All Forum Posts by: Julian Perez

I'm closing on a quadplex this week but it's only has two electrical meters.

The property currently has tenants in place but the rents are low so I will be raising rents to meet market standards. So I believe they will not be able to pay the higher rents and will end up moving out.

Should I put the accounts under the LLC and split it up between the two on each meter or should I have the tenants deal with it? I don't want this to turn into an issue between tenants so I am leaning towards raising the rents with electricity included.

Any feedback would be appreciated.

@John Underwood thanks John

I have decided to sell my duplex but before even listing it because I am getting some minor touch up and repairs done, I have been approach with an offer.

The asking price I was going to start with was $105,000. This individual has offered a $50k down payment and I hold the note for the remaining balance of $55k at 7%. There is an existing balance with the lender for about $44k. I asked how long they need the note held for and am currently waiting on that response. The question I have is, can I hold the note since I still owe the lender? They have agreed not to change the title until it is paid off in X amount of years.

If I do the rent the whole duplex to them, I was thinking of $1100/$1200 per month and it easily rents for $1850 combined. The power bill and water bill would be their responsibility along with any repairs going forward.

I am going to have them pay the agent their commission so it will not come out of my cut.

While I hold the note I capitalize on the tax benefits as well.

What am I missing, this seems like a no brainer right? What implications am I missing?

I'm also interested in seeing potential rental properties in Memphis. I would prefer MFH properties with minimal repairs or move in ready.

@John Michaililidis good morning and thanks for your response.

Yes, I understand. So we need at least a 3 bedroom 2 full bathroom house, preferably with a spare room for an office. Purchase price up to 200k, condition of the house would have to be turn key or close to it since we plan on moving in June.

We're open to both long term rental tenants and short term using Air B&B for example.

The kids will be enrolled in North Port which is the only reason we dont purchase in Tampa which shows to have a great market, so trying to stay within 30 minutes travel time from North Port area.

My biggest problem is paying rent for about a year, when we can just as easily put it towards a mortgage if there is an area that makes sense close by long term.

I am looking for suggestions in best rental markets in southern Sarasota County. We are currently building a home in North Port and it will be built by the second quarter of next year. But with that being said we are going to move to the area in June and looking to house hack in a good rental market area instead of renting while its being built.  We have been looking from Laurel, FL to Englewood, Fl and looking for any advice and/or past experiences. 

I have also been looking at North Port, FL but the rental market doesn't seem to be there yet, again any thoughts on this would be appreciated. 

thanks,

Julian 

I used Manny's HVAC & Home Improvement for my roof and chimney inspection for the Certificate of Occupancy

Thanks Joshua, I appreciate your feedback and advise. Yes, it is for me personally to live in. 

I was looking at the criteria of the 203k and you cannot add any bedrooms/bathrooms nor will they payout more than $35k so this may not work. 

I was looking at the fixer uppers like 3/2s with the right sq footage and adding the room along with the rest of the updates I would have to do, $35k will not cut it. Any thoughts or advise is always appreciated. 

So I have been looking at homes in Sarasota County for the last few months. For what we are looking for I have come across some New Construction homes in North Port, FL that have 4/2, garage, are over 2,000 sq ft and under $300k. Aside from this criteria we wanted to be in Sarasota County for the school district. 

With all that being said I understand hard money to for the BRRRR strategy but would a loan such as 203k work as well since I will be the end user or is it limited to what you can do with these kinds of loans? I guess my question is if there is a conventional loan that would allow me the purchase a fixer upper with a lower down payment?

@Ronald Rohde Thanks for your feedback. Thats the direction I've been looking at since posting. No, unfortunately there is no room to add units, but the #'s def make sense and I am looking at holding on to the property so not worried about selling it.