All Forum Posts by: Richard Libutti

Hey there, 

I am an investor and I also work in the field as my day job...I am happy to talk should you want to chat. I find it helpful to talk a lot of things out so that you can narrow down your search. The more targeted you are, especially in this crazy market, the better your chances of landing a deal are. I am looking to get into something small in Charlotte this year myself -- so feel free to send me a message!

A few things come to mind of the bat: Do you have any localized understanding of the market(s) you're looking at yet? Are you going to hold long-term, or is this a stepping stone to a larger or different property? There's obviously a lot that goes into it, but generally speaking it's a pretty simple business model...with somewhat foreseeable results. 

Ricky

A little late to the party, but same advice as above...

In my experience, all homes have some sort of mold, and mold testing companies will find it -- so there is that portion of it.

I think it is important to distinguish that you want a mold testing company that ONLY tests for mold, NOT a mold remediation company that is highly interested in remediating that mold. Conflict of interest is apparent...

You, not the tenant, hire the company to test. 

As previously mentioned, tenants wanting to break a lease, love to lean on mold as an excuse, because they know there's a good argument for it on their side. I am not sure of your relationship with the tenants, etc. but a lot goes into this. Personally, with the market the way it is, I would lean towards letting them out of their lease, as you may get a rent increase -- bit of a win/win. 

If you have any questions, feel free to DM me...happy to help, and pretty well versed in Landlord/Tenant law (disclaimer** not admitted to practice law in GA)  -- as I went to law school in FL. 

Hey there, 

Thanks for reminding me to tighten up on my goal setting.

With that said, I am an investor, and work for a R.E. company. I am personally looking to invest outside of Florida as it a giant mess of risk...I would love to chat. 

I'll shoot you a message and maybe we can hop on a call. 

Ricky

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $435,000

Just closed on the neighboring property to my 1st 4 unit -- making it 8 units in the same location! This took a long time. Prior owner passed away, and I was able to buy from the son and his agent.

What made you interested in investing in this type of deal?

The deal was adjacent to a current 4-plex that I own -- makes things easier for operations and better for lowering expenses (Trash - 1 dumpster instead of two), cap. improvements, etc.

Impact on the block and appreciation.

How did you find this deal and how did you negotiate it?

Was listed, I reached out to Seller and agent directly, offered both sides of the deal to agent. I assured them I was the right buyer.

How did you finance this deal?

Cash Closing -- No financing

How did you add value to the deal?

Cleaning up two units -- will resurface the parking lot and add landscaping to finish off outside.

@Chris Freeburg

Thanks for sharing this...I guess it doesn’t hurt that my wife and I are looking for a primary residence in Park Hill. Short commute.

@Yuri Woitscheck

Thanks Yurok, I’m going to do a little research on the areas mentioned and run my numbers...certainly open to being there as well!

Thanks

Richard

@Jon L.

Jon, I’d love to chat, thanks for offering.

So far as location is concerned, I would like to be as close to metro Denver as possible. Since micro units are a likely outcome, and space

is limited in motel converted rooms, I think there will be a greater demand in Metro Denver.

Let me know when you’re available for a quick phone call.

Richard

@Steve K.

Thanks for the introduction Steve, happy to chat, and gain a bit more insight from someone with experience.

I’m open to other avenues as well, but like the overall approach since motels/hotels are likely experiencing revenue decreases due to Covid, there may be deals to be had there...

Sorry for the delayed response as I didn’t catch any email updates re: your reply to my post.

Talk soon,

Richard

@Michael C.

Great news on new property! I recommend Alex with Endeavor Exteriors for windows with a great range and competitive pricing/warranty etc. 

Best of luck!

@Richard Libutti

To clarify, if I had mortgages on my properties, I would be forced to carry windstorm (hurricane) insurance...which would be an $10,000 hit to my annual income.

Specific example here due to the fact that these are properties in South Fla. but there is certainly more flexibility when paid in full.