All Forum Posts by: Tchaka Owen

Where in Brevard? Remember that the county is 72 miles tall. 

@Michael P. - there's some decent advice below but I'm not convinced they're fully accurate. The suggestion to Google is probably the best. Here's my experience with NJ (from the beginning of this year). A good friend (who is also a real estate client here) had a non-paying tenant in his NJ home. She found every excuse in the book....job, Covid, etc, etc....and even though my friend had a ratified sales contract, she legally did not have to leave. Ie, someone buying it did not mean she had to move out....NJ is THAT tenant-friendly. Then I read in that she'd have to move out if the buyer intended to occupy (which was the case). I state this because I'm not convinced the current owner can kick out the tenant if intending to occupy; I just know that it applies upon sale. In your case, just be sure to let any buyer know that s/he must be an owner-occupant and you're golden. Good luck!

Ei @Eric Kwarteng....asem paa! There are multiple issues with your numbers. It's necessary that you tweak them, run the report again and let us assess. Here are several issues:

1. Do you believe you can get an 80% NOO loan at 3.00%? That doesn't seem realistic unless you pay lots of points.

2. You should put away at least 8% for Management, 7% Repairs, 6% for CapEx and 5% for Vacancies. At $1100/mo rent, that comes to $88, $77, $66 and $55. Currently you have $72, $17, $17, and $55 (you got one right). That puts you $125 below where you should be.

3. Do you believe your insurance will only be $192 per year?

Hello @Niv Kaikov. Are you in Aventura or in Brevard?

@Joel McGinley - your post makes it sound like you're trying to find reasons not to hire a property manager. Several comments:

1. It is standard in most of Florida to charge the 1st month (I sometimes charge 10% of the lease) - that's a real estate thing and the PM finding you a renter likely has a real estate license. 

2. 10% is a standard PM fee. You can get a good PM for as low as 8%, once you find someone willing to go lower, be leery.

3. @Robert Seelig laid out what I would have advised, except that he did it better. My folks have been out of the country for over 4 decades and do use a PM. I'm 800+ miles from my home and I don't. IMO, technology has made it such that it's easier now to self-manage, however each place has its own factors that must be weighed. There's no one correct answer.

Good luck!

You might take a moment next time to comprehend what was written before responding. You appear to be disagreeing with a point someone else might have made.

If this is accurate, then she should either:

1. Hire a property manager or real estate agent to rent it, or

2. Sell it immediately.

Otherwise she will find herself in hot water before long.

@Levi Gold - welcome to Miami! As an FYI, it's South Florida; no one says SE Florida. S. FL is understood to be the 3 big counties (you can squeeze Martin in there if no one's looking). Rents are very high in S. FL but as @Jason Brown alluded to above, prices are also very high. In fact, don't bother with multi-families because they've been a premium since at least 2015. Where you can come out ahead is STRs.....if you find a place that allows it, you'll be golden. Otherwise, park your money in other parts of Florida. The surprise (which I found out after moving to Brevard) is that a number of areas in Florida have some of the best deals in real estate. Just not down South.

@Carlos Bennerman - looks good!

@Thiago Oliveira - have you seen any legitimate private lenders offering rates that low? Do you know why? Because they're real. What you posted is fake. Any time you see rates below 9%, you need to question it. If you pay that $1200, you'll never see it again. In fact, you should send me $120 right now for this advice, that's a 90% savings to you! De nada.