All Forum Posts by: Mariel DeVito

Hi Mike - let's talk further.  Murray Hill is a wide area.  Depending on where it is, property condition and how you market your rental, it can vary.  I have a 2/1 house in the area which I was able to get for $1400 per month.  However, others may get less.  It's going to be one of those neighborhoods that have both good and bad.  

Where are you seeing this?  I'm in NE Florida and we don't have a problem with the incoming flow of visitors and future residents.  I am guessing that it must be specific to your local market.

@Glen Friedman do you have to be a member to attend?

What part of Jacksonville will you be investing at?

Thank you for the question.  I am about two years into this RE journey and I'm eyeing my next project to be a historical home built in the 1880s.  I will certainly take the time to inspect the property properly.  Plumbing, electrical and the roof are my top concerns at the deal I'm looking at.  Every investor is different but my take on investing is that the property not only cashflows but it's one that I actually like.  My husband and I update our investment properties as if we would live in them.  This historic one may possibly be my favorite one should we land it for its character and location.  Newer homes won't ever have the same charm that the older ones have acquired over time.

If you are able to take option 2, take it and run.  Option 3 does not guarantee you the $2k monthly cashflow and who knows what else will come up when you get your next tenants. Take your profit from option 2 and invest on something else if you are done with this one.  Why hold on to real estate that no longer appeals to you? 

I started looking into it when I had a potential tenant ask if I would consider.  Besides a number of qualification that a landlord must meet to make their rental qualified for section 8 (which I don't have a problem complying with), the money unfortunately isn't enough for me to consider a tenant.  Usually, they pay way less than market value plus the quality of tenant is questionable.  The program, to my understanding, only guarantees payment up to a year and the tenant needs to re-apply each year.  It also takes time to kick in so unless you have the patience (and financial means) to want to take section 8 tenants on, I wouldn't recommend it.

So I offered a lease to a potential tenant.  We both signed the lease on Saturday.  She said she can give me the deposit on Monday.  It's Tuesday and still no money or response from the tenant-to-be.  Move in date is scheduled on August 27.  It was previously set for August 14, with a provision of the deposit and first month by August 12, but I had to move due to delay in water heater installation for the property.  She agreed on the date.  How long do you wait until you conclude that you've been ghosted and it's time to move on to the next applicant?  Is it ok to send an email stating that she had not delivered on the deposit and therefore, lease has been rescinded or would I need to deliver something in writing via snail mail?

Hi April - I hate to say it but yes, it has been more and more the norm for me. After a couple of 'dedicated' realtors, I gave up and went directly to the listing agent myself since they would be more motivated to help me than my own real estate agent. Some agents out there are trying to grab me as a customer after knowing that I'm an investor and with each, I tell them how much the past ones fell short to help lay out my expectations. Two years into this and I have yet to find a realtor who is after my own (business) heart. Usually I do the hard work and I go to the listing agent who helps negotiate the best deal for me. It has worked and from zero investments, I now have grown to 6 SFH and 1 condo. Yep, that's how much one realtor could have earned if they had met me even halfway on what I need. Note: I too have a full time job, amongst other things going on in my life at the moment.

Like someone posted, I would block the mother's contact.  You have no obligation to communicate with her. If she still steps outside of her boundary, I would get the law involved as I am perceiving this as a form of harassment now.  

Based on your comments, I sense that you are taking this rather emotionally.  Remember that it's a business.  As much as you want to be sympathetic to people and their issues, the property is still yours at the end of the day.  In my mind, if there were so many concerns about it, then why not move out sooner instead of delay the inevitable?