All Forum Posts by: Tyler Bedle

What do you guys think about (ornate) window bars? I have a rental in a part of town where many houses have bars on the windows but mine does not. I was thinking of adding them at least on the back windows when my current tenants move.

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Really enjoyed reading your thread. Well done.

Makes me wish there were more 4plexes in Central Florida. I'd be all over this strategy.

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If you can't find a sale at home improvement or department stores you might want to check out what's available at Sonny's Appliance in Altamonte Springs.

http://www.sonnysappliance.com/

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Originally posted by @Javier Tejera:

Hello @Amie Lamb,

I will tell you that students (in my experience) pay the rent on time, every month! Why because if there are 3 or 4 of them, the rent per person is cheap! so its easy, besides sometimes its Mom/Dad that pays it.

You wan the 2% student housing is possible!

Good luck,

Javier T.

Agreed. I used to work in student housing up in Tallahassee. In addition to part time jobs and (on occasion) parents with deep pockets, many students have access to student loans, scholarships, Pell grants and other financial aid. I've even worked out a deferred rent payment on condition that students would pay a few months advanced rent once they received their grants. You do have to watch out for students who party and are rough on the unit but that's why regular inspections are encouraged.

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Originally posted by @Paula Pant:

This is a great question, @Conway Churaman!

With that said, here's what I'd do if I were starting from scratch with $30K:

1) Buy two Class B or Class C+ houses in a low-cost-of-living area. I'll use metro Atlanta as an example, since I know this area so well: I'd buy 2 SFRs, each of which are worth $50k. I'd put a 30% downpayment on each ($15k on each, for a total of $30k).

Paula,

Where are your closing costs coming from?

(Home Inspection, survey, origination fee, 1 year of taxes escrow, 1 year of insurance escrow, other lender fees etc.)

All too often I see investors on BP running through the numbers or purchasing properties with conventional financing but forgetting an important piece of the puzzle. That being closing costs. If you account for these, your proposed plan doesn't look possible with the OP's budget of $30k.

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Originally posted by @Andrew Holmes:

How do you refinance properties without any seasoning?

Well I could this is where you separate men from the boys. In all seriousness this is the most tricky part of the learning curve. First off you have to understand that you cannot refinance the properties with residential loans. You have to go commercial even on Single Family, 2-4 Unit and Townhome deals.

Sometime I get folk that look perplexed when I say commercial loan on residential properties. YES I DO MEAN COMMERCIAL LOANS ON RESIDENTIAL PROPERTIES. I have over 150 residential properties with commercial loans.

There is a lot I can go into but for this discussion it would be too much to type out. But to answer the question that someone asked in the above discussion you can get 75% LTV loans based on Appraised value all day long you just have to know what you are doing.

Andrew,

Do you have any advice on how to find commercial lenders who do these types of loans?

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That view is amazing. Looks like your rehab is coming along well. Basement looks 1000x better.

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Originally posted by @Ana marie B.:

Thanks @Steve B. and @Arlen Chou. Yes, if we build this cottage/bath with full permits, it would indeed increase the value of our property, which is a major plus.

@Tyler Bedle - You also bring up good points about the amount of work that we would have to put into an Air BnB operation. We certainly value our privacy which is why we want to build a bathrm next to the cottage, as we don't want the guests coming into our main residence for any reason. I see you're in Florida. If we decide to purchase an SFR in your area, will definitely hit you up. Thanks again.

No problem!

Originally posted by @Hersh M.:

Originally posted by @Tyler Bedle:

Hey Ana,

It's really a matter of whether you are looking for passive income or active income. With the cottage you would be virtually having a part-time job (checking in guests, unit turns after checkout). Not to mention issues with guests, having strangers on your property, liability etc.

With the $40-50k you could purchase a decent SFR or Condo that would cash-flow quite a bit for you without the headaches. An experience brokerage / property management company can help you acquire, rehab (if need be) and manage a property for you. Our company has been doing just that for out of state investors for quite some time with great success. If you have any questions about out of state investing or how our business operates feel free to drop me a line.

hey Tyler, can you pls share some more info like what class of properties, whats the cap rates, which areas in FL, etc? Thanks!

We manage a full spectrum of properties in A through D rated neighborhoods. All of them in Central Florida. We're in a unique position to see how different areas and types of properties perform long term. The ROI depends which class, neighborhood, financing etc. The property I am currently renting is in a "D rated" neighborhood but has tenants that have been there 5 years to my knowledge (they claim they have been there 17 years- crazy, right?) and has a cap rate is 14%.

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Hey Ana,

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LOL @ "Sled Doggs"

Love the open floor plan. Makes the place feel more spacious. Nice work!

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All Forum Posts by: Tyler Bedle

Tyler Bedle has started 2 posts and replied 27 times.

Post: robbery at one of my rentals

Post: 22 and loving every minute of it! 3 months into my first 4plex.

Post: Best value Appliances in Orlando, FL

Post: Is the 2% rule possible in Orlando FL?

Post: With what you know now and forced to start over, what would you do with $30,000?

Post: Chicago Investor: 25 Years Old & 25 Properties Cash Flow Properties

Post: Flip Diary #3 - Western NC Mountain House Rehab

Post: Build Air BnB Cottage in Backyard or Invest $ in another SFR?

Post: Build Air BnB Cottage in Backyard or Invest $ in another SFR?

Post: The Biker Bar is reborn aka my first Indy flip