All Forum Posts by: Scott Goulet

Quote from @Jacqueline Ray Soliz:

I would recommend calling your insurance company and asking them what your policy covers. There are sometimes extensions that can be added to a Landlord's policy to cover vandalism, theft, plumbing- pipe bursting, etc.  You may have to file the police report in order to file the claim with your insurance. Did they notice the appliances were missing during the setout? You can always have this charged back to their move-out, security deposit disposition. Then turn it over to a collection agency. It will go on their credit report however there's no guarantee you will collect. 

They broke alot of other things so their security deposit is already spoken for with other things. 
Those extensions you mentioned, I assume they are add on things to the original policy, so they would cost more? Correct? 

Hi bp, question for you: I have a quadplex in Missouri, and i just had to go through my first eviction. The property management company pretty much took care of the eviction, however it cost about $1700 just to do the set out.

Once my PM company did the walk through, they discovered the fridge and stove missing. Also many of the windows were damaged beyond repair. 

questions are:

1. Is there any legal process I can use to try to get money/damages from that tenant? Especially for stealing my appliances? Mind you we had to evict them for non-payment. 

2. For the windows etc, would my insurance cover these items? Obviously with a deductible?

Hey everyone, hope you are doing great! 

Back by popular demand, we have our 2nd ever port saint lucie biggerpocksts real estate investment meetup. 

This meeting will be roundtable style and everyone will get a chance to talk about what they are doing and what they are needing to level up. 

Bring a book you have read if you want to participate in our book exchange.

Quote from @Kyle Smith:

I do think saturation will be a problem in the coming years in the Smokys for non-view plain knotty pine cabins. My builder just signed a contract to build 130 cabins next year. I also spoke with an excavation company owner who’s saying he’s so busy he can’t keep up. I asked him if these cabins being built are cabins with a view and he said the vast majority are not.  So, I would make sure you build with location and amenities at the forefront of your mind. If you can’t build or purchase better than the rest I wouldn’t build or purchase. My 2 cents. 

 Kyle, 

that makes sense to me, thank you very much. So basically make sure the cabin or house is unique, and not just a cookie cutter type property. Got it. I appreciate the input.

Hi there everyone, I just attended bpcon 2022, and I spoke with the short term shop. Definetly inspired me to start looking at the smokies close to Sevierville, TN as my wife and I love the area. What got us us really interested was the 10% down second home loan, as everything else 25% down at this point. 

what are you seeing for 800+ credit score rates and points? 

My question is in the same vein as all of these previous comments about if the market is too saturated in late 2022 in the gatlinburg and pigeon forge area? 

Thank you!

Hi bp, 

Question for you. I'm looking at a multifamily zoned property that currently only has a single family property on it. It is zoned for up to 10 units, but only has 2 septic tanks on property. How would I know if the property has enough septic or if I could hook up future units to sewer lines?

Any resources on here that has a rule of thumb for size of septic tank vs how many units you can have? Or just scrap it, if you cant connect it to city sewer? 

Thank you for your help! 

Hi bp! 

I have come across an opportunity to potentially offer seller financing, as the seller has done it previously. 

I have never made an offer seller finance, is there a resource or example seller finance contract for Florida that anyone could provide? maybe a youtube video that shows the process of offering seller finance?

They said they would be willing to do a 5 year term with a balloon at the end. 

All help would be appreciated! 

BP,

I have a property in Kansas City I am looking for some guidance on.

14 Unit

List Price: $750K

Cap rate is what I am a little unsure of in Kansas City, i used 8 cap for this example

ARV based on the 8 cap is $1,470,000.

4 units are currently rehabbed, with 10 needing to be rehabbed, each unit is a 1bed 1bath about 450 SQ FT, i have quotes to rehab each unit for $10K

the BP BRRR calc is giving me very small cash flow, but "infinite" returns after 5 years.

Just trying to determine if i am close to the realistic numbers here or am I far off? 

Thank you! 

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Simple about 13.5% COC deal in Saint Louis, what do we think?

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Quote from @Keaton Frieberg:

Hi Scott,

Why is it not in my best interest to use a quit claim deed? Thst is just what my realtor is recommending. 

Generally speaking it is never in your best interest to use a quit claim deed. I use a general warranty deed unless circumstances arises in which I must use a Special Warranty deed.

Most lenders want you to purchase the property under your personal name and then after closing you can transfer title via a General Warranty deed. Before transferring title ask your attorney to explain the "due on sales" clause. Usually, the due on sales clause is not something to worry about on a preforming note but you should still be informed of the risks and consequences of triggering the due on sales clause.