All Forum Posts by: Kristin Kiddy

Hi @Ryan Woods, my broker has a property management division, Hart Pro Realty in Ormond Beach.

I have to agree with @Mackenzie Grate .  I did the same thing, investor turned realtor, but I also love helping others find great investments.  I've amassed a great list of vendors that I can recommend and I love getting into the nitty gritty of properties and how to maximize value.  Working with other buyers lets me feed my addiction to real estate.

How many deals a year are you realistically going to close? Yes, the short answer is you can bank your commission on the buyer side (or use it as leverage in negotiation), I've seen it done (done it). But to have access to the MLS will cost you $1000+ annually depending on your area and you will need to find a broker willing to hold your license (their liability) without receiving a whole lot of activity from you. On an aside, you will still have to give your broker their portion of your commission as negotiated between you two. If you find a good agent who is willing to communicate with you and answer your questions, you can learn the majority of what I think you want to learn, just working deals with them. This is very much an "on the job training" kind of career. The initial classes I took were mostly very general. I ended up taking classes at my local association to really get the day to day practical training I needed to complete deals. That and lots of questions to my broker.

I'm assuming the deed lists you as the owner (not an LLC that you own?). If the property is owned under an LLC, you would list it as the owner. If you own the property out right, you will have to list yourself and it may be obvious to a tenant. I would not try to be cagy about the whole thing. I know it may seem like an advantage to present yourself as a third party to the tenant, but it is not absolutely necessary. What I think is more important is that you present yourself to the tenant in a professional, no nonsense manner. And even more important is to screen your tenant thoroughly!! By putting a well qualified tenant into your property in the first place, you will be eliminating the majority of possible headaches going into the lease term. Secondly, having a strong lease that covers all the "contingencies" will give you peace of mind. Finally, make sure you know your rights and the tenants rights and communicate that to the tenant (by going over the lease with them for example). That way the tenant gets the message that you aren't a pushover.

Start with Calling the local building department. 

Try googling "closing costs and prepaids" 

I highly recommend speed queen. They have residential and a professional lines and an excellent reputation.  I used them in my vacation rental and never had a problem.  And I bought the brand for my personal use as well. 

Tampa is already here as a market and prices reflect that. If you are looking at Kissimee... are you thinking STR? I would look at Orlando proper if you are set on LTR. Or perhaps some of the areas West of Orlando like Apopka (I've heard good things). If you want to look at up and coming areas I would consider Sanford, Deland, etc. They are bedroom communities to Orlando. You didn't mention any east coast cities, but I have to plug my area.. Daytona/Port Orange/Ormond Beach. Your budget will be a little challenging no matter where you go if you are looking at cities and populated areas. I know for my area, you can still find some decent single family options that don't require a lot of renovation for between 300k and 350k.

I've had personal success with refinancing using an internet lender, but would be very hesitant to use with a purchase.  There are just too many deadlines that if missed can completely derail a closing.  The only exception would be using a company affiliated with a builder for new construction or one that has partnered with and e-buyer/seller.  I would even be wary working with an out of state lender, unless you have previous experience with them.

First thing to do is call your building department.  In most cities you need a demolition permit.  I highly recommend you do what your city requires so that when you go to sell, you have a clear record with no question marks that might deter a buyer.

Now I'll tell you about my experience.  We have a rental that had an old pool.  The previous owner had turned it into a raised bed vegetable garden by jacking up the bottom and filling the pool.  He left the pool sides exposed and untouched.  We didn't want the liability of the structure (potential falls/trip hazard) plus it looked awful.  So we pulled a permit for demo with our city and hired a guy with a backhoe to tear out.  It cost about $2000 but I think we got a deal with the backhoe operator.  We already had the majority of the fill on site from it being inside the pool from the garden.  It also wasn't a huge pool.  So bottom line is plan to spend around $4k or more depending on size unless you can call in some favors.  And I agree with you about pools and rentals.  Even in Florida, I would hesitate to have a rental with a private pool unless I was doing high end rentals.  Too much liability.