All Forum Posts by: Christopher Phillips

@Nathan Killebrew

I'm no good at networking. However, I've found the best way to network with powerful people would be at charity events. People tend to let their guards down and everyone is at a level playing field. When it's a fancy event, it's harder to break the ice. When someone is doing a beach cleaning charity event or bowling for sick children or doing something with pet adoptions with the ASPCA, people tend to be very open to conversation. Hobbies as well. Dee Snyder has a motorcycle run every year around now, it's great because everyone is dressed for the road, so you can just talk to people like you've always known them.

1-2 bedrooms is the sweet spot. 3 bedroom apartments tend to be expensive and there are usually less available. Yes, people would love the space, they just don't want to pay for it.

Average Rent in Fort Lauderdale, FL

Fort Lauderdale, FL Apartment Rent Ranges

• $501-$7002%
• $701-$1,0008%
• $1,001-$1,50019%
• $1,501-$2,00029%
• > $2,00042%

@Vince Koay

Yes and no. The LLC will not increase the property taxes.

Not being an owner occupant will prevent you from getting any state/county discount programs or being able to grieve your taxes each year.

@Chris C.

Trying to figure exactly what you're looking to do...

You want to buy a new home and move into it and then rent out your old home, right?

So, do you want to partner on the old home to free up your DTI? Or are you looking to buy a multifamily and move into that while renting out the remaining units and your old home?

@Tina Trussoni

If you have a mortgage, yes. Let the bank deal with the taxes and insurance.

There might a scenario where you pay the insurance on your own depending on what you're doing (primary residence insurance vs. landlord insurance vs. other types of policies).

@Jeffrey Cheng

It's already fully rented. People are obviously willing to rent there.

@Adrian Rae

If there aren't any sales comps within a reasonable distance or timeframe, then an appraiser would do a financial based model using the cash flow. It's not ideal with a 1-4 family, but in a small town there might not be many comps available at the time of the appraisal.

But, comps don't have to be perfect matches. If a 2-4 family home is 2,000 interior square feet in size, then another property of similar size might be used. I see this a lot with colonials that have been converted to have apartments in them, essentially 2 beds/1baths over 1 beds/1baths. So, it's still just a 3 bedroom colonial with an extra kitchen. 

However, at the end of the day, it doesn't matter if you get a traditional loan vs. a private loan. It's still a loan. You just have to make sure that it still makes sense depending on the numbers.

@Charles Conroy

You'll have to look at the quality and costs of the upgrades. What people put in their primary residences usually is a higher quality than they would put in a rental property. The best gauge would be to look at other rentals and what level of quality people tend to expect. Examples - wood floors vs. carpet. Stainless steel vs. white appliances. Quality of the kitchen cabinets. Quality and style of the counter-tops.

And then you would have to look at if there is a differential between top rents and interior condition. If you can't push the rents up with the upgrades, then stick to the basics.

@Blake Cromer

I guess this varies, but most owners pay the sewage. It's up there with paying property taxes. Electric, gas/oil would be the responsibility of the tenant.

@Tori Manuel

Lease options don't involve banks or mortgage brokers. An option is just a contract to lock in the purchase price. What you would need is a lawyer.