All Forum Posts by: Siye Baker

@Jason C. what are the monthly expenses(insurance, prop taxes, HOA dues etc...)

agree with @Dawn Anastasi - we need more info

@Robert Matthews 

You make a great point. I have been going back and forth about that one. My thought is that the smaller the grace period- the more likely the tenant will prioritize their rent. I may be wrong though(wouldn't be the 1st time). 

On a side note- i see you are from Indiana. My dad is from Gary, grew up a block from the Jacksons. 

Thanks for the reply!

Sebastian

I am trying to be as careful as I can. The brief points are:

1/1 condo. Nice area only one vacant of ~60 1/1 units

market rent $850-$925

$880 firm

Fees-->Repairs--->Rent

postlets,padlets,CL ad (photos, building, but specific unit#)

screen over phone

arrange a group showing for prospective tenants

smartmove.com ($25 app fee(Cash), $15 per additional adult)

call 2 previous landlords and employers

i must be notified before any service call

no unauthorized work(no work for rent)

clogged plumbing will be tenants' cost

initially month/month least----------> 1st/last/ security

payment by ach or deposit to bank

due 1st, late afterwards

1 day grace

$50 late fee after 2nd business day....$5 each day after

no pets/smoking

monthly inspection

move-in report signed

holding deposit prorated if longer than a week....carried over to deposit if lease signed

rent history(no evictions, foreclosure on case-by-case)

gross income 3x minimum

waterbed----> renter's insurance with me listed for payout

not fish tanks or containers exceeding 5Gal

upon vacating: security deposit will be subject to move-out report and pending utilities

this will be a trial period, after tenant has a good track record with me then I will commit to a 1yr lease with all adults on lease jointly and severally(no more than 2)

Let me know if i have missed anything, and I appreciate all who have taken the time to read this!

Sebastian

Welcome @Bill Turner 

glad to have another Tallahassean. I had a house under contract through Homepath, but ended up walking after the inspection results. I found it to be a great learning experience though.Don't be a stranger!

Sebastian

@Lisa Miller
how did it work out?

Sebastian

@August Hansen 

 welcome to BP my friend. my first thought would be to find the highest/best use, which might be the mobile home idea. I know that there is high demand if we are talking about southside and the outskirts(most directions). Make sure you get a solid demo estimate( EPA compliant if applicable). I would be more than happy to ride out there to give you my interpretation of the situation. Sounds like you are doing a thorough job on researching the liabilities associated with the title. Bargain and sale deeds can catch you "sleeping at the wheel" if you are not careful. Make sure you get that septic inspected to determine the operating life of the system.

Sebastian

I believe it is the 5 yr statute of lim on mortgages in florida. If 5 yrs comes and goes without mortgagee filing for foreclosure- then he will have waived his rights to foreclose.

Sebastian

@Jeremy Jones first of all congrats on the baby! secondly I would like to welcome you to the board and encourage you to continue reading/posting on here. This is definitely a knowledge-rich environment.

Sebastian

I would probably reach out to a handful of realtors and tell them, as specifically as you can, what type of property you are looking for(as well as financing method). Since they have access to the MLS, they can do what they do best, which is hunt down properties to create a win/win/win situation. Hope this helps

Sebastian

@Tim Hall @Joe Gore should be able to answer all those questions. I wanted to ask if you have an attorney lined up to review the contract before you present it to be signed. From my understanding, wholesaling can be very profitable, but can also put you in a world of hurt if you violate any of the myriad state and federal laws. I wish I could be of more help, as I know next to nothing about wholesaling but to tell you to proceed with caution especially when you are starting out

Sebastian