All Forum Posts by: Ally Kumar

@Ray Hall That's great you decided to start investing. This is a great fit with you unique experience as an appraiser as buying properties right is the key. I am at intermediate stage and have few rentals. Feel free to connect and we can chat about RE. Wish you success. 

@Joseph Ferrante. Thank you for the helpful tip. Will check those out. 

@Joseph Ferrante. Thank you. I have been to several of those meet ups and subgroup meet ups but have not found any specific MHP investors/meet up. Which meet up do you recommend to connect with MHP investors?

Hi all. I am new to MHP investing and looking to connect with other local MHP investors/potential investors in Tampa bay area for regular meet ups (every 2 months or so). If there is a specific meet up for MHP investors in Tampa, if someone can direct me to that resource, that would be great. A big thank you to all who share their experiences and educate us newbies. 

Hi Jason, Hernando county and Pasco counties have become popular now as many investors are priced out of Pinellas and Hillsborough counties. I have duplexes in Spring Hill that I acquired 3 years ago and rents have consistently gone up. There is strong rental demand. A friend of mine just bought a 2/1 for about 70K needing some rehab. Depends on what kind of returns you are looking for. Feel free to PM me if you need more info. 

@Amardeep Singh Welcome to BP, best site for investors there is! I started my RE journey on BP few years ago and learned a ton! I am in Lutz area, not too far from you. Have you considered house hacking instead of duplex? If you buy a 3 BR house, rent out other 2 rooms if you don't mind sharing your house. Feel free to reach out to discuss RE. Thanks Ally

@Karen F.

@Nathan Gesner

@Kelly DeWinter

Thank you all for taking the time to reply and for valuable advice. I have heard anything less than 6 months rental is considered short term rental and may have hotel/transient dwelling tax or other implications. I am not sure if it applies to month to month lease?

Inherited tenants who were on month to month lease and I gave them their 30 days notice of rent increase. They want to sign a new lease but I want to see what kind of tenants they are before offering them long term/12 month lease. If I offer them my new month to month lease, is it considered continuation of their previous tenancy to avoid short term rental? Can I use their previous month to month lease with new rent? Maybe offer 7 month lease to try them out? Suggestions please.

Congratulations on your purchase. I have dealt with inherited tenants before and have had mostly good tenants. Great suggestions above. If you want them to stay (if they are generally good tenants), then I would offer them a new lease with one month's rent as security deposit. In that rent range, we don't ask for last month's rent as they typically can't afford that much up front. Instead of pet deposit up front, we charge them a pet fee of $25 per month. We typically keep rents slightly below market, maybe $10-$20 below market rent with rent increase every year mentioned in the lease. They will be upset at the increase but we explain to them that previous landlord gave them a gift by not raising rents for many years. We also let them know improvements we are planning for the property. They will find out what market rents are once they start looking and will most likely stay to avoid added cost of moving. I am happy to share the lease that we use. Good luck

@Nicholas W.

I am in Pasco county and have rentals in Spring Hill. While I think, housing prices there will go up, I am not sure about sustantial increase there. If it were me, I would pull my equity out, move back with parents for short term with a plan to househack in the near future. You can get a duplex there for about 150K, live on one side and rent other side. You can also rent out rooms in your house to increase your income if you don't want to sell at this time. Good luck. Feel free to reach out if you want to grab coffee to talk real estate. Regards Ally