All Forum Posts by: Nicholas S Bond

@Arturo Pena Miranda Hey sorry, I haven't been on in awhile. Yes it was 6-7 min drive from UCF and 10 min from Valencia. I had prior relationships with my roommates. I also lived there which made managing it easier (in someways). 

Renting on a per-room basis is great, but you can definitely have other complications like more wear n tear, especially when renting to college students.

Overall, I think it was a great experience for me personally. Renting per-room without living there would be tough in my opinion.

I have been working with Jerryll since March. We have now successfully gotten 6 properties just from PPC due to our website looking very professional. We get comments from sellers all the time about this and how much they liked it. 

We have yet to land a SEO contract, but I know it's coming (we made a lot of adjustments at the 4 month mark so it could take a little longer).

Jerryll's strategies are legit and I believe he is one of the top SEO specialists not only in REI but in general. People just do not do it right in any industry.

We have acquired 3 self storage facilities in the past 2 years. These are awesome investments! We got owner financing on one of them. Looks like they are selling this property at an ~8 cap (23,000/300,000). For comparison, A class properties in major MSAs are selling for 5-6 caps right now. That price seems a little high for the NOI.

Are there any improvements to be added? Raising rent? Adding additional units? Mismanagement?

All in all, does not seem like a bad deal!

Would love to hear what you end up doing!

Hey Thomas, 

Congrats on the second property!

I just talked with my mortgage broker about this as I am about to purchase my second property as well.

He told me that the rental income from the first will count as ordinary income when they are looking at D/I and will not count against my income.

If you are cash flowing A LOT then you might be able to afford more, however if it isn't substantial I wouldn't get my hopes up.

Look forward to hearing how it goes!

Hey Leslie, 

I am just finishing up converting my "house-hack" into a long term rental. 

I think you already nailed it but the mindset can be the toughest part because you cannot think of it as a long term residence, otherwise you risk over improving etc.

If I were you, I would try and get that family to stay as long as possible. Vacancy is the number one killer on ROI!

When they move out then it will be much easier to get everything done (I wouldn't do anything while they are still there).

Congrats on the property! Looking forward to hearing about your house hack adventure!

@Tucker Cummings Dude thanks so much! That is very applicable; I'm going to start that right away!

My father is in a similar situation and hates loans because of all the "Box-Checkers" at the bank that can't think in common sense.

I've helped him through this process many times.

He's never had an issue with too many credit cards, so I wouldnt risk doing anything there as any credit activity can flag.

The questions of the title transfer depends on what you want to do. If you're planning on leaving the properties to your wife then filing jointly would make for an easy transfer if done correctly. I would make sure to consult an attorney before doing any of this as it sounds like you have a "reasonably-sized" estate.

Hey Dean, 

I am in Orlando and there are great properties here as well as Tampa & Jacksonville.

All 3 of the cities are on the top 10 fastest growing populations.

There was a stat thrown around that 1000 people were moving to Central Florida per day & a 300-400 were staying in the Orlando area.

Massive growth!

One of the major downsides is the reliance on tourism, which can definitely be felt right now.

All in all, I'll take it for the great weather and the 0% state income tax :)

Hey Kieler,

I'm in Orlando and the margins a lot tighter than the 1% rule for sure.

I'm in the process of refinancing my primary residence and turning it into a long term rental.

My house is a 5/3 (not typical for the neighborhood) and will rent for $1700. The refinance loan is for $200,000.

My PITI will be $1150 after my refinance.

I'm taking out $150 for maintenance, $75 for vacancy, and $100 for management (I have a great PM).

This totals $1475 all-in!

So after this, I'll hopefully be pocketing $225/month. 

Let me know if you have any questions!

Hey Amanda, not quite sure the laws in Colorado, but we use a Land Trust in Florida. This allows us to own the property but keep our name and the sale price out of the public record.

We then have the LLC own 100% of the beneficial interest in the trust.

This way we get the anonymity of the trust but the liability protection from the LLC.

Hope that helps! :)