All Forum Posts by: Gregory Nelis

apartments . com are good for screening tenants. They also do some marketing for you, but only on their site. 

You can use landlord studio as a free version to post to other websites and screen tennants as well. 

You need to decide on tenant requirements before posting. Think of things like credit score, job history, criminal background, history of evictions, and any other things you want to screen with. 

The ROI on solar is going to be dependent on a lot of different factors. The added value to a home is debatable. I do not think that solar in my area would add value to a home. Most buyers are really concerned about beds, baths, and the kitchen. A secondary concern that is still important is the school district.

The desirability for renters to live in a solar home is highly doubtful. I would expect that some renters in more environmentally concerned areas might consider the solar a benefit, but would this move the needle on actual rents? I dont think so. 

Your calculations assumed 8% inflation in electrical over 20 years. Not going to happen. 

Tax strategies should not dictate the investment strategy, that is the tail wagging the dog. 

It sounds like a lawyer will be a great person to involve in this situation. While most people who can be difficult eventually follow the 'rules' this tenant seems to be over the top. You need things done by the book, and in the correct timeline. A good lawyer with lots of eviction experience would be a good bet. 

From the detail you have provided it looks like you feel most compfortable with LTRs. Typically they are an easier way to get into investing. Also, a small single family home is marketable to first time home buyers and so is easier to offload in the event you want to switch strategies later on. 

Based solely on your information, I would probably fix the downspout. I dont know the extent of the damage, but if this is a typically good tenant it isnt worth the extra problems. 

The MLS is the retail market for properties. Those will be the highest cost around. You can find good deals there, but they are harder to find because everyone can see them. I would try networking with multifamily owners and find someone who will sell wholesale. People have many reasons to sell properties. The best reason from your perspective is that they are tired of the hassell and want easy cashflow. If you find owners who are in that position you can get better deals. This is a slow process though. Be friendly, patient and you can get into some great properties.

Quote from @Nicole Heasley Beitenman:

Quote from @Gregory Nelis:

 1. How do you know the value will increase? 

2. Why do you want to move? 

There is no one sized fits all approach to investing, but it doesnt sound like you have a game plan on this from an investment perspective. If you use that much debt to buy a personal residence that is one thing, but a rental needs cashflow to work. Do you have equity in the property?

If you hold anything long enough, the value will eventually increase. And unless the OP has has this property a while, they likely have little to no equity because they utilized a DPA program.

OP, since you're in Orlando, I can't imagine the property wouldn't rent regardless of the strategy you choose. But you should start connecting with local investors, lenders, and realtors at REI meetups who can give you better advice.

I do see what you are saying with the specific market of Orlando. Unfortunatly there are plenty of examples of markets that have long term problems and will not recover. Detroit is one example, but there are others. Additionally, there is a carrying cost to owning a property. I would rather own a property in Orlando than Detroit, but depending on my goals and the cashflow of the property one in Iowa City (for example) might be better than both. 

I would really like to know a little more about your circumstances to give you a solid take. It takes a year to really learn the city you live in, and I would be nervous house hacking with a family, even in a duplex. But if I read it as I have the salary and can get 4000/month more in mortgage payments... I would be looking for 2 single family houses per year. They would be in need of repairs that I would pay for using my salary. I would then get good tenants in each and repeat the next year. By the end of year 2 the cashflow from the four should be enough to buy another 1-2 and we would continue to grow from there. 

Quote from @Chris Varsek:

I'm looking for a CPA that doesn't just do my taxes well, which seems to be most CPAs. Most REI are looking for CPAs that will serve as tax strategists & advisors. From business structure to investment strategy, this is a huge area that REI are willing to pay a little more money for

https://www.therealestatecpa.c...

 My portfolio is still too small for these guys to help out, but they know their stuff. (Ive met one of the guys, he knows his stuff)

https://www.therealestatecpa.c...

I use one bank account with two savings accounts (cap ex and deposits). The accounting of what property had what expense goes into the accounting software. I am sure there are other ways to do it, I only have 3 properties myself, but I cant imaging having more than 10 bank accounts if I owned 10 independent properties.