All Forum Posts by: Megan T.

Tile floors without a doubt. They are water-proof and last through everything. They have tile that looks like wood floors if you are going for the aesthetic. Too cold, they can add their own rugs and take them away when they leave.

You should consider bundling rent, all utilities and possibly internet/cable together at a flat rate. This allows students to budget for the month/semester better and depending on your state could add cash flow to you. Just be sure to add some verbiage about if they go over a certain amount on their electricity bill

I read Brandon Turner's book on managing rental properties in the one month window before closing on my first property, and I found it very helpful. It helped me put a lot of systems in place for my first deal I would not have thought to do otherwise

I bought the kindle edition and ended up ordering the hard copy so I could better take notes and flip back to helpful sections throughout my landlording experience  

If you look at the map of the opportunity zones in Delray and Lake Worth, you will get a good idea of where the C-class neighborhoods are. The map is far from perfect, but it will give you an idea of the neighborhoods if you aren't familiar with the area.
https://eig.org/news/opportunity-zones-map-comes-focus

The humidity and rain are an issue, but the biggest problem with frame houses is insurance. If you are anywhere on the coast and have a frame house, your insurance will be much more expensive

As others have mentioned on this forum, the main advantage of an MBA is the connections through alumni and fellow students. This is why it isn't worth it if you aren't going to an ivy or ivy equivalent. 

You didn't mention what your undergrad degree was in, but Atlanta has a ton of really good commercial real estate jobs. AYREP is a great place to meet other young real estate professionals in the CRE space

I would get them both out as quickly as possible, preferably before the end of the month. I would consider negotiating the termination fee with them, similar to cash for keys. If getting them both out of your property and out of your hair means you you get no termination fee or only one month's rent instead of two, then it will be easier on you in the long run. Definitely keep all communication with them in written form (email or text) and document everything to charge to their deposit

What metrics did you use to choose Tampa/St Pete compared to other markets? I would continue to use those metrics to narrow down your search further

To get the best idea of an area I look at schools zoned for, average household income in a 1-, 3- and 5-mile radius (use esri), and closest grocery store (publix is universal in Florida, but if it is close to a Winn Dixie or a Walmart grocery center it is a low-income area, close to a Whole Foods or Fresh Market, generally higher income area) as well as the other retail in the area. These three things will give you a good idea of the tenants in the area, you just have to decide which tenants you want.

I advise this to all new Florida investors, be aware of real estate taxes and insurance. They can be much higher here compared to other markets so just make sure you are calculating your returns accordingly

Frame house built in 1939? I would definitely avoid this. The house is going to have a bunch of mechanical and structural problems. Insurance will always be difficult and very expensive for a frame house in Florida.

Also rent at $950 for a 500 sf house does not sound correct. 504 sf would be about the size of a studio apartment, maybe a tiny one-bedroom, I don't think section 8 would qualify this as a 2-bedroom

If you have the cash to buy this without financing, I would look at putting a mortgage on a nicer home. If you don't have the W2 income or credit score for traditional financing look at hard money lenders

I worked on an apartment investment in Key West, and it is definitely an odd duck. Rehabbing costs can be ghastly expensive in Key West since everything has to be brought down to the island. If you are using materials like granite or drywall the cost of shipping it down from Miami can be as much as the materials. After Irma, there are definitely deals to be made in the keys, just make sure you are getting a sound house. The insurance on anything frame construction would be too much, so focus on concrete block.

I would be weary of the cash offers only part of the description. Does the property not qualify for traditional lending due to deferred maintenance or another issue?