All Forum Posts by: Joshua Wilson

@Tom Donnelly I believe it! This area is so hot right now. I'm just glad we locked out new construction in last June. Prices are just cruising up consistently and inventory is LOW. Less than 1200 SFH(plus duplexes) listed with over 5k realtors.

Supply and demand is definitely in favor of the sellers right now. As someone debating selling/renting this house in PSH, this is a good spot to be in at the moment.

@Tchaka Owen That bang for my buck is why we're heading to Palm Bay. Just bummed I won't be able to watch a launch from my front yard anymore. At this point I'm just analyzing things like crazy. I'm more focused on making sure my math and estimates are looking good right now.

We're debating selling/renting our current 4/2 1800 sq/ft house in Port St. John in a few months. With Amazon and Sam's building distribution centers within 10 miles, the space program exploding, and zero other houses for rent(on MLS) in the area, we're so torn! Hard choice when the money from a sale would finish paying off all the debt we've been working on the past couple years.. but we've been working on it with the laser focus if saving to buy an investment... Good problems though. So close to our start!

As an alternate perspective, I saw this as a good tenant move for asking.  Not maliciously, but if I was renting a house long term I don't think I'd ask to install one of those above-ground pools from WalMart.  I do agree with the sentiment to say no though.  Unless OP is willing to take on the extra liability of course...

Summers coming up and jumping in a private pool always sounds nice.(Floridian here!)

I just finished listening to the BP Podcast Episode 442 with Bryce Stewart.  He had a GREAT tip.  Take your state's Agreement of Sale and read it 10 times.  On the seventh read, highlight what you still don't fully understand.  After the 10th read, then find or ask your mentor for help. I've also been working through J Scotts list of topics too.

BiggerPockets Podcast 442: Taking “Bite-Sized Steps” to Go from Broke to $20,000/Month with Bryce Stewart

J Scott's Starting Out FAQ (biggerpockets.com)

There is a lot that Google can teach us but what would you want someone to know before they ever reached out with questions?

Maybe "realize" was a bad choice of operative word on my part. I don't really know why I have that expectation. I suppose it's an assumption on my part that most of the MLS listings are not going to be properties that are good cash-flowing LTR listings. I'm still learning every day though!

@Matt Devincenzo. Starting to look like almost any property can be an opportunity with the right perspective. That's encouraging right there!

Thanks for the perspective. If cashflow isn't the main goal, something like this really could be a huge equity builder in a valuable area too.

@Siddhartha Gandhi ohh that's a good angle. Thanks for the math check and perspective. Tourism is on the rise here. A shared pool like that makes for a much easier pitch for STR.

Well hey, maybe someone here can make it work! lol

From where I sit, this Duplex configuration looks hard to sell to a potential tenant.  Shared back patio and miniature in-ground pool?  That plus the bad math have me looking at this as a bad investment property.

Homes for Sale near Ocean View Ln, Melbourne, FL | realtor.com®

As listed with the current rents provided, it's not a great investment from what I can tell.

549k w/ 20% down at 4.5% with $522/mo for insurance is $3,341/mo going out.  

#1 is $1,675 and #2 is $1,650 or $3,325/mo coming in.

Right off rip that's upside down with no room to save or grow. Am I missing something or is this just a bad deal? I recognize that the MLS is almost always bad investment deals, but I'm practicing analyzing everything I can in my nearby markets.

Thanks!

Hey BP!

I started a conversation with an FSBO in their yard. Unfortunately, I think they've fixed in their minds that because I said "Real Estate Investor" I'm just trying to swindle him into selling his house for less than it's worth.  Can't win them all, as they say, but time will tell.  I'd love to hear from more seasoned members their best or worst FSBO deals and why.  Maybe I can better arm myself for arguments with more than just numbers.  I want to be able to pepper in more personal success stories from colleagues to help strengthen my position.  

"A colleague worked an FSBO and that homeowner sold their house, got a nice payday, and a little side revenue stream for three years. It's only a good deal when everyone wins"

is so much more powerful than...

"If we reduce the down payment to 10% you'll have x less coming in at close but then if we use a profit share model we can calculate your 10% monthly revenue will be...."  (see: boring and not what most people want to hear)

I'm talking with an investor in my area that I'm trying to build a mentor/mentee relationship with.  As a newbie, finding value for him is paramount to me.  Picking the brain of a colleague only goes so far without offering anything up to him.  He expressed a complaint against the state of affairs for property management.  Through a casual conversation, we spitballed an idea and I'm curious how the BP community feels about it.  These are just made-up numbers but it's the start of an idea for us.  The idea is that some properties need much more attention than others.  Subsidizing the very easy-to-handle properties through the time costs for more pricey ones.

Tear it apart, please!

A la carte property management

$225 - onboarding/renewal fees

$75 per touchpoint

    - $75 per unit/month to collect rent

    - $75 to handle any service calls

    - $75 to process an application

    - $75 to...  You get the idea