All Forum Posts by: Trae Floyd

Hey Bob! We also live here in Florida. We would love to connect and maybe see where you are having success and maybe how we could make some changes to be more successful. Our recent frustrations have us considering selling. I would much rather hold the properties but I am starting to feel like our property management company might need to see some change. What property management companies are you using in the area? What does the market look like for sellers?

My wife and I own 3 completely renovated properties in the Cleveland area. Maple Heights and Warrensville Heights to be exact. We have owned these properties for a few years and are looking to make some changes. We are out of state investors and looking for some different "boots on the ground". Looking for recommendations and connections for property management and realtors in the area. There is property management in place currently but I think we want to explore using a different company and it is possible that we could sell them to move in a different direction. Who are you using or who do you recommend?

We own a property that was purchased by my wife before we were married.  We now rent it out for $900 per month.  The tenant approached us regarding purchasing the property.  Our current mortgage is $760 per month.  The property needs about $40,000 in repairs.  If we make the repairs we should be able to take the rent to $1000 per month.  The tenant is willing to purchase the property as is for $100,000.   We currently have $75,000 remaining on the loan with an interest rate of 5.125.  We have looked into refinancing and would be able to refinance down to 3.5% with a mortgage payment of $560.  We are having difficulty determining the cash on cash return since we already own the property.  We would love advice on if we should keep and repair or take the money made on a sale and put it into a different property.

Hey Jay,

So far, through our research, our current rental market in Gainesville, Florida doesn't produce quite the ROI that we are looking for at the price point that we have found in some Midwest markets. We do plan on purchasing in our local market as well, however, we have yet to find any turnkey properties under $100k. Gainesville is home to the University of Florida so most of the rental market is flooded with students and to be honest, we are not sure that we want to go that route. Any properties that we have found under $80k needs some work to get it rental ready. All being said it looks like we will need to target the market here around $80k to $120k and put in a decent amount of work in order to make it rental ready. We are still educating ourselves and may be off in our assessments here. We would like to be fairly aggressive in building our portfolio and thought it may be a good idea to get some turnkey properties under our belts while we continue to break in to our market that will require a little more leg work. Do you think that we may be spreading ourselves too thin? What are your thoughts, suggestions or ideas?

Thanks,

Hey BP,

My wife and I are newbies in Gainesville, FL. who are looking to get started on our journey to financial freedom! We have already created an LLC and will be looking to purchase our first SFR before end of the year. We both really like the idea of starting out with a turnkey property or two but had some questions before diving in.

1. Since we have created our LLC in the state of Florida, if we want to purchase property outside of the state, would we have to create a new LLC in the state the we are "doing business" in? If not, is there anything that we will need to do with our existing LLC in order to purchase out of state?

2. Since our LLC was created in Florida, would our income be taxed according to the state of Florida or according to the state that the purchased property would be located in?

I am sure that we will have many more questions along our journey and we look forward to making connections and lasting relationships with the BP family. Thanks for your help, in advance and I look forward to returning the favor!

Thanks,

The Floyd family