All Forum Posts by: Maged Bishara

I'm not sure that I agree with these comments. A management LKC, along with a good contract removing the property owner from any liability should still work. Sure you can still be sued but the contract is between the management company and the tenant and the contract will stipulate that the property owner is excluded from any form of liability. 

I'm not a lawyer but something along those lines can work I think.

 The problem is manually having to update the pricing among various sites if you're dynamically pricing. That's a lot of time spent.

If the platform can help with that issue then it would be really interesting.

I have a single family home (ranch house) in Pompano Beach, Florida. It's not on the beach (six minute drive) but I rent it at around $2,200.00/week from the beginning of January until the end of April. Holiday season rental rates are around $2,500.

FLorida is seasonal so the summer season dips drastically with the bookings. Maybe between 5-7 additional weeks from the beginning of May until mid December.

But overall it provides about $45K/year in rental revenue for just 22 weeks/year.

True you have to fully furnish it and operate it like a hotel (almost) but I like it a lot and we use it as a vacation home for our family as well.

Hi I have another post out there about trying to find the right properties out there that will work with the different financial ratios that I've been learning about in BP: NOI, cash flow, ROI, Cap Rate, COC, etc.

I'm a Canadian investor and am looking at the U.S. for some real estate investing. We don't have the concept of real estate wholesaling in Canada so it's more difficult as well.

I'm a buy and hold investor and so far I've purchased four properties in Canada and one in Florida. My goal is to reach at least twenty properties (cash payment) to achieve some passive income. I'll need a property manager for each property I assume since I won't be local.

If anyone out there has any ideas or referrals then PM me.

Thanks,

 Hi Adam,

Net Revenue, meaning NOI. Sorry my other career sometimes takes over ;). You have a point. I'm sure that the circumstances are similar in most major metropolitan cities in North America.

I'll be researching the outlying areas to see what comes up.

NOI, cash flow, ROI, Cap Rate, COC, etc.

Whenever I plug the numbers of anything I can find into the spreadsheet with all of these financial models I come up quite short.

I live in Montreal and it doesn't seem to be that easy to find the right property in Montreal that will provide a good enough Cap Rate or COC.

Basically we need to buy a house or condo at under $100K with net revenues of around $1K/month.

These types of properties just aren't available in this city where housing prices are much higher. So should I scoure North America and forget about my home town ;)? 

I'm sure that many of us in BP have been coming to similar conclusions but it's difficult to find the right out of town properties when you don't know the lay of the land, rules, rental dynamics of the specific area, etc...

What have you guys been doing?

 Hi Jared,

That's great. Can you buzz me at 954-601-4772 later on this afternoon?

Thanks,

Maged

 Good idea. I'll check that it right away.

 Strange. I was with Progressive and they're the ones that didn't want to renew there insurance. 

I'll give CBIZ a try...

How is everyone? Quick question. As an investor we, obviously, don't live in our investment properties.

The issue is that my insurance company didn;t want to renew the policy today because the house is a vacation rental, meaning that it rents only for around 4 1/2 months out of the year.

The balance of the year we use it as a second family home (we come and go all the time and we do enjoy the property).

So we're in the house for about three to four months out of the year and have it rented for about another four months during the year.

Does anybody have trouble insuring their vacation rental properties in Florida? And if someone has some good solutions or options then it will be greatly appreciated. Because I have a feeling that the different insurance companies that I'm going to shop around with are going to hike the rates tremendously.

I prefer to be upfront with them right from the beginning about the usage of the property to avoid any issues down the road. I just hadn't realized that this would be an issue last year when we insured the property. But when they asked me this time, upon renewal, I told them exactly how this specific property is being utilized.

Thanks and any suggestions will be greatly appreciated.