All Forum Posts by: Kristin Kiddy

If it's in the budget, I recommend making it a pitched roof - hip if that works and also installing with hurricane clips at the same time if that is feasible... You will thank your self each time you get your insurance bill. 

Like any other city, there are different areas with different problems.  I actually think you can have a successful rental in 32117 zip.  There are some very quiet streets and neighborhoods so don't rule it out.  You will probably see a higher vacancy rate as this zip and 32114 both have a very transient rental population so they tend not to stay longer than a year.  On the other hand, these two areas still have properties priced so that you can see a good return.  And at your budget of under 200k, it's going to be difficult finding single families outside those areas.  I would also suggest you look at single family attached homes.  There are a number of them with low HOAs (or no HOAs) that would be great rental properties.  Rents here, from Port Orange to Ormond Beach are rising like you wouldn't believe and supply is at a record low.  There is a lot of opportunity for rental investment if you are willing to do some rehab.  PM me if you'd like to discuss further.  

@Frank Mongiello I whole heartedly agree.  Our inventory is so low right now that it is going to take some time just to get back to a normal seller's market.  And we need that desperately!  Most of the sellers in my area who want to make a local move are holding off because there is nothing for them to buy!  The only new listings coming on are from people who have to move out of the area or, sadly, inherited/probate properties.  

As for a correction, I don't see it happening as well.  Appraisals are keeping the loan amounts from going too crazy.   Properties selling for more than list are being funded by people's savings accounts, not the lenders, through appraisal gap addendums.  So even if appreciation were slow significantly, A. the loan amounts are still not upside down and B.the buyers have a lot more skin in the game from their savings so they are going to be more motivated to not just walk away (like what happened in 2008).

To add on the the discussion.  If you do decide to sell tenant occupied with an active lease, any buyer who wants to purchase would need to do so with an investment loan (cash is never a problem) regardless of what they intend on doing with the property once they own it.  

The tenant would have to move out (and have the lease expire) before closing for any buyer purchase on a primary residence loan.  Otherwise there will be a problem lining up an insurance policy with a loan vehicle - they have to "match" or the lender won't endorse.

@Rik Patel It would depend on the style of house.  In a traditional home, 6 panel will look fine.  But if you are doing a modern farmhouse vibe you may want a two panel.  Mid century modern home would need something that vibes modern.  Home depot/lowes usually have a few options.  However, you may find it easier to go through a supplier.  My door company will actually hinge and bore based on the original doors that I give them.  Saves loads of time hanging them.  Doesn't cost that much extra.  

Happy to discuss Palm Coast to Port Orange with you.  DM me!

@Dave Foster @Bill Exeter Thanks for the input.  Sometimes researching stuff on Google only gets you so far.  I will definitely be using a QI on this transaction.

Hello.  Please advise!  Do you HAVE to use a Qualified Intermediary for an exchange?  I know you don't need one for a swap, but that is not my case.  I am selling one property and purchasing another.  I might be able to close on both on the same day.  But everywhere I look, it says you MUST use a QI except for a swap if you want the IRS to allow it.  Anybody have personal experience with this?

I agree.  Seems low.  70/30 is really common and that usually includes use of office materials, lock boxes, signs, copier etc.  

@Russell Brazil Thank you, that was the kind of personal account I was looking for.  I will post with an update soon.