All Forum Posts by: Eileen Mazza

Well, my local source is TREIA.com so I would search under REIA's in your county to start.

Good luck!

I was addressing staying away from D neighborhoods. You stated that why does it matter if you purchase in a D neighborhood if you have a property manager. I replied why you would stay away and that having a property manager still doesn't change the risk associated with these areas. I hope that clarifies for you.

Are you running an Airbnb through your property? Some lenders can do a short term for acquisition only or a long term loan. If the property has been successfully running as a STR for at least a year, we will take the average monthly rent of the 12 month printout provided from the Airbnb website. If 12 mths rental income cannot be verified, we will go with the monthly market rent from the appraisal. Down payments/closing costs are not part of the loan. A private lender may be the way to go with what you are short for for that.

I just attended a property management workshop and they addressed this topic. 

Hiring a property manager is not going to help with a high crime area and/or gang activity. If you see gang territory markings on your property, the police indicated to remove it asap. Look for signs of drug-related activity (plastic bags, needles, spoons on the property and so forth). If your property is in one of these high-risk areas, some will just stay away which results in not getting the best tenants and high turnover due to fear. 

I work with many investors that have business entities in states other than where they reside. Some open LLC's in Nevada because there is some tax break (so I've heard). As long as there is a business entity to close with, that's what matters to me.

You should always have the client meet you at the office first. Tell a colleague about the make/model of car and what property you are headed to. Your office should have a code phrase if you need help and/or don't feel comfortable with the person you are showing a house to.

I met a male at the office and alerted my co-worker that I didn't feel 100%. I also called my husband while I was en-route to please meet me there since he was available. The guy gave me the creeps and carried a large pointed umbrella. Did I mention it wasn't raining and was not in the forecast? I wouldn't even go into the house with him. I let him walk around and met him back outside. Never heard from him again, thank goodness. I did not want to work with anyone that gave me such an unsettling feeling.

I like the option of #3 - to buy multiple SFR's to rehab and BRRRR/Airbnb. I've been learning a lot more about Airbnb's and find them to be a cool option for low investment funds. Just attended an information session last week. Many lenders will now fund these as well with 12 months to show of rental history. Good luck on your move-Tampa was on my list when I moved to Raleigh, NC. I couldn't get my husband that far south....for now!

The average for hard money is 8-12% based on experience. for 2 completed properties you'd be maxed at 10.99% and 70% ARV -this would include up to 80% of purchase + 100% reno in draws. Once the property is renovated and stabilized with a lease, you can do a takeout loan.

Next will you allow olive and coconut oil since it's healthier? lol - Just put it in the lease -you can put anything you want in an addendum if your current contract doesn't list it. As others stated, they probably will not read nor remember but if you go through it with them in person, they may look at you like you have 3 heads and think you are crazy. Most people fry food at one time or another. It makes a mess, you clean it. Yes, it can cause damage but so can a lit candle. Security deposit and the proper insurance will protect your property.

Three and get recommendations for a new company from other trusted investors. Check out your local REIA -Real Estate Investor's Association and they are happy to provide you with some recommendations to minimize your issues and time.