All Forum Posts by: Account Closed

Currently there is a landlord in Florida requiring tenants to get vaccinated or be kicked out.

Just an FYI that if you’re a landlord who is forcing tenants, against their will, to be vaccinated or kicked out then you are a piece of trash human being and piece of trash landlord.

@Kundan Chand

If you didn’t do the proper upfront work to make sure the home was cleaned properly and admit yourself that it wasn’t clean then I think you should pay them double their hourly wage at work for the time they spent cleaning.

 Me and my wife are both insurance adjusters and used to be contractors and work for public adjusting firms as well. Greg is correct here. 

Just a random example but when I put together an estimate for a policy holder it cost $312.82 with Taxes and Overhead & Profit (If the contractor or PA has O&P on their estimate) just to detach and reset a toilet. I pay contractors $50 for that when they recaulk a toilet or change the flange out. You can buy an entirely new toilet and pay for the install of it for the cost of the simple detach and reset.  There are a lot of line items like this that are more than what the actual cost is and if you have a good insurance adjuster then normally the estimate covers more than the cost of putting things back together. Just like Greg said. 

I handle a lot of appraisals and settlement claims and 99% of the time if the contractor/PA doesn't agree with my estimate then it's only because of greed from the contractor/PA or the policy holder. I'm a very, very lenient adjuster. I have much more of a contractors mindset than I do of a typical insurance adjuster. Especially a staff adjuster. If it's something grey area and not as black and white in regards to if it's covered or not then I always lean in favor of the policy holder. Always. 

As an independent adjuster I'm also usually paid in tiers. If the damage is there from the actual cause of loss (Not from wood rot or something else 3+ years ago) then I want it on my estimate just as much as the home owner or contractor does. I have incentive to find and justify damages because of this. 

If you think you're owed more than you're receiving then of course take the proper steps to get what you're owed. Just don't be blind to a lot of contractors, Public Adjusters, and/or lawyers greed. Make sure that you understand the true differences in the estimates between the contractors and insurance adjusters. Most home owners don't have any idea why the contractor is asking for an extra $20-50K+. This leads to inflated estimates on their side that are unreasonable and just delays you, the policy holder, from getting your money, getting the work done, and moving on. 

Sorry about the tenant causing the fire! Wish you the best of luck!

If anyone could DM me some good CPA's who understand real estate investing that would be greatly appreciated! We were not happy with our CPA last year and looking for some others to reach out to in our area. 

Thank you so much!

We have some vacation rentals in Panama City Beach, Florida and have done really well throughout the vacation season but want to get a few of our rentals under some longer term contracts through the winter season this year for risk/sense of security reasons.

How are other vacation rental owners who have experience with this going about advertising solely for these 1-3 month periods when the snowbirds come down to Florida for the winter season?

Thank you for any input!

It doesn't need to be all long term rentals in your RE portfolio. We gross $220K + off of 7 vacation rentals. It took us 2 years to do this so it really wasn't a long time after we had the plan and then executed it. 

Vacation rentals, corporate rentals, 1031 Exchanges (If they keep it), wholesaling, flipping, etc, are also other ways to increase the income from RE investing.

You should also factor in the benefits of all the tax write offs, principal paydown, appreciation, etc, so that you can truly gauge the value of the investments.

Look up John Lavin (Realtor) in the Destin and PCB area on google. If you can't find his info DM me and I'll gladly send it over to you. He helped us close on 2 duplexes that we currently rent out as vacation rentals and we gross over six figures from then. He would be a great resource. 

Good luck! We love the PCB area for vacation rentals.

@Kyle J. One word. POLICY.

The new CPA we sat down with told us NOT to do an LLC for our rentals. My wife and I have 4 STR's that we gross over $100K/year from. We are also both 1099 workers and together made approx. $325K last year in our primary job.

This is our first year actually making what we consider a "good" income. Enough to where we're worried about our future tax planning and also about the liabilities, etc, when it comes to our rentals. We plan on adding to our rental portfolio and growing a lot over the next couple of decades so we don't want to mess up somewhere like this when it could easily be avoided by just having a simple LLC.

When we purchased our first 2 duplexes we never had them put into an LLC. We asked our CPA if we should do this going forward starting in 2021 and he told us NO and there wasn't much of reason to do so as long as you have the liability coverage and it will just add more work on the back end when filing taxes.

I'm just curious what other investors thoughts are on what he said?

Me and my wife have an LLC we can move the properties in to but now we're questioning if it's even worth it or not. Almost everything I've come across when reading or listening has said to create LLC's for your real estate in order to protect you move incase of a lawsuit. I haven't come across many people saying not to have an LLC.

Start reaching out to lenders and seeing what your options are. They'll give you a step by step list on what to do after talking with them about your goals. If you're able to quality for an FHA loan then that might be ideal for your. If you're not able to qualify for a conventional loan then just be ready with 20-30% of the downpayment and shop around lenders.

Good luck man!