All Forum Posts by: Joseph Beilke

I do not think your questions are out of line. But I can also see why people would not want to provide some of this material facts before seeing the property, you are putting them on the defensive. I think a slight adjustment might better suit this goal. When some one inquires about the the ADU, maybe try sending this form and giving them a showing window. Let's say Saturday Jan 14 you will being doing showing, "to lock in a time to view the property please fill out and send back with your available times and I will provide you with a 30 min slot".

Maybe this approach will change their mind set about filling out the form. They are not being told "no" before viewing, it just becomes their ticket to a time. 

Name/ Phone Number & Email

Desired Move in Date?
Desired lease term? 6 or 12 Month or other,  please specify 

I would also maybe reduce the number of questions.  I would change most questions to statements.  For instance I would state that a bankruptcy may not disqualify you, but a credit and background checks and a min score of 620 is required.

and/or

A income verification will be done and minimum income requirement of 3x times rent is required.

and/or

This is a smoke free property.

and/or

We allow 2 pet on a case by case.

and/or

For additional consideration please free feel to tell us about yourself or anyone else in your family that will be staying on the property.

Sometime the approach is as important as the question.  Good Luck!

@Kristi K.

Which Woodford did you try?  I love their Wheated and Double Oak the best.  Same for Old Forester, I enjoy 1920 and Statesman.  

What does the crowd think about Benchmark line?

I agree with Joe, this just became a bad deal. Walk away and consult your agents broker to see if the seller violated any contract terms by renewing the lease while under contract. Secondly, the lender may issue a denial because the new lease terms agreed upon by the seller alerted the DSCR loan rate below acceptable levels. In Florida a loan denial can get your EMD returned many times. Good Luck

Not much to update this week.   Block is complete and initial grading, hopefully the trusses will be in this week. 

You talk about cleaning and repair with no mention of the status of your tenant.  Do they plan to move out by the end of December?  If not do you have your ducks in a row for eviction.  I would worry about that first, then review your local laws about what you are legally aloud to keep from the deposit.  At this point I would be documenting every second of work you are doing to evict and change over the property, to lay claim on the whole deposit.

Good luck

There is a lot of good information here. Correctly stated that building new to rent is not the easy when it comes to funding either.  You have to make sure that you have cost locked in and reviewed many times over thought out the build. Or you first go with a builder that has built the model before,  they will be able to keep those number more in line.   The best part IMO about build to rent is the exit strategy. Higher rent, equal more cash, newer mean less CapX, repairs, and vacancies.  You keep most if not all that hold back money.  At 5 to 7 years you sell it off and do it again. 

A duplex that is able to get you a DCRS of 1.35 or better will fund itself when it comes to lending most of the time. DM if you want to talk more.

Our current build to rent <---Click

@Jeff Koval. Just like @Drew C Grossman said there are some opportunities in Ocala and Palm Coast FL.  DM set.

@Terry Landon 

I agree with @Perry Rohan expect for the smaller beach towns are remaining small because of STR limits. IF LTR is more your speed than all most the whole coast line is open to you. But STR in NE Florida can be a challenge. Tell us more about what you're looking for. We just closed for a client a STR in Palm Coast, is was a SF on a Salt water canal that she plans to Air BnB. We serves North Volusia, Flagler, and St Johns Counties. Reach out if you would like to chat more about this area.

I agree 100% with @Greg Scott, do not put LVT over those amazing wood steps.  If you're going to DIY the job, paint the back the of steps and take your time and sanding and stain the the tread.  Taking your time doing this will be so worth it in the long run.

I have brought this up a few times in other discussions and figured best to a new post so everyone can follow along and see how the build is coming.  Here are the specs on the property.  

Duplex,  3 Beds 2 Baths 2 Car garage on for each unit.  

The lot is 80x125 or .23 Acre. 

 Each unit is 1314 sqft under Air with total slab foot print of 3922 sqft.  

All flooring is tile, with granite surfaces in kitchen and baths.  Bath's have tile walls, around shower (shower floor is tile too) and tub.   

Washing are dryer hook ups in garage but not provide.  

All bedrooms will have ceiling fan hook up, but only a light will be provided. Tenant can provide fan if they wish.

Ceiling height is 9-4'' , master has 10' tray.

Rear covered lanai that is 12x7 and fully fenced backyard bifurcated for privacy.

Projected rent is between $1900-2100 a per unit.    

I'll update the discussion as progress continues and if you are invested in the numbers or more details please feel free to reach out to.