All Forum Posts by: Tom Parris

Hi @Katie Shepard,

Are you sure they're licensed? Do you have a state site that you can look it up? See if it's active, inactive, expired, revoked, etc.

Your ability to get the work permitted after the fact is possible. It also depends on the scope of work done.You can have another contractor visit the property and pay them to undertake the liability of the work and file permits for you. Or you can hire an engineer and have them write letters explaining quality of work, materials used etc to verify that the work was done correctly. 

I've had to do something like this in the past. When I called my city's building department, I got 10 different answers from 10 different people. That makes me think that you can get anything done if you happen to talk to the right person. Keep playing the card that you were taken advantage of, you want to do things the right way, and if there's anything they can do to help. 

Hi @William Zambrano,

I use Fontana Brothers AC. I pay them $10/mo per AC unit I have, which buys me two 6 month visits to service the units. This also gets 20% off any work they have to perform if there's an issue. 

I recommend changing filters every month. Air returns can be located in several different areas, so if the returns are found close to the floor, I recommend more regular filter changes versus a return found in the ceiling. You can also buy 12 packs of filters, date them, and have your tenant change them through their tenancy. Training them is key. Even putting a funnel and a bottle of white vinegar in the AC closet helps. Every time you change the filter, pour a cup of vinegar down the condensate drain line. 

Hi @Steven Mason,

I'm a big condo fan, but what's going on with buying opportunity and condo you must tread very lightly. To get a conforming loan on a condo, the condo needs to be approved by Fannie Mae. In order for a condo to be approved, it must pass a lender condo questionnaire to qualify it. One of those requirements is low delinquency rates. Condos may drop in price and be really affordable, however, that may be because there's an issue with the HOA, and assessment has gone out all sprung from the HOA not being able to afford it's budget because 30% of the owners have stopped paying their HOA fees. It's a butterfly effect.

I recommend going with smaller and easy to manage properties. Townhouses can be a good option where there's still low maintenance, but a lower chance to get an assessment. 

Hi @Brian Simpson,

Sent you a PM.

Hi @Dwight S.

If you and your tenants have job security, you'll be fine. Also, because of this climate we're in now, your tenant may not decide to move because of the uncertainty that's ahead getting you a long term tenant, which is the dream. 

If your plan is to have each property for 5+ years, you don't need to worry at all. Everything is cyclical, it goes up and down as it should. The only people to get hurt on a roller coaster are those who get off too early. 

Hi @Eylan Dilworth , 

Where do you want to live? In Utah or Tampa? If this is your first property, I recommend buying something that's close by, rather than across the country. Not only is it more difficult to get things done, it's also a crucial learning experience to present for not only the purchase but everything else in the process. 

Don't look at which market is higher, but which market has the consistent ability to make you money. Figure out your base line goal, and then search for your property. It's a lot easier to jump on a property, or pass on a property based off the criteria you've set. Move on the properties that work. 

I personally think 2-5 unit properties in Tampa suck. The affordable ones are in terrible areas, previously owned by slumlords, so there's so much deferred maintenance, the properties were built 75+ years ago and the age is taking a toll. I recommend buying something small for yourself, way under your means and move after a year to your next property. You'll get better buying terms, and minimize your risk. 

Good luck!

Hi @Alexander Hitchon,

I'm a local agent, and I've helped some past clients find properties. 

I think there are far better opportunities out there than multifamily. Right now, they tend of to be higher up there in age, and practically falling apart due to their construction materials and the climate we live in. 

I suggest having a goal of what your return would be and find the property that meets that goal. I know of a couple properties that cashflow great with low risk. 

Hi @Indiana Eugenia Castillo,

I'm a local agent. The immediate neighborhood around Raymond James (Ray Jay) is West TPA. That's the most ideal place to be for the season but that's it. I would consider Wellswood, and Riverbend first, it's the neighborhood between the stadium and the Heights. I think this is an amazing idea with the Tom Brady news. Other than that, I would consider the neighborhood called Rocky Point, which is Town N Country, which is immediately West of the airport. (airport's land and Ray Jay are separated by Dale Mabry Hwy. 

Regards,

Tom

Hi @Solomon Stavis,

I don't want to burst your bubble, but finding a SFH turnkey for under $150k will be difficult. It will either be in a really bad area, or there is some deferred maintenance issue that you'll find during your inspection that will be too expensive to fix.

However, you can find small townhouses that are turn key for that price point. They can cash flow well, and are easy to maintain. This could be perfect for your first property. 

Hi Solomon,

I recommend buying now. Do it for the interest rate, since they’re super low. The only thing that I think will impact that sale prices would be interest rates rising. Which in that case, sure you’ll buy lower, but it will be more expensive to borrow. Which causes you just to lose out on time, which that experience gained could be invaluable. Remember, you can ride the rollercoaster, but you only realize a loss when you get off the ride.