All Forum Posts by: Michael Bacile

@Lauren Juarez I’ll look into them, thanks for the idea!

@Aaron K. I would like to use the service, that’s why I’m trying to understand how/if I can make it work.

Hey BP, I’ve got a question about PM companies and their costs. I know it varies based on the company and region but I’m a bit confused. I’m planning to buy a single family home with some value add potential, rent the spare rooms out while I’m renovating common areas to help save money and hopefully find some hidden equity there. When all said and done I’d move on to a new project and rent the whole house out to a tenant. While running numbers I couldn’t help but realize all the PM companies in my area end up costing roughly the same amount annually as I would be making in cash flow. (Adding up the 8-10% monthly fee, 50%-100% of first months rent, and leasing fees.) This is after buying an under priced home and a 10% down payment giving me about 150-200$/mo cash flow. What am I missing? 

Thanks for the advice, I’ll make a few calls and add to my notes haha. Appreciate your time

I’m looking to buy my first home (house hack). I’ve been looking for over a year and a question popped up in my head. 

If I buy this house (single family), live in it for a year or two so I can save more money renting out the spare rooms then buy another property once the first is stabilized. How will the numbers change once it's a full fledge SFR ready for market?

I’m imagining a scenario something like this-

I purchased a house I thought was a good deal and a great monthly mortgage leaving plenty of savings and cash flow. Repaired everything that needed to be done to make a solid rental. Only to find out that once I convert it to a rental property the property taxes skyrocket and eat up all the cash flow. 

Do property taxes go up substantially when converting a home to a rental property? Is there any way I can foresee what will change so I can figure it in to my analysis?

Hey guys, I’m not sure if this is in the right spot or not but here’s a question.

I found a property that’s great sqft and purchase price for the area. It’s located in a dual zoning area (commercial,residential) it’s made into a hair salon right now. How do I find the potential commercial lease rates? 

We plan on living in it and converting it back to residential for a few years. Hopefully leave to TN in 5-10 years permanently. So I’m weighing options on renting it commercially or residentially.

@Karen A. thank you!

@Karen A. how much did that upgrade run you if you don’t mind me asking?

That’s what I was thinking, I couldn’t imagine it being dry but he made it sound terribly expensive. My plan was to go ahead and get into the inspection to see. Small investment to find out I suppose. 

@Michael Goldsmith

@Deb R.

Thanks for the input!

Hey BP,

I’m looking to put an offer in on a house within the next couple days. This house is a foreclosure in Central Florida being sold as is and has a well water system. While looking around the property a neighbor felt it necessary to disclose that the well wasn’t functional “in major ways”. I entertained the conversation just to get as much info as I could out of it. My common sense was telling me that he was trying to keep us away from the property. This house is less than 1 mile from a major river system and spring head. I find it hard to believe the well would be dry. How would y’all handle the situation? 10k for a new well would break the deal for me so I’m a bit cautious.

Haha my Girlfriend thinks I’m nuts for going into crawl spaces and attics. In my mind you could find some terrible happenings by spending a little extra time and effort. Saves loads of money and headaches in the long run. Thanks @Dutch Langley