All Forum Posts by: Adam Bartomeo

We are currently buying every deal that makes sense in SWFL. Send a PM.

Personally, I would only invest in the area if it were a killer deal. I own one in that zip. North Ft Myers has a stigma attached to it. A lot of buyers and renters avoid NFM due to that stigma. It makes renting and selling more difficult.

Currently, I am buying as many houses as I can that make sense, in Lee County. I have bought 4 in the last two months. I believe that we are near the bottom of the market here in SWFL. I have started my off-market campaign again which is allowing me to buy properties well below market. I have had to start passing some on to other investors.

Off the top of my head, you are missing licenses, regulatory expenses, and payroll. Payroll will be your biggest expense and managed wisely. 

I do not think that markups on maintenance are ethical, and it doesn't make sense. In my opinion, it is a way to make up revenue by the property manager who cut their commissions to get an annual contract with an owner. If a PM was a strong salesperson, they could overcome the "lower commission" objection instead of hiding costs to surprise owners later.

We always ask if there are pets. If there is a service animal, we only ask for the paperwork. Even if they moved in a service animal later, we wouldn't fight it as long as they had the paperwork. As licensed real estate agents, brokers, and property managers we are not allowed to discriminate against this protected class.

We have a team of 6 techs and relationships with lots of contractors. With 40 units i would expect that you would have several handymen on speed dial.

We do not pay for any hotel stays. If the unit cannot be occupied then we abate the rent until they can move back in the rent, per Florida law.

Some of the post on here are accurate. You should determine the market rent first. You should then have a conversation with the tenant about your appreciation of their tenancy, upkeep of the property. Then have a conversation about raising the rent and what they would be comfortable paying ONLY AFTER YOU ALREADY TOLD THEM WHAT THE MARKET PRICE IS.

I do not agree with anyone who say raise by a percentage every year. Actually, they are completely wrong.

Yes, you absolutely can! Cat pee is NOT normal "wear and tear" and therefore you can withhold the funds to make the necessary repairs. We charge for oders and cleaning pretty often.

@Wesley W. It does not make a difference whether there was anything in the lease or if there were inspections done. Cat pee is tenant abuse and the tenant is responsible to pay for the repairs.

You should make it easy for tenants to pay but limit the different payment methods. We allow ACH, credit and debit, check, money order, and cash. We do not allow all of the different apps you are using because it becomes too cumbersome to track.