Plane, Train, or Automobile and meet in person.

Build a local team for cleaning and repairs to streamline operations.

Hi everyone,
I’m a new investor learning the ropes of being a midterm landlord. I bought an outdated condo, planning to do a cosmetic rehab later when I had more budget.

I moved out of the condo in mid-2024 for a ...

I have some upcoming repairs needed that outweigh the Homestead Exemption and plan to make my primary home a long term rental in the next 7 years but the repairs can’t wait.  

At least now your tax basis is $220k ;-)  What was the extent of the repairs?

For example do you have a great w2 and can you afford to cover costs of a major repair or 3 months of vacancy?

That is one of the reasons we have set in place notifications for any estimate of repairs exceeding $500 of which these repairs were 10 times that amount in total.

I’d recommend something like the tenant is responsible for the first $500, $750, or whatever in repairs for each occurrence.

All this to say your repair partner is going to be crucial to your success. 

You will also need about 6 months of reserves deposited in a traditional financial institution rather than a crypto account.The next step is to find the target property and calculate the acquisition costs and costs of construction along with the after-repair value.