All Forum Posts by: Adam Bartomeo
Adam Bartomeo has started 50 posts and replied 2003 times.
Post: Guidance on selling SFH Portfolio of 14 properties (10+ year cashflowing business)
- Real Estate Broker
- Cape Coral, FL
- Posts 2,046
- Votes 1,303
Quote from @Kyle Diorio:
Quote from @Adam Bartomeo:
You have many options and need to decide which is the best. A family member can manage the properties, a property manager can manage the property, you can sell each one individually, you can sell them as a package to MANY different investors. If you are looking to sell, you are better off coming up with a number before you do anything else. That number will determine if you will or will not be able to sell the properties OR if you should find another path.
Thank you Adam.
I've heard mixed things about how to put value to such a portfolio. Considering not just home valuation, but cash flow, company history, etc. So even if said properties totaled 2 million all together as a package, wouldn't a price also justify 'the business' and not just the assets? And make it higher than said 2 million?
Do you know anything about a 'Marcus Millichap' or 'SVN' for example, as companies that would potentially package and broker such a deal. Ideally finding a firm in Jacksonville or ideally just in the state of Florida should suffice? I feel any of the commercial big name REIT's would just low-ball so badly, so trying to find something in the middle.
14 units is not a whole lot of units. There are MANY investors that would be interested in buying them for the right price. I have not heard of the companies you mentioned but large institutional buyers many not be interested in such a small number of units.
Post: Leads are slowing down
- Real Estate Broker
- Cape Coral, FL
- Posts 2,046
- Votes 1,303
When a property first comes to market it is being dropped into a pool of potential tenants. After 2 weeks that pool has been exhausted and you now have to wait for new tenants to come into the market in order to get more inquires. To spark more interest you have to now do something different to turn heads back to your listing. The best thing to do is lower the price.
Post: Negligent Property Management Companies in Cleveland
- Real Estate Broker
- Cape Coral, FL
- Posts 2,046
- Votes 1,303
Seems a little strange that an investor that has experience with property managers would allow two PM's to fail on filing an eviction. One would think that there would be an extreme emphasis on evicting the tenant immediately...
Post: Guidance on selling SFH Portfolio of 14 properties (10+ year cashflowing business)
- Real Estate Broker
- Cape Coral, FL
- Posts 2,046
- Votes 1,303
You have many options and need to decide which is the best. A family member can manage the properties, a property manager can manage the property, you can sell each one individually, you can sell them as a package to MANY different investors. If you are looking to sell, you are better off coming up with a number before you do anything else. That number will determine if you will or will not be able to sell the properties OR if you should find another path.
Post: Tenant pays rent late
- Real Estate Broker
- Cape Coral, FL
- Posts 2,046
- Votes 1,303
We charge $50 and $10/day to incentivize the tenants to to pay sooner than later. There are state and local laws that you will have to check to ensure that you are not going over the late fee limits.
Post: Rental Property renovation
- Real Estate Broker
- Cape Coral, FL
- Posts 2,046
- Votes 1,303
You will want to make the property as indestructible as possible with products that can last a long time. Carpet is about the worst product you can put in a property. Laminate countertops may be ok depending on the price. You can normally get 5 - 10 years out of them.
Post: First Time Doing A Build To Rent
- Real Estate Broker
- Cape Coral, FL
- Posts 2,046
- Votes 1,303
I would be very careful on buying any property to rent in Lehigh. You will need to do your due diligence on the area before dumping a lot of money into a new build. The rental market there is in steep decline. I write a market update every 3 - 6 months for SWFL. Lehigh has been completely over built for the current rental needs.
Post: How many tenants do you screen?
- Real Estate Broker
- Cape Coral, FL
- Posts 2,046
- Votes 1,303
Due to discrimination laws, we select the first qualified tenant. In today's market it is not too likely that you will receive multiple applicants in a short time period. You should treat each potential tenant as the only tenant.
Post: How would you handle a tenant asking you to remove your shoes?
- Real Estate Broker
- Cape Coral, FL
- Posts 2,046
- Votes 1,303
This is not the tenants "space", this is their HOME! And, you should respect it as such. Removing your shoes is not unreasonable...
Post: Buying a home but scared to have tenants.
- Real Estate Broker
- Cape Coral, FL
- Posts 2,046
- Votes 1,303
I would be scared too if I was considering an investment in NY. I grew up in NYC, my family still lives there, and they have rental properties there. After years of liberal leadership and nightmare evictions (6 - 12 months) I have convinced my family to sell all of their holdings in the state. Your husband is right to be scared!