All Forum Posts by: Pasquale Zingarella

@Cliff Terry when's the next one I'm dying over here!!!!!

PM'd you

Thanks @Cliff Terry!!! 

2019 was a year of initial action for myself as it pertains to my REI. Up until this year I've been saving money, viewing tons of properties, analyzing tons of deals, but finally was able to purchase my first buy and hold in 2019.

I've got this broken down into SMART goals, but I wanted to share my 2020 investing goals at a high level. I am big on accountability and having a support system:

-By EOY I will add at least 2 multifamily properties to my portfolio. I will live in 1 to house hack and will purchase another as a straight rental

-I will learn best practices on how to identify distressed properties and what the best marketing strategies are to turn those into deals. 

- I will learn automation and delegation best practices. I work full-time so I need to make sure my business can scale and will continue running while I am at my 8am-5pm job, until I am making enough passive income to invest in RE full-time. I need to make sure my time is focused on the right things.

I am very process oriented so my # 1 action item is finding a mentor to help develop a framework for goals 2 and 3. I am meeting with a local investor next week to start building a relationship and am eager to see what becomes of it. 

Wishing everyone a prosperous 2020!!!!

Pat

Fort Myers, Cape Coral, Lehigh, Naples, Florida

@Jordan Williamson @Mary Katherine Blake

Currently looking for a property manager for 4plex in North Fort Myers. Not happy with my current one.

I live in Fort Myers and had an offer on my rental for a seasonal lease. 

My questions are:

1. How do you structure move in costs? It would be a 4 month lease - do you still do standard first and security? 
2. Are your leases any different?
3. Do you still screen for 3X income? If they are retirees and no longer have income outside of SS, how else do you verify ability to pay? 
4. Thanks for your help!

@Annamarie Albers and I will be there!

@Jordan Williamson no luck/update. After some digging it seemed to be more work/cash than it'd be worth. I ended up renting out the unit as-is and will re-evaluate down the road. I'll definitely keep you posted if I decide to explore again.

@Dan Weber @Jordan Williamson Thanks for your help! I spoke with planning and they said it's a no-go. 

Our comprehensive plan determines the density in our county. That density is 6 units per acre. My property sits on 1/3 acre lot. Since the property existed before the comprehensive plan kicked in 80's its technically non-conforming and I cannot expand on a non-conforming use.

When I asked about a variance I was told variances will apply towards dimensional and not towards use. The state of Florida prohibits variances on uses.

He said the ONLY thing that MAY work is if I go through a comprehensive plan amendment which is still unlikely since they dont like to make "small dot changes." -> I am still going to try this department to see what happens.

Let me know if this sounds in line or if you have any other suggestions.