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All Forum Posts by: Cathy Svercl

Cathy Svercl has started 2 posts and replied 121 times.

Post: Ocean close vacant lot

Cathy SverclPosted
  • Rental Property Investor
  • Clearwater, FL
  • Posts 122
  • Votes 55

geotechnical services/geotechnical engineering company.  call and tell them what you are doing.  they can test the soil for drainage quality for the septic system.  later, they can test the soil bearing for the house's foundation.  (their info will inform Architect what type of foundation/piers you will need.)

call your County's Dept of Health and ask to speak to the Septic person.  s/he can explain how big the drainfield needs to be for the size house (number of bedrooms or bathrooms) you are planning.  so you will have an approximate size for that.  also, ask if the drainfield will need to be raised above existing grade or not.  sometimes they will tell you, other times they will insist on a paid site visit before telling you.  look at neighboring properties with new septic systems installed.

finally, call the local Zoning Department to ask for the setbacks of the property, front/side/rear.  you want to make sure there is enough room for your house + your septic tank + your drainfield.  you can put a driveway or patio over a septic tank but usually any buildings must stay 5 feet from the tank.  and obviously nothing can be built on drainfield.

after you purchase the property, you will have to call a surveyor to request an Elevation Certificate - this will inform the Architect how high the house has to be built above the ground, if any (assume you will if other newer homes are built on stilts).

Post: Question about the Brrrr calculator

Cathy SverclPosted
  • Rental Property Investor
  • Clearwater, FL
  • Posts 122
  • Votes 55

you can use both the current rent and the future potential rents.  it depends on if the building is occupied, so you will have to increase rents as the leases renew or new tenants move in.  so i would calculate it both ways.

but if the building is empty now, just put in the future rents.

Post: Matching Parcel Numbers To Address

Cathy SverclPosted
  • Rental Property Investor
  • Clearwater, FL
  • Posts 122
  • Votes 55

have you tried the local County Property Appraiser's Office Website?  they usually allow multiple types of search, including by address, parcel number, name, etc.

Post: owner/property management no notice entering property

Cathy SverclPosted
  • Rental Property Investor
  • Clearwater, FL
  • Posts 122
  • Votes 55

1.  read your lease very carefully.  typically, you have signed on for 12 months, and are bound to pay for 12 months whether you live there or not.  breaking a lease typically results in a "fine" which will be spelled out in the lease; it can be your security deposit + 1 month's rent, or more.  and if you leave you could be legally evicted for failure to pay the rest of the lease, making it fairly impossible to apply for another rental for several years.

2. that's awful that your privacy is being violating over and over again.  i would definitely send a firmly worded letter to the Property Manager, via USPS with return receipt.  outline all the violations, and include copies of your emails.  you may have to seek legal advice if the PM cannot control the Owner.  there are typically local Landlord-Tenant Legal Services that are usually free or discounted to ask a few questions - Google or contact the local Bar association.

3. if you haven't had heating all this time, you may want to ask for a discount on your rent, and have it attached to the Lease in writing.  heating is typically required by law, but check your local Landlord/Tenant rules.  never withhold part of the rent or you could be evicted.

Post: Help me analyze this deal. How to make it happen!?

Cathy SverclPosted
  • Rental Property Investor
  • Clearwater, FL
  • Posts 122
  • Votes 55

can you subject to / take over their existing mortgage?

Post: Should I hold as a rental or sell?

Cathy SverclPosted
  • Rental Property Investor
  • Clearwater, FL
  • Posts 122
  • Votes 55

good question.  i have a similar dilemma.  the monthly cash flow would be positive but slim margin if i moved out but held as rental.  the good thing is it's in a low crime working class good neighborhood that would be easy to rent.

Post: To generate $1000 monthly rent per unit

Cathy SverclPosted
  • Rental Property Investor
  • Clearwater, FL
  • Posts 122
  • Votes 55

i would pay $80,000 max for a unit that rented for $1,000 monthly.  but you can't make those numbers everywhere.

Post: Property Analysis Feed Back

Cathy SverclPosted
  • Rental Property Investor
  • Clearwater, FL
  • Posts 122
  • Votes 55

i agree - i would try to get the property for $200k.  my rule of thumb = $2,875 rent - ($200 x 4 units) = $2,075 x $100 = $207,500.  make sure the property taxes are not the current ones but the actual buyer's property taxes - they usually go up upon selling.  check out the high cost items, too - age of roof, heating/cooling systems.

$2,875 Rents x 12 = $34,500 Income

minus (Taxes Insurance Maintenance Vacancy PM)

- $5,500 - $1,200 - $4,800 ($100 per door per mo) - $3,450 (10% vac) - $3,450 (10% PM)

= $16,100 Net Income

now you just need to subtract your (Mortgage x 12 months) to see what's leftover

assume $200k purchase price, 40% down, 5% 30-year = $644.19 x 12 = $7,730.28

or about $697.48 cashflow per month

Post: 3.7 acres house sinking.

Cathy SverclPosted
  • Rental Property Investor
  • Clearwater, FL
  • Posts 122
  • Votes 55

sounds like you will be selling it for the land value only.  minus the cost to the buyer to demo the house.  recommend looking at land values in your area and finding out the average price per acre that they've sold for.  you might look into demo cost (reputable company that will raze & haul away) to decide if that's worth doing before you sell.  but probably not worth your while.  if the buyer does build a new house on the property, at least you have utilities (saves developer the impact fees).

Post: First duplex purchase would like some others to weigh in

Cathy SverclPosted
  • Rental Property Investor
  • Clearwater, FL
  • Posts 122
  • Votes 55

the numbers work, but margins are really thin.  if the Rent is $1,900, my rule of thumb is purchase price + repairs = $170,000.  doublecheck the property taxes are not what current seller is paying, but what you would be paying - they often double for the new buyer.  maintenance is fairly generous (i use $100/door) depending on local costs.  you will have to do all the Property Management, as there is no money left for that.