All Forum Posts by: Palmer Wilkins

Did you find a property manager? I may have some ideas for you if you're interested.

Thanks,
Palmer

This seems to be back in the news. I really hope they don't do this. It will likely cut out the smaller investor.

Mark,

I absolutely agree.

I'm not necessarily against Wall Street; however, it seems that the Obama Administration is interested in having large investment funds buy at auction and in bulk Fannie Mae, Freddie Mac and FHA foreclosures. You can read about it here:

http://www.cnbc.com/id/45063559/comid/4#comments_top

I'm interested in what others think about the potential plan and if others have information on it.

A plan like this may be unpalatable to larger funds buying properties in bulk considering the challenge of managing, renting and repairing the deferred maintenance of these properties.

Nonetheless, in my opinion, this potentially will decrease opportunities for smaller investors to invest in the foreclosure market.

Great advice and info Mitch. Have been doing a lot of driving around and keeping a lot out for the things you mention above. Much to be done still. Thank you!

Thanks Mike for the info. I like your suggestion/information concerning researching performances and trends of particular properties and demographics. Definitely a great idea.

I am in the process of networking with others in the Orlando area. Still a long way to go.

Thanks for the information.

Hi,

I have a little experience in multifamily, but am interested in single family homes that might work as rentals.

I read Mike Zuber's BP article, "What Would You do if You Were Starting to Invest in Real Estate Today?" in which he says to start out in an area, one needs to see at least 50 properties to get a feel for market values/rental rates, etc and to begin collecting data on an area.

I don't have a problem with pounding the pavement and doing the research, but I'm wondering what this entails. Does it merely mean finding properties and driving past them and researching comps and rental rates on your own? I assume it does, but. . . .

. . . does the researching of all of these properties require a visit inside with a realtor etc? I would prefer seeing the properties inside and out, but what realtor is going to show me all of these properties? I'd feel like I'm wasting his or her time. . .

What's the preferred method? A combination of the two above by working on your own and with a realtor from time to time? I'm probably missing something here! Thanks!

Thanks for all of the replies to my initial post. Looks like all is sorted out somehow.

Luckily, the crazy tenant's lease is up at the end of this month October. We didn't renew his lease, but offered him $250 and his full deposit if he moves out 15 days early. This "concession" was disguised as "this will help you with your moving costs." Of course, the "bribe" was to get him out of there without tearing up the place. It seems he has accepted the terms. He was told his drunk nemesis won't be renewed either.

The drunk guy won't be renewed, but he has a long time left on his lease. If he acts up, we'll start to moving towards an eviction.

I documented everything and had the police beef up the patrols in the area at the time the crazy guy received the information that he was going to have to move. So far, all seems OK. Fingers crossed. He should be out of there this weekend.

I inherited this tenant and am now appreciating the background checks that all new tenants must undergo.

Hi Tony,

I just moved to the Orlando area and have used Loopnet as a starting point. Seems CB Richard Ellis and, as others have said, Marcus and Millichap have quite a few of these properties for sale since I've been here.

Palmer

The building is outside of Orlando in Sanford. This is a turnaround project. This was a cheap purchase though some money has gone into it. I knew that I was going to have to deal with issues. Not this kind though.

Am headed to the police station today with my documentation of the events. Also am talking to my attorney today regarding the issue.