All Forum Posts by: Matt Leber

@Reden Dionisio small multifamily residential

@Kyle Marsh at University of Florida in Gainesville FL, the premium student rent amounts seemed to drop off about 8 blocks from campus hub. Students still live beyond that zone (I did bc it was cheaper). My rent was about $350/bedroom in a 5 bedroom house versus my sister in law who lived 2 blocks from campus and her rent was $800/bedroom plus the landlord was charging them monthly for parking spots. Crazy!!!

@Eric McCarty My sister in law had a tenant who sec 8 downgraded from a 3 bedroom to a 2 bedroom voucher, but they were told they could apply for an extra bedroom accommodation if they have a special circumstance like a medical condition in the household. It requires a doctor to sign some papers and sec 8 would only pay my sister in law the 2 bedroom amount until the process was approved. If approved, sec 8 would catch her up on the past months of lower rent due to the bedroom switch.

@Vinh Nguyen if they are not moving in the same day as lease signing, then get the signed lease and “deposit to hold” agreement signed and collect their deposit funds. In order to move in and get the keys, they then need to give you first month rent. Upon move in, their “deposit to hold” funds becomes their security deposit.

If signing the lease on move in day, just get deposit and first month at the same time before you hand them the keys.

@Christina Verretta we advertise on Facebook marketplace

@Amandeep Singh Bassi you can usually call the local permitting department and ask if there have been any permits (and when) for major items such as roof and AC. For example, if they tell you the last roof permit was 20 years ago...you probably need a new roof sooner than later. As far as the smaller capex items go, we usually estimate using a percentage basis of rents. Our total capex reserve allocation per month usually works out to 10-15% of rents. Much of that doesn’t get used on a monthly basis but you want it when the major items come around.

@Hilary Graves I send each potential a list of quick yes/no pre-screening questions before I arrange a showing. These are meant to identify any major red flags.

If they look good on the prescreening, I’ll set up a showing and invite them to begin filling out an application via email. Sometimes they bring the filled out app to the showing, sometimes not. I also have paper applications available while the showing is going on.

@Anna Neal hello and welcome! I am currently buy and hold investing in Jacksonville Florida small multifamily and Melbourne Florida (Brevard County) single family rentals. We typically cash flow about $400 per property in those areas per month after PITI and reserves set aside. Feel free to reach out with any questions if you need anything and I will see if I can help out.

@Kory Broussard I have a buy and hold rental property over in West Melbourne off 192. I like that area a lot, the schools are pretty good, it’s close to shopping, beach and rents are decently high. Inventory is low for rental-type properties, but I guess its depends on what price point you are looking for exactly. Most of the area is in the lowest risk flood zone.

@Tom Horn regarding number 1, we have a 4% fixed rate 10 year HELOC with a local credit union here in central Florida. You might find a similar product if you call around enough.