All Forum Posts by: Ally Kumar

I have been looking at MLS and finding it very hard to find multifamily deals. I hear people in podcasts and on BP getting properties at 70% value which I am not able to find through my small REIA networks and on MLS. Few I bought on MLS were fair price (definitely not at 70% value) and cash flowing. I am considering marketing/wholesaling to find properties for my buy and hold portfolio (as opposed to wholesaling business model). Would like to hear from experienced landlords regarding how to go about doing it? Hire someone part time for marketing/lead generation as I don't have that much time. Any other avenues/suggestions for newbie?

Thanks all for different viewpoints and valuable advice. I think I will pass on this deal. One issue is most of my county is in flood zone being close to water on west coast of FL. Hard to find properties in non flood zone in my area. Its also a hot market right now and there are many buyers so deals are scant and go fast. Maybe time to be patient and wait for market to correct. 

Thanks Sue and Shakeira for your valuable advice.

I am considering buying a duplex with 10 cap and will be inheriting a tenant who is almost 3 months behind on rent and has history of prior eviction. Current landlord owns the duplex and does not carry any insurance. Property is in a flood zone and per tenant water comes up to the door. They don't carry renter's insurance. Landlord pays for water and trash. I prefer to get insurance if self financing which can be expensive because of flood insurance. I am relatively new at this. Is this something to walk away from? How would you handle this? Thoughts? Thanks for the input. 

Thanks @Thomas S. and @Robert Wilson. Great advice. I think I will keep the current lease months for renewal. I have heard that one should do a lease greater than 6 months 1 day in order to avoid hotel tax. Would month to month fall under that and subject to hotel tax in Florida? Any thoughts on that? 

In many parts of the country, landlords prefer lease from summer to summer as its easier to find tenants in summer. Does that hold true for Florida? I am debating if I should put inherited tenants on summer to summer lease or let them renew when their lease expires (Aug, Feb and April). One agent I talked to said there is no seasonal pattern of rentals in Tampa bay area. I just wanted to find out what has been experience of landlords in this area? Thanks for helping. 

Thanks @Charles Kao. Good advice. The unit is tiled and will need deep cleaning but tenants are charged cleaning fee on move out per lease so I think raising the rent little bit and continuing with tenants makes sense. I enjoyed listening to your pod cast. Lots of good advice. Thanks for contributing.

Nancy, thats very encouraging. I will check out your blog. You having gone through it personally adds another level of expertise in my opinion. Thank you so much for sharing. 

Thank you Kelly and Mike. Excellent suggestions.

Nancy, thank you so much for your reply. Much appreciated. I have lots to learn and BP is the perfect place to learn. 

Nancy Neville