All Forum Posts by: Lazaro Dinh

Many tenants have made it clear that they will not pay rent and understandably this will cause a major inconvenience to Landlords that have non government backed mortgages. These mortgages have no clause for forbearance and no protection for borrower, some of which have personal guarantees. Landlords are supposed to keep at least 3 months of reserves for emergencies but this emergency is like nothing we have ever seen before and 3 months might not be enough. What is everyone doing to help good tenants get thru these difficult times while getting some sort of relief of mortgage payment and without risking the loss of credit? Can a commercial mortgage holder call a loan or loans and go after a landlord in times like this? what do you do when lenders don't answer your concerns because they do not want to put any relief in writing right now?

Interested in your perspective on this.

I have the same situation in Jacksonville right now. 4plex with an eviction and final judgment to evict prior to Covid-19. Tenant on the lease claims she is gone and no longer responsible, Sheriff has not executed the final writ dues to Covid-19 and neighbors claim some people are coming in an out of the apartment, selling drugs and smoking weed outside bothering the other 3 tenants. This is a new one for me, my gut tells me to go change the locks and avoid getting shot, my wife says call the cops and see if they will execute the writ since the tenant claims she is gone and there is supposed to be noone there.

Any thoughts on this board?

There was no reason to panic and lose 30k, unless  I missed something, no one was asking you to fix any permitting issues. I used Roofstock top buy and sell and both times I had a good experience. On the sale side a lotttttt of due diligence on their part. I was annoyed by the amount of paperwork they asked from it was kind of repetitive and burdensome. But then again you are in San Francisco California where nothing Real estate makes sense anymore, so if the Real estate was there 30k is easy to lose.

Best way to raise capital if you are not comfortable doing it yourself is to find someone connected who will represent your deals for a  fee. Its always best to have a buffer in the middle.

The properties are between Orlando and Tampa close to the Villages.

Where and how do you find the best locations for storage units? what drives them, metro areas or something else?

We are under contract to purchase 40 duplexes in Florida, 100% rented, class A and some B with long term tenants. The 40 buildings are in good shape with 60% of AC units being less than 5 years old and 90% of the roofs are in perfect condition. Year build range from 2007 to 2017. I am stuck on what % to account for repairs, vacancies and management cost.

I want a management company that cares about my expenses and pays all debts, mortgage payments, taxes and utilities. Does anyone have at least 2 to 3 years of experience on something like this? I am mainly concerned about what to account for repairs NOT capital improvements as they will come out of a separate account and will be added to the basis cost for depreciation.

Is it ok to pay 10% management fees on a 80 doors turn key Florida portfolio if the management company is making 100% of the monthly payments including mortgage payments, utilities, taxes etc? I basically don't have to do anything except approve or disapprove repairs.

I am also a builder so I am wondering if building a ground up storage community and potentially including some high end automotive storage units or condos would be the way to go. I just read up on vehicle fortress in South West Florida and their model seems interesting so spaces like South Florida where there is money for cars but little place to store or display them.

What are some of the financing terms available for the acquisition of an active trailer park,  I am only interested in buying and managing the land aspect of it.