All Forum Posts by: Cathy Svercl

we use Community Insurance Group now called The Plexus Groupe LLC in Brandon, FL (Tampa metro).

Barbie Moss, they do a-to-b, a-to-b-to-c, etc, all kinds RE investment buy/sell options.  Pinellas & Pasco, Tampa Bay.  linkedin.com/in/barbara-barbie-moss-ab495a6

1. you will have to put some money into remodeling, depending on what's already in the garage.  insulation in ceiling & on walls, heat/A/C unit, electrical & lighting, perhaps need to upgrade the electrical panel in there, replace garage door with something else, new interior walls, drywall, bathroom fixtures, some kitchen appliances, and finishes (paint, tile, etc).

2. we have all types of Contractors here, from high end to fly-by-night.  you might search the Contractors listed on the NARI Tampa Bay website, whose members have already been vetted.  have one come out to the garage and give you a cost guess-timate.

3. check out Rentometer.com for nearby rents.  calculate if the remodeling cost is worth the extra rent.  good luck!

that's a large water heater for 1,080 sf 3/2!  the newer water heater may be shorter but probably wider due to upgraded insulation requirements inside the appliances.  check if a new unit will actually fit in the existing closet.  

5 feet is tight for a master.  i might add a second row of hanging space (waist-high), add another closet for storage, or enlarge the closet, first.  

only move the water heater if the price is right.  tankless is more efficient when gas, not as efficient when electric.  if you are replacing supply runs anyway, highly recommend using PEX.  when running supply through attic, 2017 Florida Building Code - Residential requires only hot to be insulated, but make sure you insulate the cold also (attic is 140 F in summers).

Code allows a pan for water heaters - in Florida, we add a pipe from the hole on the side and run it horizontally thru an exterior wall, similar to a condensation pipe drain.  so placement of the new water heater should account for that.  (you will also have to add this if just replacing the water heater in the closet.)

i have used Greg Fox at Fox & Fox in Clearwater for real estate purchases.  i have never been sued, so i would ask him to represent me or get a referral from him if i did.  his family has been practicing real estate law locally for decades.

agree with @Russell Gronsky.  as an Architect, i recommend calling both a structural engineer (first) and a foundation repair contractor.  the engineer should charge you a fee, but it could be the best $500 or $1,000 you spend.  the contractor can give you an idea of construction price and time schedule.

yes, always best to have a professional eye look the place over, if that's not your strongpoint.  i have cringed walking through many homes that have had awkward remodels/additions.  they are harder to sell than a well-planned layout.

i'm an Architect, so your options are Architect, Residential Designer, Interior Designer, maybe a Design-Build Contractor.  they may/may not charge for a Design Consultation.  most investors here don't want to pay me for the Design/Drawings, so a Consultation could be a good deal.  ideas on what you should/shouldn't touch/remodel.  then, you can have a Drafting Firm draw up anything - one of those Design Professionals may have a referral, or the GC (General Contractor) may know someone.  you may/may not need permits for what you do.  best to have drawings and some written Spec's (what products or colors you want) for the GC, or s/he will do his/her own thing.  you might be okay with them picking everything out.  definitely have a written Contract with the GC.  make sure they are licensed & have current insurance.

a GC is your best source of pricing.  if the property just needs repairs/updating, you could have 2-3 GC's THAT YOU HAVE TALKED TO ABOUT FLIPPING AHEAD OF TIME come during the Inspection period.  that will help with your offer numbers/adjustments.  my EMPHASIS is there because a good GC will want to come back with his Subcontractors and take a few weeks for a good estimate.  so the GC's you work with have to be quicker than that, so you have to have had that conversation long before you call asking them to look at a property.

however, if the property needs some remodeling (usually due to awkward previous remodels and additions), you need the Design Professional to walk through during your Inspection period.  then depending on what is said, have a few GC's walk through.  but without drawings, the GC's will have to estimate the costs.  which is detrimental to you on your first few properties.  later you will have a better feel for costs.

check the laws in your state.  but usually the lender does NOT want to take possession of the home.

are you working with a real estate agent?  just keep writing up offers and sending them out.  if the numbers don't work, say NO and move to the next one.  calculate the numbers for all the MF properties on the market.  don't be afraid to offer low if that's how the numbers work for you.  don't be afraid to ask for a seller's mortgage for 50 years if that would make your cashflow work.  when i started, i think i put out 6 offers, 3 were accepted, 2 didn't work out after inspection, and the 3rd one took 3 months to close.  the timeline was January through October of one year.

remember they don't have to be for sale to want to sell the property.  take a look at some of the MF properties in the same neighborhoods as those you've made offers on.  perhaps there are properties that don't look as kept up as others.  those are future retired landlords, waiting for you.  they aren't being maintained, the rents are low, and you could come in, clean it up, and put in new higher-paying tenants.

property insurance is only required by a mortgage company.  you can "self-insure" by having liquid assets available to re-build in case of emergency.