All Forum Posts by: Tim Kaminski

Hello,

Coming pretty close to purchasing my first buy and hold investment property.  Had a few questions I started considering to make this transition go smoothly:

How should I make purchases in my new small business?  Open up a new bank account separate from my personal? Can it just be a regular checking/savings account or is there some type of small business account that would work better?

I guess I could continue to use my personal car and just keep track of all receipts?  That doesn't seem like the best way though.

Do you guys use separate accounts for each property/unit?  Or is that overcomplicating things?

Looking for any advice on how you guys have setup your small business.

Thanks!

Tim

Give tenants proper notice for an inspection and either thoroughly walk the house yourself and write down everything that needs to be done or bring someone that knows what to look for. Then schedule repairs on days that work for both tenant and contractor. If they are good tenants then they should understand that these repairs will improve life inside these units.

Mark Webb I️ would love to talk to you about Orlando STR market. I️ have been trying to find a small multi family in Tampa for quite a while but have had no luck. I️ can’t PM you on mobile for whatever reason but very interested in the AirBnB market there!

Thanks @Yuriy Skripnichenko.  Most of those response are based on the idea that the property was a legal non conforming duplex so similar but not quite my situation.  Still gives me some idea of what it would take to convert it to a multi family. 3-5 months of a vacant property sounds troubling.

Found a triplex that cashflows on paper, has large rooms, high ceilings, and in B- area. Only issue is that it is a SFH that owner converted to 3 separate units without pulling permits.

It's a 3/1, and (2) 1/1s.  Gross cash income is $2,850 and asking $240,000.  I feel like I could get it cheaper as it doesn't have any permits pulled but wondering if it is smart.  Obviously I don't want my tenants to get shocked from a bad wiring job but I figure my inspector would go through all of these items to make sure it is up to code.

Wondering what my options are in regards to this property. Is it worth pursuing? Do I need to get the Seller to pull permits before closing? What kind of penalty would I face if I got caught using a SFH as a Multi family dwelling?

Any thoughts would be appreciated!  Thanks!

Someone correct me if I am wrong but the FHA 203K loan is a rehab loan. Not a new construction loan. It is 2 separate loans rolled into 1. Purchase loan+Rehab loan. You won't be able to build a home bc I believe the limit is 30k worth of repairs.

Also, I have heard it is much more of a headache to go through and deal with, especially if you are handy yourself.

Very curious about this!  For countertops, can you pour over any existing countertop or only certain materials?  

How durable is this?  Would it stand up to scratches/normal wear and tear better than tile/wood?

I love the finishes and think it puts a nice touch to the house, especially with the floor pour.  Thanks for any info!

@David Song  What do you mean"Unless you are buying your own residence"? Do you mean house hacking or just a primary residence for yourself?  Why would that not be affected by prices peaking? Just curious.

@Bob Razler It is conventional financing so I do not have to occupy, this is just my first investment and would like to be on site for a bit to get the hang of things.

@Michael Noto I like this idea a lot. Thank you!

I am considering buying a multifamily property in St. Petersburg, Fl.  Would like to house hack but the unit that I would be moving into has a new tenant that wouldn't be out until August of 2018.  

I have heard of the cash for keys strategy, even though I wouldn't know what a reasonable amount of money to offer would be($1000/mo rent).  Are there any other strategies to getting a tenant out of their old lease or do I have to honor it?

Is there anything about changing ownership of the property that would let me kick a tenant out or am I S.O.L.?

Thanks,

Tim