All Forum Posts by: Suzie Remilien

@Dan Chevreux

1. Save, save and save

2. Keep debt down and make sure you have stellar credit

@Frankie PaternoAs @Aaron K. example shows, you make money by growing the gap between your income and your profit or cash flow in this case. 

I see that you've registered for a webinar and that's great. If you haven't done so already, check out The Ultimate Beginner's Guide to Real Estate Investing and the BP Podcast under the Education tab above.

Also, consider joining a local real estate group via meetup.com or REIA NYC.

@Gerald Bowman Nice job. How much did you budget for vacancies, repairs and property management?

@Robert Collins Consider partnering with an experienced rehabber on a project and check out J Scott's The Book on Estimating Rehab Costs.

@Account Closed I wondered too why the bank didn't find this problem. I will urge him to talk to a real estate attorney. Thanks so much, and I'll definitely let you know how everything turns out.

@Account ClosedThanks for your response. My friend lives in Florida, and the property was purchased via a bank loan. I'll forward your response to him. Thanks again.

@Riley SchaeferThanks. I've sent you a PM.

This question is courtesy of an investor friend. 

He just found out that his insurance company will not insure the 3/2 house he bought in Fort Lauderdale, Florida, because the mother in law unit is illegal. 

The previous owner did not have permission from the county to build the addition. He didn't know this until now. His insurance company will only insure if he guts the unit or rebuild it with the proper permits. He does not like either option.

I've suggested that he shop around to see if another insurer will cover the house under more acceptable terms. What other advice do you have for him?

@Jeff Wells Sorry for the very tardy reply. I figure it's better late than never. :)

Sample questions from BP: https://www.biggerpockets.com/forums/52/topics/256674-questions-to-ask-potential-property-managers; https://www.biggerpockets.com/blog/select-property-manager; https://www.biggerpockets.com/forums/52/topics/537782-best-questions-to-property-managers

Sample script: [Name] I’m looking for a property manager to manage some properties that I’ll be buying in the Jacksonville area within the next year. I’m interviewing several companies this week. I got your name from the National Association of Residential Property Managers (NARPM). Do you have a few minutes to answer some questions about your business?

@Vladut Bujoreanu Thanks for the follow up. I did buy a single family home in the Westside of Jacksonville. You can read about it here. A big thanks to everyone on BP and especially @Maxwell Lee who helped to make it happen. 

Now I'm looking to transition into multifamily. Jacksonville doesn't have quite the volume of small multis, so I'm focusing on the South and Midwest of the United States.

I hope that helps.