All Forum Posts by: Jose Petitfrere

right on the money my friend 

When rates go up, asset prices must come down. The problem in some markets is that the rates have gone up, but sellers and agents are reluctant to bring the price down because comps are looking at the past and not the future. Eventually, they'll get the idea when their property sits on the market longer than average. It doesn't mean stop buying real Estate because the deals are out there; you have to find if the deal makes since for you. 

 I thought the same thing with our constitutional right as Americans to keep and bear arms shall not be infringed under the 2nd amendment. 

At the moment, im currently accepting a Sec. 8 tenant with good credit and no criminal history. I have thoroughly screened the tenant and spoken with the tenant's previous landlord, employer, and references, and they had no issue with paying rent on time and no issues with neighbors. The tenant works as a security officer and uses the gun for work. The tenant has also shown proof of a firearm license and a medical marijuana card. It is to my best understanding, as a landlord and RE agent, that I cannot discriminate against marijuana for medical use because of Fair housing laws. The tenant has asked if she can smoke at the unit and has a gun for her job as a security officer. As a landlord, I don't mind if the tenant smokes as long as it's not inside the unit. As for the gun Im not sure the neighborhood where the property is located doesn't have the best reputation, and having a gun is a good defense; note the property also has a 24/7 security system in place, and the tenant uses the gun for her job. But having a gun can also be a huge liability. For landlords who have had a similar situation, how did or would you handle this?

You're right thanks for the advice I'll use it in my evaluation.

Thank you most likely going to run this by an attorney to draft the lease and talk to my insurance agent about liability.  

I asked ChatGPT if this is what it created 

"USE OF PROPERTY. Tenant shall use the Property for residential purposes only. Tenant shall not use the Property for any illegal purposes, including but not limited to drug use or distribution. Tenant shall not use the Property for any commercial purposes, including but not limited to running a business or hosting events.

DRUG ABUSE PROGRAMS. The tenant acknowledges that they plan to use the Property for the purpose of helping teenagers who are suffering from drug abuse integrate into society. Landlord permits Tenant to conduct such programs on the Property, provided that Tenant obtains all necessary permits and licenses from the state of Florida and the city of Tallahassee. Tenant shall be responsible for ensuring that all activities on the Property are conducted legally and in accordance with all applicable laws and regulations."

Not sure I if can stick this in this in the lease or if I have to pay a legal rep to draft one for me. 

A well-qualified tenant who works as a social worker wants to lease my property to help transition teenagers with drug abuse into society, while I support this cause and would love to be a part of it by allowing her to lease the property. I do not know how to approach a proper lease to protect me legally. what should I do?  

There are a lot of questions to ask, and I'm sure most of the BP community answered them, but be forewarned that just because people are priced out, and demand for rentals will go up, consider that inflation is on the rise according to shadow stats it's well above 15% (I know BLS says it's at 8.5% but, it doesn't account for a lot of factors like they did in the 70s & 80s) and with that said expenses will rise too so make sure you account that in your underwriting. 

Hey BP buddies, im 22, and Im poised to purchase this property in Tallahassee; my mentor always told me if you want to focus on scaling and maximize cash flow, your mortgage term should be interest-only payments and no escrows. But I wonder, how about getting fixed rate debt now? Locking it in and paying future eroded dollars due to inflation running at 8.5% using BLS stats but based on shadow stats, that uses metrics of on CPI back in the 70s & 80s, it shows CPI is well above 15%. Assuming the fixed rate debt is 30 years at 5.5%, which would maximize cash flow? Without taking expenses into consideration and adjusting for inflation. 

Purchase Price: $143,000

Down payment: $35,750 (25% Loan to Value)