All Forum Posts by: Jex Leiva

@Clay Lehman Apologies for the delayed response and yes, fortunately my brother was able to get the unit rented before the end of the year by "word of mouth".

@Dillon Cook were you the other bidder?!! LOL! My brother really liked this one and fought for it so I'm happy that he was able to get it rented and that is starting to operate as he expected.

@John Karg

Thanks! The penalty is paying the full interest which $140K and the interest ended up that high because the property needed repair and was only able to purchase it with a PML.

@Peter Dukaj

Thanks and yes, the PM posted it in the MLS too.

@Jay Thomas

Thanks for the input, will take it into account!

@Sunil Kurian

Many thanks for the feedback! That's what we are seeing too, that many of the others have pools, gyms and the like so if the staging and the pro photos don't do the trick in the next couple of weeks, will try the STR route.

@Michael Haynes

Thanks, Michael! You and Sunil motivated us to explore the STR route. This property is my brother's and he lives in Tampa so he is able to keep an eye on it when need it. I do live Thousand Oaks, CA but travel often to Tampa to be with the family and check on my small investment property there.

Thanks for the feedback, Obed! We have been a bit spooked with what some PM companies are offering; the 1st month free, 24/7 maintenance coordination, home buying assistance, credit building, rewards program, etc., etc.! …but we think that with some creativity we could offer a few similar perks too so will look into it along with the virtual staging and the pro photos.

Thanks for the input, Shawna, it’s reassuring to know we are not off on the price! We did post it on Facebook MP and got a lot of interest but nothing materialized. However, we didn’t think about virtual staging so we will try that next.

Many thanks for the input, Sean! The unit is posted at $1895/mo., including utilities and no monthly fees. Asking for 1st mo. deposit. It might be that this one needs more time but we will take the advice received here of staging it and taking better photos.

Hello,

Hope you’re all well!

I’m seeking advice as my brother and I are still new to real estate investing and are struggling renting/making good use of a 4-plex he bought back in June in Bradenton, FL.

The current challenges are:

• - Remaining unit to rent as has loft that isn’t appealing to anyone in the area despite the fact that the price includes utilities (806 W 66 Ave  Bradenton, FL - Zillow add)
• - PMs in the area haven’t had any success in renting the property either
• - Covering the mortgage so far, in addition to the repairs, has consumed most of the reserves
  
• - Property was bought via PML at a 12% interest that must pay for at least 3 years
  

We recognize that we could have done more research about the demand for these rental units prior to purchase and that can improve the rental add but are we making any other mistakes or missing on other opportunities with this property?

Thanks!