All Forum Posts by: Paul Tibok

@John Thedford well I went FHA 3.5% so that's not going to be my story. So your saying if I redid the flooring on one unit and both kitchens that wouldn't be enough to pull out what I put into the renovations and a little more>?

Hello BP, new investor here.  I bought a duplex Florida in August. I live on one side and rent the other out to inherited tenants.  Currently their rent is under market (by about $225) and the lease is up the end of January.   The tenants have expressed to me they would like to stay but I am debating not renewing with them because their unit is completely carpet and I would like to change it to all tile like my side as well as do some other renovations to add value so I can refinance, get some cash and buy another rental.  Is this enough time for a bank to let me refinance?  About how much value will I add from switching to tile floors?  Does anyone have any other suggestions on how I can increase the value of the property?  Should I wait another year to do this? Will increasing the rent also be favorable to me when I go to refi? .  Please excuse the title not making sense I ran out of space haha. Any help would be greatly appreciated 

A bird dog is when you have certain people looking for deals for you. They could be friends, coworkers, taxi drivers, etc.. you could give them an incentive like a commission if a deal closes. Basically boots on the ground.

  Thanks ill check it out

Thanks a lot guys, just want to make sure I dot my "i's" and cross my "t's" if you know what I mean.  

Hello BP.  I just landed my first deal a few months ago.  Bought a duplex in Florida, actually my first real estate purchase ever.  With the purchase of the property I inherited tenants and the previous owners lease.  Renewal time is coming soon and I was seeing what peoples opinions are on obtaining a new lease agreement.  The lease I took over was done by a lawyer (name a number is on every page) so I was considering just scanning it then editing it.  Or if I got a new one does it have to be state specific?  I am trying to save some money as I know a lawyer would not be cheap but I will use one if necessary.  Can anyone possibly send me a blank one?  Please help any advice would be greatly appreciated!

Thank you Nicole, yes I took pictures and videos. I am trying to be as honest as I can in this scenario because the tenant in the duplex I just acquired (roll over lease) got a dog without permission and against his lease. When he leaves I'll see how good of a job he does cleaning but as of now the carpets are pretty much destroyed. His lease is up in January and he already expressed that he would like to stay but when the time comes I'm not sure what to do? I know I will have to replace those carpets.

Hello BP, beginner investor here. Just closed on my first duplex two weeks ago, house hacking and loving it! This question is actually about my security deposit I'm trying to get back from my apartment I just left. I did sign a lease that stated no pets and my girlfriend convinced me to get a cat. The landlord found out and ended up just telling me to keep my mouth shut about it and I could keep him because I was a good tenant. Now that I am moved out she is telling me the cat smell is still there. Before leaving I even rented a rug doctor and cleaned the carpets. The cats did not damage any property, used the litter box from the day he came in. She is also telling me that I am responsible for a touch up paint job and she is taking the "deodorizing" of the carpets and paint job off my deposit. Is this legal or do I not have a leg to stand on? Please help!! I plan on sending her a certified letter stating my new address and my request for my deposit because she refuses to meet with me for an inspection. I am paid up until the 1st and a neighbor told me she was showing my "cat smelling" apartment last night. Thank you in advance!

Hello BP, just landed my first investment property!  I'm closing on August 14th.  If anyone has any good recommendations for homeowners insurance companies or agents in FL I would greatly appreciate it!  I've called a few people but it can't hurt to do some more searching before I lock it in.  Thanks

That's a good idea actually I'm ordering several of them so I could design separate ones and put them on each door.  Thanks