Newbie from Connecticut Looking to BRRRR in Florida

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Newbie from Connecticut Looking to BRRRR in Florida

Andrew B.
Homeowner · CT · Member since 2020 · 34 posts · 23 votes

Hi everyone. I started researching Real Estate about a month ago and It has been consuming all of my free time. I just finished BRRRR and Long Distance Real Estate Investing by David Greene. Those books blew my mind in terms of what is possible with Real Estate. I Day Traded stocks a few years ago with mixed results. The potential in Real Estate with comparably low volatility is incredible.

I am 10 pages into a business plan and looking to purchase my first Single-Family/Small Multi-Family in Jacksonville, FL within the next 3-6 months.  I am excited to join the community, learn, contribute, and network to create some win-win relationships in the future.  My primary focus right now is putting together a good plan and purchasing the first few properties so I can learn by doing in addition to the books, podcasts, webinars, forums, etc.

It's looking like private lenders for the first few deals are set. Finding a solid Realtor, Property Manager, and, Contractor in the Jacksonville area will be a next step. I am looking for ward to networking with everyone and putting the BRRRR strategy to work!

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  • Craig Bellot
    Property Manager · CT · Member since 2014 · 687 posts · 329 votes
    6y

    Hi Andrew, 

    Welcome to the exciting world of real estate investing. Those are 2 awesome books. 

    It's so great learning about the ins and outs of investing and managing property. It's amazing to get up close to the action of closing and making deals.

    I love that real estate is so multifaceted. The economic, financial, social, mechanical and legal aspects make it fascinating to me.

    As a Property Manager myself, perhaps I can steer you in the right direction as far as finding a property manager.

    Here are some good questions to ask when interviewing your next property manager:

    How long have you been a property manager?
    How long have you been a manager in this area?
    How many vacancies do you have right now?
    Out of how many total units under management?
    What is the average length of time it takes to fill a vacancy?
    What is your late rent policy? What percentage of tenants do you have to evict?
    How does the eviction process work here?
    What are your management fees?
    What do you charge for recruiting new tenants?
    Do you charge for monitoring and maintaining vacant units?
    What are my guarantees? Do you also market properties as a broker?
    If I decide to sell my property, do I have to list it with you?
    Can I see some of the other properties you manage?(Of course you will probably not be able to see inside rented apartments or offices.But you should be able to see common areas and grounds.)
    How do you market your apartments?
    Do you recommend special incentives for tenants?
    If I want additional marketing for specific vacant units, how would we arrange that?
    How do you screen prospects?
    How do your tenants contact you? 

    Good luck and let me know if there's any way I can help!

    Let me know if you have any questions. 

    -Craig Bellot

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