reach out to the great biggerpockets community and inquire.

For those that don't know, the RibbonHome buying program comes in, pays all cash for the property, and you in turn pay a fee in addition to buying the home from them. The obvious advantage is the all-cash purchase by someone who has the capital to make such an offer. I have done almost no research to this point but was curious enough to throw it on our forum and see if anyone has experienced it. 

Thanks in advance for responses. 

@Will, I would not. But, that is my opinion. I own six properties on Saint Simons Island, GA and a property up in Alexandria, VA. I only mention my number of properties to convey my limited experience. While we all want to make more money, the solid dependable tenant is golden and is worth more to me than a bit of extra money. If you raise the rent on your current, you run the risk of the tenant looking elsewhere. Consider raising the rent after a tenant moves out. My goal for all my properties is to maintain solid long-term renters. Gives me more time for the beach. I recommend finding that balance between great monthly cash flow and keeping great tenants. Just my $.02.

Just wanted to jump in and offer a couple of observations reference Cape Coral. I got home today, Sat 8 Jan, from spending three days down in the Cape. For my own sanity, I needed to see first hand if the Cape Coral "hype" was valid. I wanted to know if RTR was legit in what they were marketing. 

As a conservative investor and former retired military member with several deployments, I have made my money through a ton of sacrifices and over many many years of hard work like many of you. I now have several properties on Saint Simons Island, GA and one in Alexandria, VA but was a bit cautious about getting in a market I knew nothing about - Cape Coral. I needed to get down there and see it first hand. I could not have had a better experience in getting on the ground and meeting with Victor Franco and the SF Development Group, all part of RTR's team. Zach Lemaster and Adam Schroeder ensured I was linked up with the right folks. Kudos to Victor as his patience never wavered with all my questions.

I was able to see first hand how the area has exploded with new construction. I walked lots and went in a couple of homes being built by one of the selected builders. As far as the lenders, I have spoken with four and each are a bit different. I have placed an offer on a lot and fingers crossed it is accepted. I will move forward now that I have done my homework. I look forward to partnering with others in the future and scaling at a much faster rate, but all with due diligence. 

As a side note, I had never heard of any of the names mentioned in this post until about 2-3 weeks ago. All from networking on BiggerPockets. Interesting final point. I traveled back to Saint Simons Island, GA via 17, I-4 into Orlando and 95 North through Saint Augustine and on up. The construction and growth I witnessed all along the drive was a bit mind numbing. Just Wow at the overall growth!!

I would question the class of rental. IF you are having such issues or concerns about tenants, step up to a different class of rentals as soon as the opportunity avails itself. I do credit checks, etc...Ensure your tenants are SOLID. Supply all good appliances with a nice clean fresh place and you will attract quality/responsible renters. Trust me, the renter does not want the headache of bad appliances either. I had a new washing machine go bad after approx three years. Parts were an issue so I went and bought a brand new one. Done. Expensive, but write it off and move on. Try and buy appliances from a local dealer that services what they sell. If you are buying used, expect problems. If you are not THOROUGHLY screening your tenants, expect problems. Yes, one can make a lot of money with certain class properties, guessing with tenants, and taking shortcuts, but the headache is more severe. Just my $.02. I own and manage several properties with one being several states away. 

@Jaquette Green first of all, fire your real estate agent if he or she ever suggests or hints towards not having an inspection done. In regards to inspections, ask detailed questions of what they will NOT be inspecting. The deeper I invest in real estate, the more comfortable I am hiring an AC company to inspect the AC/Heating system, a plumber to properly inspect plumbing and so on. You get the idea. Often inspectors are too general in what they look at it. May costs a bit more, but having companies that specialize in their respective areas will pay huge dividends. I do believe there are really good inspectors out there but many are too generalized. I have more than 5 rentals (townhomes, houses, and one condo)  I have also just completed a renovation on a new investment. I have learned a ton and you will too. Let the numbers and logic guide you, not your heart. And remember NEVER ever tell anyone what your budget is for having something fixed or repaired. Allow them to give you their quote. As with many of us on here, we could go on and on with real estate investing stories and lessons learned. You will do well. Take your time. Good luck.

a big continued thanks to everyone. I appreciate all the great insight. 

Thanks everyone, I appreciate all the great feedback.