All Forum Posts by: Parker Detweiler

Your rent should be between 1200 and 1300

I only do college rentals, however I do not finance. I look for a 6-7 year gross return of my initial investment, so is I am in the property up front total investment of 100K then I need to get around 1200 a month and I will not pay for anything other then yard/pool care. It normally puts all of my cash back into my pocket in a 10 year span after all expenses and what not, however I am yet to carry a single family rental for even 5 years.

Just open a bank account that is used only to have rents deposited and then you transfer all of the funds out of it once rents are collected...

Do they actually have bedrooms or are they efficiencies? Either which way how are the parents going to charge rent to the friends if they are only 1 room let alone efficiencies? 

No its not a difficult conversion if you know what you are doing and have the right contacts. However even just from what you did post, I wouldn't recommend it on this building.

For me 40-60k depending on hidden items, no idea what the costs are for you where your at. Using big box and online for materials that alone should be around 25-30.

@Dana Whicker Exactly, I can fight the city all day long and prevail. However I still need a release of the violation once I correct the issue. Normally the true costs range from 150 as far as 1300 in my experience. In reality I would much rather just pay it then spend the time having my attorney clear it up at 500 a hour.

They will still probably try and get you for the true cost of the filing fees etc. FYI and depending on the title company they may want a release, if so you can send on the case law to them to get them to insure or change title companies.

@Yechiel Abekassis Again which county?

@Wayne Brooks I have had some fun with the HOA debts through legal battles recently, saved myself a lot of money.

All depends on the County, however as @Wayne Brooks said municipal survive. However what exactly is the lien, if it is utilities that you are referring to as a city lien then it may or may not survive depending on the county and who owns the utility company. The only reason I bring that up is due to certain counties in FL that the name of the utility company makes them look like they are owned by the county, but may in fact be private. In which case it goes based on the county.

 You would be surprised, under these type of circumstances it happens a lot. However as you said, as an investor I would not go in for equity and only do this as debt for the sheer aspect of liability.