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All Forum Posts by: Mark J.

Mark J. has started 33 posts and replied 162 times.

Post: Insurance Coverages

Mark J.Posted
  • Tampa, FL
  • Posts 169
  • Votes 164

Hi-- I'm a bit late to this thread, but would also like to receive all recommendations for Tampa area agents / agencies.

THANK YOU!

My GC disappeared two weeks ago. He'd been working daily on my first investment property for the last 3 1/2 months here in Tampa, FL and we'd built a very good relationship. Or so I thought. 

For the time being, I'll skip the gritty details, but I'd estimate he owes me roughly $17K in materials & work.

What are your recommendations for next steps? Is it necessary to file a police report? I was told by the police non-emergency number that this is a "civil, not criminal" issue. Obviously, I'll need a lawyer and file a claim of some sort...  could someone give me a rough outline of the next few months?

Ugh. What a mess.

Thanks...

So, here we are 3 1/2 months later. I wish I could post that I'm done. That tenants are in and the cash is flowing. But I can't. Not yet. 

I've made just about every mistake you can make on your first project. So much has gone wrong. So much money spent. But-- strangely, I'm still having fun. ;) The daily challenges. The unexpected twists. My ******** meter getting more accurate all the time and my tolerance for ******** is zero. A few weeks ago, I fired a crew of tile guys after just three hours of work. They were that bad. And that's just the beginning. Lawyers. Bankers. Hospitals. A trillion trips to Home Depot. And lots of cat ****.

When this this is over-- I'll write-up a post that you'll think is a lie. That's how good the story is.

Do you expect to >10 applicants for the property? I'm just starting out-- and only have one duplex (almost ready for the first tenants to move in!), so trying to achieve such a high-level of automation and efficiency isn't really necessary at this point.

Seeing it from their perspective-- perhaps it's just the mistrust of filling out the application online. You would ask for the same info on a written application, right? So then, it's likely not so much the sharing of information that gives them hesitation,it's likely a mistrust of an unknown online service.

Couple ideas:

1) When you email them the link to the online screening service, include some background on the service-- such as the digital security they use / which third-party (Verisign) has certified them / years in biz / how many screens completed / link their listing on the Better Biz Bureau rating / etc. The applicants needs some reassurance that they can trust their vital personal information both to you (a complete stranger) and an unknown online company.

2) Use a more manual approach. I email them a fillable PDF version of the application form, have them complete it and email back to me. (I've uploaded the one I created in the BP FilePlace (Resources / File Place). I'll email it to you directly if you PM me.) The screening service I've chosen (RentPrep.com) does not require any input or interaction from the prospective tenant at all.

I've actually just started screening my first tenants, and so far, the process is working well.

Good luck!

Thanks James. Absolutely agree about becoming more self-reliant during rehab. I started rehabbing my own house-- 100 years old-- so there was always something to do. I had ZERO experience doing my own work on anything and was totally reliant on others. As far as I was concerned, if someone asked me how water came out of my faucet, I'd probably have answered, "Um, magic?"

I know a little more now. :) But the main lesson I learned was that none of it is terribly complicated and to not be afraid. It's not as difficult as you may think-- although I never mess with electrical (beyond installing a fixture or outlet) and will only do basic plumbing. I leave stuff that can kill me or destroy my house to the pros! There are so many fantastic resources...and you can find a tutorial on pretty much anything on YouTube.

That knowledge is critical during discussions with trades folk, Home Depot staff, and protecting yourself/your business from scammers.

Post: Anyone Taking Notes?

Mark J.Posted
  • Tampa, FL
  • Posts 169
  • Votes 164

Hi Everyone-- So I've been knocking down the amazing podcasts and webinars one-by-one during my commute to and from work. And sure enough, during each show, I'll hear something so important that I want to it write down but since I'm driving and already busy enough texting, eating, drinking coffee, and putting on my make-up, it leaves little time to take notes. ;)

Any other note-takers out there like me who'd care to share the wisdom they've collected from the podcasts or webinars?

Many thanks in advance,
Mark...

Sounds like you made great decisions up and down the real estate continuum-- from scouting deals / to recognizing potential / to sourcing crew /  to holding them accountable and firing them / to finding a new crew / to overall project management / to terrific design, fit, and finish / and to the final sale of course.

What I'm REALLY impressed with is the short timeline. Amazing job!

Post: Creative financing options for fourplex

Mark J.Posted
  • Tampa, FL
  • Posts 169
  • Votes 164

Hi Nicole-- I can't offer any advice on creative financing-- but have you seen this MF property that was just listed? It's an eight-plex near the university. Numbers look good-ish... ;)

https://www.redfin.com/FL/Tampa/14513-N-18th-St-33613/unit-4/home/47150555?

Any chance the webinar was recorded? :/

Whether you've been at REI for one year or twenty, if you were able to talk to yourself when you first started out, what advice would you give?

Very much looking forward to see where this thread goes... ;)

Mark...