All Forum Posts by: Nathan M kiefer

Quote from @Mary Winter:

Hello BP community! I have another bathtub question. Here is a picture of the tub. This a one piece fiberglass bathtub. There is a small hole in the bottom of the bathtub (dark spot in the picture). This is causing water leaks. The repair guy is suggesting to replace the flooring of the bathtub because patches would crack in a week or two. Can this be done for a one piece bathtub? 

Any advice you can provide would be greatly appreciated! 

 There are companies that fiberglass patch this in. Did this in one of ours and been fine ever since

 Wouldn't recommend that, loss runs will just run your rates up and you will be paying more and instantly show red flags to your new carrier 

 Ocean lakes is both for sure. We're currently at 107k on the year in bookings in our two homes. We go there about once a month and the airport is 10 minutes from the resort 

Some incorrect information here. So here are some facts;

We own two stilt houses (4bed/4 bath) in ocean lakes.

wr average between 135-160k in the two combined.

The amenities are ALL allowed to be used by any guest(s) that stays in our homes.

Ocean lakes is a resort and campground - it is secure in it's ability to keep its str usage and zoning due to same.

you dont own the land. There is NO HOA.

It is a golf cart community and is 318 acres gated and 24 secured with all property fenced all the way to the ocean.

Many realtors dont like to sell in there because they have in house realtors and they have a transaction fee that makes other realtors shy away. I used a out of network realtor and had a good experience and success.

We have had great success at ocean lakes and love the atmosphere it has, water parks, ocean etc sounds like you have already started researching it's qualities. It's a place where families literally come for generations.

You can get a 4/4 or 5/3 in ocean lakes all day for 600k and it will do 55-80k depending on location and fit and finish.

The only draw backs we have seen from the years we have seen is your lease for the land goes up but not so much it isn't justified in my opinion- they take extremely good care of the grounds and amenities are second to none. Also the security is almost like cops but as a owner I appreciate that when I need them.

can share my links to my houses if you need it so you can research more.

$83k per unit for 1 beds=crazy. 

I wouldn't buy this thing for any more than $55k/unit- all one beds is a bad deal. 

too much missing info- historical vacancy, tax returns etc etc. 

Literally the only positive thing I see about this deal is the assumable loan at 3.35% but i suspect its coming up on sunset?

If the owners are pm and say "believe" there is room for rent increase, then why haven't they done it?

This depends on a ton of factors, mostly risk.

Without a doubt it provides risk mitigation if your property is in a LLC. Without that you can be sued personally for any issue within it on your str.

Its much harder for people to pierce the corporate vail and sue you personally if your property is owned and managed in a LLC .

Financing is one of the only drawbacks as it is a commercial process and banks usually like to see 3 years of a decent tax return.

We have 19 properties and all are in an LLC and in fact we only hold 2-4 properties in each LLC (all are owned by one parent company and done in one flow through parent company)to even further shield the liability that may/can occur on a property.

There is no doubt you are exposed to higher risk on many fronts if an investment property is held personally.

We leave tp and spices, we purge all spices yearly and and provide a few and at the end of the year there is always a good blend. We repeat this cycle every year when we do a deep clean and seems to work great