All Forum Posts by: Matthew Meikle

@Nathan Gesner

Getting your property ready to rent for the first time? Here's what you need to do:

Determine your rental price based on similar properties in the area.

Make any necessary repairs such as fixing leaks, replacing damaged flooring, or repainting.

Give the property a thorough cleaning - consider hiring a professional or do it yourself.

Advertise the property online, put up signs, or reach out to real estate agents.

Screen prospective tenants and sign a lease agreement once you've found a suitable tenant.

Collect rent and make sure the property is well-maintained by responding to maintenance requests and conducting regular inspections.

Good luck, first-time landlords!

I have seen my fair share of distressed properties. While these types of properties can offer investors a great opportunity to make a profit, it's important to carefully evaluate them before making an offer. A thorough evaluation will help you identify potential risks and make informed decisions about whether a property is worth investing in.

Here are some key factors to consider when evaluating a distressed property:

Location: Location is one of the most important factors in real estate, and it's no different when it comes to distressed properties. Look for properties in up-and-coming areas with potential for growth. Consider factors such as the proximity to schools, parks, shopping, and public transportation.

Property Condition: Distressed properties are typically in poor condition, so it's important to assess the state of the property. Look for signs of structural damage, mold, and pest infestations. You should also consider the cost of any necessary repairs and upgrades.

Comparable Properties: Do some research on comparable properties in the area. This will give you an idea of the average sale price and what you can expect to get for the property if you make the necessary repairs and upgrades.

Property History: Look into the property's history, including any previous owners, liens, or legal issues. This information can impact the value of the property and your ability to sell it in the future.

Zoning Regulations: Make sure you understand the local zoning regulations and any restrictions that may impact your plans for the property.

Rentability: If you're considering the property as a rental, it's important to evaluate the potential for rentability. Look for properties in areas with high demand for rental properties and consider the cost of any necessary repairs and upgrades.

Financing Options: Distressed properties can be difficult to finance, so it's important to research your financing options such as hard money lenders. You may need to get creative with your financing in order to make the deal work.

In conclusion, evaluating a distressed property requires careful consideration of a variety of factors. By following these tips, you can make an informed decision and ensure a successful investment. Remember to take your time, do your research, and consult with experts when necessary. Good luck on your next distressed property investment!

Thanks in advance, all.

I'm currently rehabbing a 2/2 condo tucked away in a very nice little 55+ community in Silver Springs Shores. I'm trying to settle on a price to rent this place for, but the range around here is crazy. I've talked to several people who currently rent a 2/2 for under 600 in the same community and say their rent hasn't gone up more than 25 bucks in a decade. Online I see ads ranging from 850 - 1250. I keep reading that people are desperate for a place to live for under 1000 that isn't a dump in Ocala. I could use some local guidance on how far I can push it.

I'm upgrading the counters to granite, replacing interior doors with new 5-panels, painting the walls and trim for a more modern look, and replacing all of the fixtures for a similar effect. It's a downstairs unit and will probably be the nicest place in here once I'm done in a couple weeks, if I can toot my own horn. I'm all in for 65k. HOA is going to go up to 192 next year and is currently 168.

Help.

-Matthew

@Pat L. I think you're supposed to write the date there. Got me to chuckle though. So, good on you.

@Antoine Thompson Narrow your Zillow search to that neighborhood. Then look at the most recent sales for similar listings and average together their price per square foot. That will give you a median. Now determine whether your prospective property is above or below average on quality, square footage, and other amenities. This is by no means completely accurate, but will get you in the ballpark.

I tried to poke holes in this, but can't seem to. You may want to run the projections for when you increase rent and hire a property manager. They generally ask for 8+%. Also get rates on local gardeners. You may want to pass that buck eventually as well.

These flippers seem to have done a good job. Except for the fact that they painted the interior doors the same color as the walls. What is up with that? Is this a new trend I'm missing out on? And, the double doors weird me out. Does it make a better impression in person?

Your renovation budget and time frame seems low when you're talking about ripping out walls, new siding, and doing an update. Closing costs and holding costs during the rehab will also be a factor to consider. Points? Insurance? PM? 

Stole this one from Mindy...

Originally posted by @Mindy Jensen:

"...when I was a smoker, I also 'didn't smoke inside' until it got super cold outside, then all bets were off.

However, I also just bought a former smoker's house to live in personally. It REEKED. I bought this ozone machine on Amazon and ran it probably 9 times. No more smoke smell."

@Anthony Wick To each their own. I never claimed it was unlawful. I will point out that cat owners represent nearly 30% of applicants and smokers over 15%.

@Sophia Segreto You're killin it. Tell us what you wrote in the letter.