All Forum Posts by: Tim Kaminski

@Jacopo Iasiello

Selling would probably reduce stress but the only thing that is stopping me is FOMO of future cashflow/appreciation. Would love long term rentals paying my dividends but old homes in Florida area give me stress that one year it can all get wiped out with nothing to show from it. 

I have a few old properties (around 100 yrs old) in Tampa/St Pete that I am considering selling.  Initially wanted to hold forever but with insurance costs rising/property taxes going up/threats of Hurricanes destroying home, considering cashing out.  I have nice 3-4% rates but just fearful of a hurricane coming through and destroying the homes. 

I think I would reinvest in newer homes if possible.  Either here or out of state.  The 100 year old homes just worry me.

"They've lasted this long".  Yeah well, we are getting stronger and stronger hurricanes coming through and if I don't sell prior to house getting destroyed, would only get rebuilding costs from insurance.  Also, the insurance companies are fleeing Florida so I'm definitely not making as much as I would from selling while things are still good.

Talk me off the cliff or push me over please.

@Chris Davidson And then I could rent them out separately? I’d rather rent out two 2/1s than (1) 4/2. Only shared space would be laundry room. 
I guess I would have to figure out utilities if I was to go that route. 

Hello,

I have small single family home with detached garage.  Interested in possibly adding addition by turning garage into extra bedrooms and connecting to main house with "shared laundry room".  This way I could rent out a front house and back house.
Is this too strange to do?  Is this illegal?
Curious on thoughts.  I looked into ADU but lot size is 500 sqft too small to do.  This would be workaround.

BP,

Located in St. Petersburg, FL.  Am under contract with a single family home that I plan on adding a bedroom to. I work for a construction company and am quite handy, but county is saying I can't do any work on these properties if they are for sale or lease.  I intended to get the work inspected as it would be increasing occupancy of building, but this was my value add! The fact that I can do most of this work myself lets me buy at a different price. This is just making me want to skip permitting altogether, but will I have issues down the road?  Now I have to hire a company to overcharge me?  Just very frustrating.  Rant over.

Would appreciate any advice.

Thanks,

Tim