All Forum Posts by: Patrick Capriola

@Ray Smith - your last sentence there really resonates with me. Most of the multi-family deals I am looking at are break-even. So I started looking at capes with a separate entrance for the basement to try to get a 3 unit out of it. Are you seeing this or similar strategies have success on the island? Are there other strategies you are seeing that are working?

Anchor Realty has been horrible to us. I would NOT recommend them. They don't hold any accountability when they mess up. They placed tenants who could not afford our higher-end neighborhood home even when we thought the rent was too high and that it needed some work like paint. They also (after the fact) made the decision to only collect a 50% security deposit. I only knew this once I read over the signed lease and questioned them. They told me they passed with flying colors and that's why they did it. Well, sure enough only a few months into their lease they stopped paying and we had to file an eviction while they lived in our property rent-free. There are so many stories I could tell as we own 3 in Valdosta. I'm just done and we decided to manage long distance and use a local realtor only for showings. We now do all the paperwork as we do with our local properties. I would stay far away from Anchor. 

Hi Angelica- I'm looking for a property manager for my grandmother's multi-unit home in Woodhaven. Please PM me to discuss if interested. Thank you

Hi Everybody,

I am trying to find the best umbrella policy and want to ask if anyone knows of a great company in Indiana that does stand alone umbrella policies. I know they can be hard to come by. 

Best,

Patrick

We just used this strategy a few months ago and it has worked out well for us so far. It has enabled use to acquire a couple of more units. The numbers worked for us. The most challenging part has been carrying costs while executing the plan. Once we took the money out it took almost an entire year to acquire the new units, bring them online, and get them rented. Since then, we are back to our normal landlording approach. Good Luck. 

Great post James - amazing story

Saint Johns county has the best school district in the state year after year. Popular neighborhoods are ponte vedra, julington creek, and of course saint Augustine

I had someone offer to do this a couple of times. Each of them turned out to be less than ideal. I would not do it. My biggest question as I have seen on this thread already is why would someone want to do that?

This is a great question. It's a nice way to hear about the experiences of others. We bought our first primary home when I was 29. It was almost a complete remodel and is now a rental - so I consider if my first experience. At 31 we bought our first official rental after learning the repair and maintenance ropes on the first house.

As many of you know flood insurance rates are increasing via a $250 per year surcharge for  investment properties. What I want to ask the BP community is how are you trying to mitigate these increasing costs? $250 per year is about $20 per month - which is a lot to pay for something that you were getting for $20 less per month last year. Is there really anything that can be done outside of getting rid of the insurance?