All Forum Posts by: Mark Rosenberg

@Shawn McCormick slightly unrelated to this topic in particular but I noticed your note on cap ex for new builds. I understand the advantage warranties have but are you saying you don’t put money aside for capex with brand new builds? If I’m misunderstanding, what do you put aside % wise? Thanks!

@Daniel Haberkost @Tracy Streich

Gentlemen - appreciate you taking the time to answer and stress the importance of tenant screening.

To answer your question Daniel - I've roughly read through this, but need to do so in deeper detail:

https://www.biggerpockets.com/...

"The ultimate tenant screening infographic" is pretty helpful, so going to use that as a baseline. Anything you'd like to add on top of that or anything you'd do differently than that?

Hey all,

I've done it. I have made the commitment to myself to manage my first two SFH and not hire a property manager. Before I ask my questions here are some initial details about me:

- I am really just not a handy person. I can about change a lightbulb and take out screws

- I work 10-11 hour days

- I live 1.5 hours from the properties

- They are 3b2b about 1540 Sq. Ft.

- My why behind choosing to manage them myself is because I'm genuinely interested in the challenge, even (when) if it comes with mistakes. Oh, and cash flow increase

My understanding and goals in doing so:

- Find quality tenants, with a strong due diligence process

- Build relationships with as many resources as possible to find "my guys or girls" (contractors, ect.) in the area

- Keep the properties in upstanding condition (I've read monthly check-ins might be worthy to show tenants I care about the properties?)

Now to my questions. With my (rough) understanding of what it takes to be a successful manager, being not exactly around the corner from the properties, I wanted to ask you all:

- If there is anything I can do ahead of closing in a couple months to prepare myself to hit the ground running

- If I missed anything critical in the above you'd like to bring to my attention

- Any significant mistakes you made that someone in my position can learn from off the bat

Thanks all. I know this post is very general but honestly any words of wisdom helps. Happy new year!

Mark

I'm going to give my two cents here as somewhat of a newer investor in the southwest Florida area. 

I started my search about 8 months or so ago, and as a Tampa resident, of course considered the area. I also spoke with local realtors, investors and loaners. I came to find that the Tampa area, especially in this market right now, is just not the best place to put my capital (financing). Many of the properties I was evaluating both in Tampa and in surrounding neighborhoods, did not prove ROI worthy. The ones that actually had decent numbers, had cash offers above asking price (sometimes 5+ offers). It was like clockwork.

Now this is not to say you won't find an awesome opportunity with solid ROI numbers, but I ran numbers on many, many properties, and they did not even come close to something say the stock market would produce...as someone who dabbles.

 In my opinion, there are plenty of other up and coming, low vacancy, high occupancy areas in southwest Florida (such as port charlotte and north port where I am choosing to invest). All of this is my personal opinion, but I'm excited to see where these projects take me.

For my next property, I'd love for it to be in Tampa. House hacking may be on the agenda, and definitely opens up my options a bit more, but for straight rental opportunity, it seems like there are plenty other projects to make actual solid ROI.

As I said, all my opinion. Best of luck!!

@Timothy Lewis

Hey Timothy,

Do you have any agents or contacts you’d reference in those areas? They’re of interest to me. Thanks.

@Bernard Sanga

Thank you sir! I’m out of town next week but let’s connect.

Hi All,

I recently moved to the Tampa Bay Area and am in the process of purchasing my first SFH investment. I wanted to connect with people in the local market (southwest Florida). Specifically investors/professionals who I can continue my education (on buying and holding) with as I plan my next venture in Florida.

Are there any meetups or people near the Tampa Bay Area that’d like to connect? Or at the very least chat to spark a connection?

@Simon W. Thank you sir.

@Nick Robinson Makes sense but why am I having trouble understanding why paying off my principal counts as return? Because it's then equity? Also, could you clarify how you got those 3 year numbers? Appreciate it

@Nick Robinson Awesome quick analysis method. You're the man. 

Last question, and I hope to keep in touch as time continues to circle back around on this conversation. Could you elaborate on "principal reduction" and how it effects the bottom line?