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All Forum Posts by: Patrick Bavaro

Patrick Bavaro has started 16 posts and replied 284 times.

Post: Rent to Retirement?

Patrick Bavaro
Posted
  • Fort Lauderdale, FL
  • Posts 289
  • Votes 342

@Kevin Harrison sorry for the delay! I didn’t get notified of the tag (spelling error in my name). Anyways, sure! Bought the land for $26.5k cash, closed that in a week. Financing $238.5k and 3.5% right now. I have It on a float but will probably lock It tomorrow as the lender said he was expecting about 60 days to close which would be the length of my rate lock.. trying to gamble the timing to not have to come outve pocket for an extension.

Post: Rent to Retirement?

Patrick Bavaro
Posted
  • Fort Lauderdale, FL
  • Posts 289
  • Votes 342

@Hans Baldau So far so good. Closed on the lot and have started the process to close on the construction to perm financing. The one "annoyance" I am facing right now, is that I'm being told it will take up to 60 days to close which sounds crazy to me.... but apparently the lender is busy (in todays market I am sure they are). This is not something the R2R team has control over I'm sure, but I wish theyd have more options as I basically was required to use their preferred lender and I'm at the mercy of their timetables. Overall that lender has been good to work with though. Other than that, its looking good! 

Post: Rent to Retirement?

Patrick Bavaro
Posted
  • Fort Lauderdale, FL
  • Posts 289
  • Votes 342

@Eduardo Barcena jr I am actually starting my first deal with their company right now for one of the new build properties in Cape Coral, FL. So far, the rent to retirement team and the builder they're using have been very responsive and helpful. Scott has been exceptional in his help and advice as well. I will let you know how progress goes as I continue in the process! 

Post: New Duplex purchase in Battle Creek MI

Patrick Bavaro
Posted
  • Fort Lauderdale, FL
  • Posts 289
  • Votes 342

@Christopher Mikle congrats!! 

Question for you regarding the financing.. How did you get passed the 25% down plus reserves for the conventional financing? Is the $10k cash invested not count the heloc portion that I'm presuming may have been used for additional down payment? 

Thank you! 

Post: Late payment Lease vs State Statue

Patrick Bavaro
Posted
  • Fort Lauderdale, FL
  • Posts 289
  • Votes 342

Hi All, 

First time landlord about 6 months in to a year long lease. Question for the group. The lease that was signed with my tenant specifies 5 days until rent is considered late, and State (FL) law provides a 3 day window. I'm assuming lease supersedes state before being able to file for eviction since it's more than the state time period, correct? This is just a "what-if" scenario for the future! 

Thanks! 

Post: ARV on Completely Renovated Fourplex

Patrick Bavaro
Posted
  • Fort Lauderdale, FL
  • Posts 289
  • Votes 342

@Account Closed what came out of this deal? Thank you for posting your numbers and thoughts!

Post: Day 4 as a Landlord, and need to get rid of my tenant

Patrick Bavaro
Posted
  • Fort Lauderdale, FL
  • Posts 289
  • Votes 342

@Chris Monroe wow, such inspiring education and insight you have to offer! Have you ever considered applying to be a guest on the biggerpockets podcast? 

Post: Day 4 as a Landlord, and need to get rid of my tenant

Patrick Bavaro
Posted
  • Fort Lauderdale, FL
  • Posts 289
  • Votes 342

@Dan Valicevic I took an approach similar to the one @Joe Splitrock just outlined (great advice, Joe). Should there be a second infraction, I will simply follow-up with a written notice to cure and if it does not cure then its on to eviction. As part of my screening process for the future, I will definitely be going through the lease prior to signing and as part of that lease outline that going through the lease with them is in-fact, there first warning. Of course, if it's something minor, am I going to immediate follow-up with a written notice? Probably not, but it gives me the option to in any event. 

Should there in fact be drug dealing on the property or out of the property, I will immediately go to a written warning along with a notification to the police. At the end of the day, this is my property regardless if I was there or not and crimes committed out of my property leave me liable for legal concerns.   

Post: Day 4 as a Landlord, and need to get rid of my tenant

Patrick Bavaro
Posted
  • Fort Lauderdale, FL
  • Posts 289
  • Votes 342

@Brian Ellis Completely agree and thank you for the kind words! Now that we've taken some form of action, while it isn't a property on its own, it's given us the confidence that "hey, we'll figure this out. We just got to do it". 

For those of you interested in an update. I spoke with my tenant yesterday when I got home from work. The conversation went something like this. "Hey, xxx how are you liking the place? Great, listen I know that during the application and signing of the lease process, things moved pretty quickly. I wanted to make sure you knew the in's and out's of the lease agreement that you signed and so I printed you out a physical copy (I put a sticky note in the section relating to smoking indoors). I'm not sure if you knew this, but there's actually no smoking of any kind in the unit. Last night, my wife and I were woken up to smoke coming into our room and the rest of the house. Personally, we don't care if you smoke weed, but it just can't happen in the unit as I want to be able to return your security deposit at the end of this lease. As your landlord it's my job to let you know.". 

He was super understanding and thus far has been abiding. With anything new though, time will tell if it works out. As part of a compromise of sorts, I told him that I'd be picking up a few lawn chairs for him to use on the deck. Right now, we have a nice concrete deck but not any furniture (future plans of a pergula and furniture). 

Post: Day 4 as a Landlord, and need to get rid of my tenant

Patrick Bavaro
Posted
  • Fort Lauderdale, FL
  • Posts 289
  • Votes 342

@Jonpaul Nadeau I actually purchased this property through my VA loan (Marines). When I purchased, It was probably at the top of the market. It was fresh renovated etc., but with that in mind I had purchased this property not as a true investment, but as a place to start. I was 25, didn't know much about owning real estate so didn't want to get too carried away. That said, when I purchased I knew there was potential to at least rent out a portion of the property. I was thinking just rooms at first and then my girlfriend at the time, now wife, convinced me to wait. I'm glad she did. We still get the benefit of more privacy and still get a decent income in to help pay the bills. I wrote a post about my efficiency a few days ago. You can probably find It titled "I am

Now, a landlord!”.

I’m hoping my next property to be a brrr. Not sure if I’ll be staying in market or looking elsewhere yet.

Congrats on the soon to be new family member!