All Forum Posts by: Mic Nguyen

Congrats on the amazing journey. I hope to follow your path.

I also believe the expenses are too high. Maybe the seller mis-communicated the information. You should be able to provide a dumpster @$85 per month, taxes should be around $200 and insurance should also be around $250. Is there any other expenses you have to provide?

We are experiencing the same thing here in North Florida. I agree with what most people already stated as to look away from MLS listings and find other sources like FSBO. Rent for another year or 2 and the market will either drop or stabilize itself.

Each state varies on process of eviction and small claims. In Florida you can do everything yourself and file the appropriate documents along with the eviction to ask for back rent and damages.  

@William Allen where is the meeting tomorrow night and what time?

@Seth Nadreau @Jeff Tumbarello thanks for the advice guys. I will weigh out my options in the near future. Remember my $700 is net after management fees. The tenant pays $820, management is $80 and then $40 for water service. (I guess they maintenance the well system and provide salt, etc.) 

@William Allen are you part of the Pensacola REIA? Im been looking to attend a meeting and see what its about.

Add me too. I buy anything thats a deal. 

61000 cash payment

8400 NOI in annually income minus 2k for tax and insurance leaves me 6400/61000=10.5%

I need to rephrase Cape Coral area. My property is in Lehigh Acres and yes its a 4/2 2 car garage with 1664 living. Comps are roughly 120k minus closing and commisson figured id net 110k 

Didnt go up on rents as market went up due to having a great tenant and wanted to keep them rather than being too greedy and getting someone in there that doesnt take care of the place or pay rent. I never thought of selling until now but unfortunelty I just renewed lease in Dec 2015 so Im stuck another 10 months. 

Also the 10% im making on it clearly outweighs the 1% im making now on 100k sitting in savings account waiting to find another property.  

As mentioned before, yes I think the 1st couple should be near home due to the fact that you wanna be close to your project to oversee things and make sure deadlines are being met. Depends on how particular you are.