All Forum Posts by: Mariel DeVito

First, kudos on taking the scariest step - the first one.  Second, I appreciate that you have come to terms that you need help.  I am new to it myself (2 years into it but started later in life so life has taught me many lessons which has helped me with land lording).  If you can afford it, as others have suggested, hire a property manager to manage the situation for you.  If not, I would look at your contract and see if there are any clauses in there that are applicable in your situation.  It is very hard to not be emotional because at the end of the day, you are dealing with people.  However, you also need to remember why you got into it - it is for you.  It is a business and you need to make it clear to your friend that it is exactly that.  Worst case and you don't want to deal with it, sell it and have the new owners deal with her.  I am hoping you've had enough equity to walk away and get a new deal.

If you need an out, I would pull the state requirements. I am not sure what state your property is in but Florida doesn't legally allow you to collect a year's rent in advance.

Any recommendations for a lender who can close quickly and with minimal paperwork needed? I have a property that I had rehabbed. $85K purchase price and it is now appraised at $187K with a tenant in place for $1600 monthly.  

Why that area in JAX? Area is a hit and miss when it comes to investing. Unless you have a crew ready to do your rehab, it is hard to BRRRR in the area and trust that the work will be good in the budget you have. A lot of the low cost properties require a LOT of work. I would go out of JAX and look at other booming areas outside of the city with that budget.

As a 'small time' investor, what is the best way to find licensed contractors who aren't too busy for you or think that your project is not worth their time? I was thinking of hitting up newly licensed GCs but I am concerned about the possibility that they may not do a good job in my rehab or provide me a fair price. I'm looking for partners (plumbers, electricians, handyman, etc.) in Putnam County, Florida.

Where in Putnam County?  It's a growing market out there but not popular enough for a lot of cash buyers to flock to especially if the property requires work.  You have better luck if the property is move in ready or requires minimal work.

I started the rehab on a house I found in Palatka and am needing help to progress further.  Does anyone know of a reputable partner to work with?

What are your qualification requirements? Make sure they are realistic for the market you are renting out to. 

I searched the forums to see if there are any recent info on this but have not found much so I hope I can get some help with this.  I recently had a potential applicant reach out to me to see if I would consider them, given that they will be supported under this program, which is not section 8.  Has any other Fl landlord accepted this?  If so, what has your experience been?  Is there a time limit on the funding? Any restrictions?  I'm trying to get more info on the website but very limited for landlords.

One advice I would have given myself if I had to go back is to take the opportunity to work for someone in the real estate field - whether it is as simple as doing admin work or running errands for the company.  The exposure to the area you want to dive into is invaluable.  Books are one thing.  Being part of it and living it is something else.  If you can, I would even consider offering yourself as a summer intern just to get your foot in the door.