All Forum Posts by: Mark Pemberton

Thanks @Kristin Kiddy and @Peter C. for the input. Just looking back at past discussions, it seems like there is a lot of negativity about the daytona beach area. That being said, most of it is based on the possibility of investing in a bad neighborhood, which can easily be remedied by a good real estate agent and property manager keeping you away from those areas. I'm sure a good property manager has no interest in managing a property is a bad neighborhood. I'd be interested in seeing any good deals that you come across and as long as the numbers work and the neighborhood checks out, I don't see why it wouldn't be a good idea. 

Thanks for the input guys. I really appreciate it. @Rob Milliken where specifically in Texas have you been looking/investing? 

I'm in the process of selling a rental property I've owned in Maine for the last 10 years. The problem I have now is I'm not sure where I want to invest the proceeds from that sale. Through my research I've found that there are some good markets in Florida. Specifically Orlando, Tampa, and Jacksonville. I was hoping to connect with people from there area, specifically Real Estate Agents and Property Management companies that could give me some insight into those areas and hopefully we can work together in the future on some deals. I'm looking forward to getting to know the area better.

Thanks,

Mark

Hey Timothy,

Thanks for the data on pricing, as well as the insight on what markets to go for. That's really invaluable knowledge for someone just starting out like me. I have been looking for possible BRRRR situations to create a passive income stream, but again the cost of hiring everything out makes it almost impossible to get your investment back out once you refinance. I may have to look at a hybrid strategy where I do most of the work and contract out what I need to. Again, thanks for the input. It's really appreciated.

Mark

Thanks for the tips on sources to look for contractors. I've definitely experienced the long waiting time for a contractor to be able to get around to my project. I guess that's the problem that comes with going with a highly rated contractor. The main stuff that I would contract out with be roofing, major structural changes (i.e. removing a load bearing wall), and complicated electrical/plumbing projects. For the most part I'm pretty comfortable with most plumbing, electrical, and carpentry type projects. I'll check out thumbtack and Angie's List. My experience with Home Advisor is that they just bombard you with telemarketing after you search for any contractor. Again, thanks for the help.

I’m trying to find out more information of the market for flipping and rehabbing properties in the Dover area. All the work I’ve had quoted on my personal property and rental have all come back with outrageous prices. It seems like the market is too good for manual labor trades right now and they can afford to through out crazy numbers for smaller jobs that they aren’t as interested in. I was wondering if anyone can give me any insight on using contractors for flipping in this region. The numbers I hear thrown around for rehab budget on the bigger pockets podcast seem really low compared to what I’ve seen. Are most people in this area doing the work themselves or is it just a matter of finding the right contractor?

@Jaylan Archer

I’d say the problem is more that I‘m managing the property myself. Previously it hadn’t required too much of my time but I had a bit of bad luck last winter. The property has outdoor oil tanks and I got an order of kerosene with some water in it. Around Christmas time we had some incredibly cold weather that caused the oil line to freeze up requiring me to thaw out the line on numerous occasions until the water was out of the tank. I’ve used a property manager to find tenants but haven’t used one to manage the property yet.

I currently own a duplex in the Kittery, ME area that I have owned for the last 10 years. The idea from the start was to pay off the mortgage and collect the rents to supplement my income. Recently, I purchased my forever home (which is a fixer upper) and also had my first child. As a result of those things I'm finding that I don't have the time to keep up with the maintenance of my duplex. I'm considering selling the duplex and later investing the profits on a property that I can manage without personally doing all the maintenance. However, now that I'm preparing to sell it I'm having second thoughts on whether I should, or just refinance and pull all the equity out of the property. Since the rent in my area is capped by the quality of the area I'm finding that I only see about .7% rent to value. Is selling the best option here or should I refinance and use that equity to purchase another property?