All Forum Posts by: Lesley Resnick

First and foremost you need to determine if your municipality allows airbb?  If they don't then you need to have them stop.  Things like this always get out.  The same way your found out the municipality will.  If they are good tenants, pay rent on time and do not trash the place, let them stay.  Otherwise tell them they are in violation of the lease and need to move out.  It is always better for people to leave on their own, than evict them.  It costs time and money to evict and it is rare that you come out even or ahead.

If you can legally have an airbb, then game on.  A revenue share model is fantastic.  The tenant will manage and run the service, the landlord collects additional money.  The tenant has their stuff in the unit and assumes the greatest risk, since you have their deposit.  You may want to consider raising the deposit.    

That is a great RE investment!  How did you finance the property?  I am working with a few Canadians and they have been using US mortgage from the Canadian based banks, TD and RBC.   As I understand it the US mortgages are longer (30 years) and typically cheaper.  They both run a "cross boarder" program. 

We offer a hybrid approach.  We have a team and you tap into it.  We help you identify a property that fits your needs.  If you need rehab work we have a team of contractor we regularly work with. We will manage the property and put your rental listing in the mls and it would be syndicated to  something in the range of 2000 different web renal websites.  Upside / downside of our model, you have greater control and input.  It is more time consuming, but you have greater control and input into your investment.

I am an investor friendly RE agent in Jax.  I have my own investment properties.

Feel free to PM me and we can connect on what you are looking for?

The trend is your friend.  Deflation is a temporary situation, it can not last for any extended period.  There are no long term examples, after wars, famine, government impropriety, etc it may occur.  There are more people every year chasing the same limited resources, supply and demand will take over.  

As long as the US maintains its high level of debt we will see fed rates well below below the rate of inflation.  They can shrink the deficit by paying with dollars worth less than when they borrowed them.  This will result in low interest rates on the 10 year T Bill, which drives the 30 year conventional mortgage.  If you believe this as I do, then leverage is only sensible strategy.  Since you will pay back the loan with cheaper dollars than you borrowed.  Further, I would suggest interest only loans, since the net effect of the interest minus inflation would be negligible.  For example, long term interest is in the 3% range and  interest rates are currently under 4%.  Who would not borrow money at  a 1% net interest rate?

This is not to say that it is an excuse to be reckless and not maintain proper cash reserves.  No one knows when the down turn will occur, but given enough time.... 

I am a big believer in DIY.  But there are some things I am are best left to people who do it every day.  It could be fine 9 times out of 10, but when it goes wrong, it goes terribly wrong!

I don't know how much they charge, but here is who I use in Jacksonville.

Osborne & Sheffield Title Services

Attorney Address: 4776 Hodges Blvd, Jacksonville, FL 32224

There is an old saying, " you did not pay to much, you just bought it to soon".

I would rent it out and look to refi it when you can, look at getting a lower cost insurance option.  The cost of the transaction fees would further put you behind.

You can offer a fixed purchase price for each month.  It would be a declining balance and be based on their tenancy of the property.

Month    purchase price

1             100,000

2              99,950

3              99,900

you get the idea.

While dodd-frank is real, i am not sure that any of us would be large enough for anyone to go after as an individual investor. 

One of my tenants is late somewhat regularly.  I know he has the money, but is what you would call absent minded.  By most measure he is a good tenant.  When he is late he apologizes and sends a late fee.  Given that he has been in place for 3 years and will likely live out the rest of his days in the rental.  I just deal with his quirks, while not ideal, nor scaleable it would be more costly to start over with a new tenant. 

Florida is an unusual state, there are 4-5 distinct markets for real estate and each has its own characteristics.

Tallahassee / pan handle - unless you are from there, I do not recommend it

North Florida (Jacksonville) and as far south as Daytona - I am bias, I am from there and have great cash flow.

Orlando - It is getting overheated - hard to cash flow

Tampa - There are still good opportunities to cash flow.

Miami - Looks more like other big east coast cities like NY, LA, SF, DC.  Cash flow is really tough.

The $100 a door should not be too tough, but how are you making that calculation?  The number can be manipulated in the short term.  Deferred maintenance? How do you account for depreciation

Cash is king and appreciation is a bonus.

Agreed, 

2.5% would eat up any value in using a rewards card.  I have looked a number of strategies and they all come out to the same.  You do a lot of converting funds and in the same the fees eat up the net gain.