All Forum Posts by: Stephanie Wells

This seems like the easiest route. Thank you!

Buying a duplex in Ybor with 1 water meter. My cash flow is stretched super thin on this one and I’d like to be able to bill the tenants for water based on how many people are occupying each unit. Is this legal in Tampa or do I need to just guesstimate water usage and include it in rent? My other option is to try out Air B&B on the 1/1 and see if I can cash flow better that way, but I’m a little scared the area won’t do well until more development happens. Help!

@Kristina Kuba Can you please message me his info also? Thanks!

Debating whether it would be worth it to replace the 4 car driveway for a duplex I'm getting a cash out refi on soon. It looks awful now, but would run about 6-8K to replace/fix it. Would this impact the appraisal much, or should I hold off and wait to replace it until a tenant mentions it?

@Jeff Rogers 
@Matt J.

I am looking into Duluth also! Curious how your investing is going? One thing I'm nervous about is having to pay for snow plowing. The realtor I'm working with said it costs about $70 per plow and sometimes it can snow 5-10 times a month. Any insights or other considerations for buying rentals there? Thanks so much.

@Mike D'Arrigo…Super helpful thank you.

@Jeff Shumway Hoping to not have to do too much to the property I find, especially if I go out of state. Don't think I'm mentally ready for a full on rehab yet! Thanks for the insights though.

@Raymond J. Rodrigues Definitely noticing that rent increase starting up, maybe by December rents will be closer to the 1% rule if home prices simmer down even more.

So I’m finally taking the equity out of a duplex I purchased back in 2015. I will have about 150-170K cash after doing a cash out refi. I was going to play it safe and stay local in my Tampa Bay market, which means the cash would be a down payment for a multi family property in my area since everything is so expensive (also rents aren’t amazing, 1% rule doesn’t apply in Tampa’s market).

I am now tempted to try an out of state market where I can use that cash to buy a multi-family property outright and then cash out refi to buy another multi-family. If I go this route and can only fly out once, when is the best time to go - to initially view properties, or to see the final property with the inspector?

Appreciate your thoughts!

Stephanie

Exactly what I needed to hear, even my lender couldn’t explain it this well. Thank you!