All Forum Posts by: Travis Zappia

Welcome to BP Frank! You have definitely found the right spot to begin learning. There is a ton of great blogs, forum posts, and podcasts that BP does. All with incredible information and spanning a ton of different topics. Would highly recommend with starting off house hacking! It is the first step I took after purchasing my own home in Winter Garden, Fl. I did Airbnb for a while and just switched over to long term renting out the rooms at my place. Wanted to do Airbnb for a while to learn to deal with tenants and lets face it, people who are traveling on Airbnb are usually fun to hang with and get to know. Moving to long term tenants I am actually making the same amount and don't have to worry about changing sheets anymore so it is definitely the long term plan for this home. 

Wish you all the best!

This is a very interesting read! Thanks for sharing Vince!

Awesome work! I haven't started any direct mail marketing yet. Have been mainly focused on MLS things that pop up but the good deals go on and off the MLS in less than a day so I might have to work on rethinking my strategy.

@Valentina Naumenko Thanks!

@Mindy Jensen 

Thanks for the response! The market in Orlando where I am looking is extremely competitive for MLS deals right now in the price range I am looking at 100k-160k properties. The good deals usually go on and off the market in less than a day with multiple offers placed on them.

The monthly cost including CapEx and Vacancy is $1,007. The roof is 8 years old, water heater is fairly new and no wiring issues.

Really good information and thanks for sharing!

@Kyle Mccaw Thanks for the response!

I agree that the price is too high and I was struggling to get the numbers to work. Appreciate the info on the current lease and renewal. 

I am in need of some advice. I recently came across a deal the below deal and want to get some advice from members of BP to find out if you would do the deal or not:

• Home is already occupied and has a dream family in the home. They have been there for 4 years and the home is in amazing condition. When viewing the home tonight the family was there and when asked if they planned to stay they said they would love to stay in the home
• Asking Price For Home: $144k
• Home is listed as a 2/2 but I found that it is actually a 3/2 with two master bedrooms
• All appliances and rooms were in great shape with hard surfaces throughout home
• Current tenant is renting at $1k/month and has a lease that ends 4/30
• Comps for rental homes in the neighborhood are $1200, so the tenant is currently paying well below market rents
• Home currently has a Property Manager managing it as the homeowner lives in Spain and is trying to get rid of the property

Questions I have (and I know you will have to put a disclaimer because these are some legal questions but would appreciate feedback)

1. Would you do this deal?
2. Can I terminate the Property Manager immediately if I purchase the home?
3. Can I get the tenants to immediately sign a new lease if I were to purchase the home? If so, what would you recommend the updated lease say? What should I increase the rent to as I wouldn't want to raise it too much and lose a dream tenant?

Any and all help would be much appreciated!

Awesome first deal! @William Muhlstadt

My friend and I are looking into properties around the USF area. Do you any recommendations on areas where students like to live? We are looking for SFR 3/2.

I have a scheduled meeting with one of two mortgage lenders I will be meeting with in the next couple weeks tomorrow morning. What are the most important questions to ask the lender to know whether or not they will be the right fit for my team? I have enough money to finance my first property but have a plan to do a second property shortly after the first using my learnings. With that I will need to begin thinking of creative financing and someone who can help with that. I'm going to purchase the Low and No Money Down BP book and begin reading that, but is it also important have a lender who has done creative financing deals before?

Thanks for the reply Scott! After speaking to different kids around campus it sounds like kids will typically get a place 2-4 months before. I am also going to speak with my real estate agent this week and others to find out more. Definitely appreciate the feedback because I assumed all colleges students rent a couple months out. I think a fair assumption being new to real estate is to never assume anything.