All Forum Posts by: Andrew Katzman

You should file a complaint with the DBPR and contract with an outside party to perform an inspection on your property.  

I would also read the property management agreement and find out how to serve notice of termination. 

5 months of vacancy is a long time.  Even with the slow season, most properties don't take that long to rent.

We do 100% investor funded JV deals on new construction projects. Depending on the size of the job and projected financials, we offer investors 40%-50%. Our most recent deal was a 2 house project, split 50/50 with the investor profit estimated at 11.97%. We needed a total cash investment of approximately $1.2 mm. This was a project that needed to be subdivided into 2 single family home lots - but we have also split this project between 2 investors with each having their own fee simple lot to secure the loan.

Historically, we look for old single family homes that can be redeveloped into duplexes.  We have found that the investor profit is a little more, but it largely depends on the lot costs and the size house constructed.

@Sam Alpha I really couldn't provide you the demographics on College Park, but I believe its desirable because of the character of the neighborhood and proximity to downtown and I-4.

@Flavio Zanetti Thank you, let me know if you ever need anything!

@Sam Alpha Thank you!  When I speak of a unit, I mean each single town home.  When I wrote that post, the rental rates I quoted were what was available on the market.  

I did some research to respond to your post, and I found that in the last 180 days:

113 E Steele Street was a 3/2.5 townhouse with 2,125 SF and rented for $2,500  on 12/3/14 after only 13 days on the market.  (The attached unit, 111 E Steele went for $2,300 on 10/21/14).  

719 Guernsey was a single family home (new construction, directly adjacent to commercial) that rented for $2,750 on 11/6/14.  3 bedrooms, 2.5 bathrooms, 1,846 SF.  

615 Vassar is a 4 br, 3.5 ba townhouse, 3,547 SF rented for $2,800 on 11/10/14.  

I tried to find the $3,200/month rental that I referenced, but it does not seem to be available on the MLS anymore - its possible that the price was reduced in order to get it rented.

Using leverage is really a personal preference. Most of our investors own their rental properties all cash. When submitting offers on REO's (and really any property), seller's tend to prefer cash to offers with financing contingencies.

If you need any help assessing rent rates or market value of a property, feel free to reach out to me.

We manage about 300 properties in Orlando and when a property is being marketed as rented, usually the tenant has a lease in place.  Additionally, you can request the tenants rental history at that property from the listing agent and they can provide you the tenants ledger so you can judge the quality of the tenant.

If you have questions or need help, feel free to PM me.

If you are looking for a property manager, we manage about 275 properties, primarily in the Orlando area.  We mainly service Orange, Seminole and Osceola (and a small number in Polk) counties, but we also have about 40 properties in the Tampa area.

We have our own maintenance crew for general repairs, and I am a licensed GC to subcontract the major items.

If you are looking for a backup PM or to spread the risk across a few companies, I am happy to help!

I appreciate the offer, but Minneola is a little too far for us to go.  If you have anything closer to the Orlando area - I'd be happy to give you a bid.

What are you looking to have done?  I am a GC and might be able to help depending on the scope of work you are looking for.

Seems strange that these properties would have historic value as described - but if you find out that they can be demolished, please let me know as I may be interested in working something out with you.