All Forum Posts by: Joseph Danza

@Josh Deeden Texas or Florida. Very hot markets to get into but taxes advantages are awesome.

@Diana Dorantes we’re still buying in a couple markets. We are relying on our underwriting before we pursue any purchase agreements. We do not want to be in a spot where we’ve overpaid and property cannot cash flow.

@Greg Dickerson Jeff Scott is good, and second that about over paying for a property which is easy to do in this market. Make sure property cash flows. But it depends on your goals as well.

@Manda Gouvion know your market. Focus on one area. Understand it with the help of real estate professionals and jump in with caution.

@Kevin Hunter amazing cash flow!

@Chris Berisford it’s a hidden gem for cash flow! I have a couple there as well!

@Elijah White take a deep breath and hold onto your seat. This is part of being a real estate investor. Every month you should be setting aside money (CAPEX and Maintenance Reserves) to help with things like this. This is why cash flow is so important.

Been doing this 15 years now. I’ve had some serious bills too. And it’s so important to have money set aside to handle them. Also, you might prioritize the repairs so it’s not all at once. Some months you are going to be negative and others you are going to be positive. And remember you are building equity in the house every month.

Deep breath and it’s going to be fine. It’s easier said then done. I was pretty sure I had hit financial ruins with $30k in bills my first month of ownership. We buckled down and got through it.

@Del Crockett to answer your questions

1) Ours does well. And covers our costs consistently to include a profit. Buy on the right terms and understand how the HOA works. Many HOAs in OBX are broke. Ask for the numbers.

2) Hurricanes come every year, a solid policy such as encouraging guests to purchase hurricane insurance helps mitigate the risks of loosing rental income.

3) In a condo, you'll need HO6 policy or a commercial policy that covers STRs. Make sure you have enough liability coverage. Master Flood Policy held by the HOA should cover flood insurance depending upon where your building sits. Not all properties are required to carry if they are in Flood Zone X.

4) As far as 4x4 locations, there are folks who come to this area every year who love those destinations. However, it limits the pool of folks and if a hurricane comes through often the roads may remain close for the day until they can be cleaned.

@Walid Yassir oceanfront is a big deal. But you can also sit off the ocean and still achieve the same objectives without the big price tag. Just have to add more amenities such as outdoor space (pools, hot tubs, outdoor bars etc) and higher end finishes on the inside of the house.