All Forum Posts by: Cathy Svercl

have you considered moving it into a land trust instead?  regardless, you should check with your insurance agent, attorney, and tax advisor to weigh your choices first.

ask a RE attorney if it's legal, ask a Realtor if it's common.  condo's are sometimes notorious for either not enforcing any of their rules, or "making stuff up" because they don't have an attorney on their board to review their rules.

Jim & Barbie's meeting is every other Wednesday at Joe's Crab Shack on Gulf-to-Bay Blvd in Clearwater (across from Lowe's, Target).  next meeting is scheduled for Wed, Nov 8th, then Nov 22nd.

looking for referrals for PM for triplex in low-income neighborhood in Clearwater, FL.  thank you!

call a structural engineer.  for a $500 or so visit, you will know the answers to your questions.  they will review the problem and tell you what the repairs may be (nothing or huge).

please insulate.  it's cheap and it's the right thing to do.  especially in low income neighborhoods.  your building department's Residential Plans Reviewer can help figure out how much insulation is required.  just call them.

** doublecheck with your building department for local code modifications.**  if the property is in Oakland, CA, the Climate Zone is 3, so the insulation for frame (wood stud) walls should be "20 or 13+5" which means use R-20 batt, blown, or spray foam insulation (if it fits), or use R-13 batt insulation along with a sheet of rigid R-5 insulation behind the drywall. (information based on the 2015 edition of IRC - most residential building codes in the USA are based on this standard)

quick math = $1,675 monthly rents (market rate, tenants pay utilities) minus $600 ($200 per door) = $1,075 times 100 = $107,500 is the most i would pay for this property.  i buy and hold, so consider me the person you are going to flip it to.  this might be a better deal if you assign the Contract to someone (buy & hold person), rather than try to flip it.

Quick math = $1,300 rent (tenant pays utilities) minus $400 ($200 per door for multifamily) = $900 times 100 equals $90,000.  that's the max i would pay for this property.

check if the rental income is low for the area.  perhaps the tenants have been there forever and the Landlord hasn't raised the rents in years.

i *don't* have a self-directed IRA right now, but there are 2 companies that RE investors use locally. an important way to narrow down one over the other is how fast you will need the money for a closing. if you need to close fast (a few days), check with fellow investors how quickly the money can be moved.

we like Betsy @ Community Insurance Group in Brandon.  does the research, friendly and timely responses.