All Forum Posts by: Eric A.

Unfortunately, a lease is worth as much as the paper it is written on. The main thing a lease does is Rey’s to keep a tenant honest and compliant. It usually works but sometimes it doesn’t. I would go through VRBO and Air BnB and require every tenant analysis check you can get. ID, social media etc. Having somebody sign a lease will do nothing if they choose to destroy your place. If you make people go through every possible hoop before renting to them will ultimately give you the best outcome. Good luck!

Also, never never never be a motivated buyer. The majority of realtors have absolutely no idea what they are talking about when it comes to residential investment real estate. They are very good at finding hungry buyers and SELLING them something.

I don't want to be a jerk here but your maintenance and repair percentage is way off. My multi unit long term repair rates are between 28% - 34%. It depends on each location's age and many factors but 7% is not possible unless you were getting much higher rents as if you were running a short term vacation rental. 

Matt,

Tenants are not your friends and even though he has paid well and is great it could go south quickly. He is officially a long term renter and I would have him do a formal lease (which really means nothing), and submit to a background check. 

If you are fine doing it outside of VRBO go for it. Make sure to follow all the precautions you would for a long term renter. Take care. 

Best Regards,

Eric 

Smart people will always figure out a way to work within the framework of any law. If there is an employment tax then my expenses will most definintiely grow. Very simple solutions. 

There are quite a few things that need to be found out before analyzing the property. Here is the list:

1. Mortgage Payment or paid for in cash?

2. Taxes, property and short term taxes?

3. Utility costs?

4. Insurance costs?

Once you have an honest assessment of these expenses you can get an accurate profit and loss projection. 

Thanks,

Eric 

Ther

I know several very wealthy people and none of them have ever had a car payment. You will notice that the dealership is one of the nicest buildings in town and you don’t even own a home yet. Not trying to be a jerk, but the minute you aren’t a slave to debt on a depreciating asset the quicker you are on your way to owning the dealership. Best Regards, Eric

Lucas Carl I agree with you. It seems like new technology comes out and everybody wants to spend money because they can spend money. I do always keep a spare key hidden in a key box with a code in case the digital dead bolt fails or becomes jammed. When you hire a VA they can have all this info and will make your life much simpler. Take care! Best Regards, Eric

Collin S. There are not issues with STR in Jacksonville whatsoever. Keep this between us but look at the higher end hotel market and see how people are doing on airdna.co. Yes, you should be excited because it’s a very attractive space right now. Timing is everything! Best Regards, Eric