All Forum Posts by: Tyler Gibson

@Sam Bromano I would not suggest buying the lot to be used as part of your BRRR starategy. You can't force appreciation on vacant land without building. Land typically is going to be valued much lower then a parcel with a structure on it. I own a vacant parcel in Daytona Beach right next to 2 duplex units. The land is worth about 10k retail. the duplexes are worth about 170k each. The cost to build on the land about 200k-250k. With rents what they are in the area it is not worth it for me to build on the land.

@Erin Auman Offer to pay a contracor $50-$100 to walk a property with you. You are then no longer wasting their time you are paying for it. Also BP book on flipping talks about how to adjust ARV based on differences in comps. I suggest that book.

@Robert Stover Each state is typically different. In florida no title company will issue title insuracne on a taxded property until 5 years after it was sold at auction. This ca be corrcted by performing a quiet tittle action. After the quiet tittle action the title would be insurable and the property could be sold to a traditional buyer. Otherwise hold the land for 5 years till the tittle clears or sell to an all cash buyer that does not require title insurance but I think the later is going to be hard to come by. Again the lwas and rules are different in every state so contact an attorney and ask them about the laws / rules. Also google search will provide you plenty of additional information. 

@John Etisarapamai There is almost always an excepion to the rule and as the property owner it is always your discretion but I would say late fees and then eviction. She should be able to understand that it would be inexcusable for her employer to pay her late so why is it ok for her to pay you late. Once is forgivable, twice is questionsable, three times is a pattern. 

@Account Closed OK that makes some sense then yeah have them evict the next time the tenant is late. then fire them. 

@David Adams There are several private hard money lenders that might give you what you need but that money is expensive and they are not a charity so make sure you got your ducks in a row and have your numbers right. The other option is find a Partner that has money and will fund the deals and you do all the work. There is no secret to finding a partner it is just network network network. 

@Account Closed I would say do not wait for the property to be vacant to fire the management company. Find a new management company, tell them what you are dealing with be honest. Communicate your expectations. Many management companies would probably recommend eviction then again having a new company come in and notify the tenant that it is under new management and that they will not be tolerant of late payment may rectify the situation or encourage the tenant to vacate on their own. The problem is now the tenant knows they can get away with what they are doing. Having a new company come in now and take over management the tenant will no longer expect they can get away with it because it will be a different person they will be dealing with. 

@Account Closed Sounds like it is time for a new management company. If they aren't going to enforce the lease agreement then what is the point of having one. Find a new management company and enforce the lease to the letter of the law. It is the only way to do business. 

@Hayden Haddad You are probably in a hot market. The guys that are finding good deals in your area are probably not finding them on the MLS. They are likely doing direct mailing/driving for dollars/ Wholesale purchases. In a hot market the chances of finding a great deal on the MLS are low. That is not to say you won't find one but it will not be as easy as searching realtor.com. I have been fortunate to find a great rental in the Hot market of Orlando off of the MLS but I had a realtor that had set up some automatic searches. I received new properties in my email almost every day. I looked at them every day and quickly qualified them. Once I saw something that met my criteria I got in the property and made an offer with proof of funds. I had it under contract within a day or 2. I am by no means a volume investor and do not have a bunch of capitol but the guys that do are snatching up the goos stuff fast so that is the second peice of advice be fast and desicive. If you get caught in analysis paralysis then you will miss out on the good deals. I have also found a decent deal from a wholesaler but don't trust the numbers they give you about the property they make them up and say as much in their disclaimer legal language in any communication they send. Hope this helps.

@Rory M. I'm not sure you actually have any recourse. If the tenant boke the lease they will likely foerfit their deposit. That deposit would have been a credit at closing or transfered to you. You can ask the current landlord to make repairs with the deposit that he now has but he is under no obligation to do so. But as @Kyle J. said be glad that you know longer have to inherit tenants. Somtimes a tenant that oyu inherit can be good and sometimes they can be a nightmare.