All Forum Posts by: Janel Kolbo

They haven't gone on sale to the public yet...

That is awesome! 

Two outstanding books!! I am in the middle of a BRRRR project and rising interest rates combined with the correction of pricing in the market is the current downside. It just happened so quickly that we are taking a bit of a hit with the refi. Not too big of a deal but we will be leaving some money in it. I'm still glad we did it and fortunately we are in a high appreciation market so cashflow isn't as important to me and we're still happy with the projected outcome.

Another watch out I would say is budget. Be very conservative with your numbers and leave yourself enough of a contingency that you don't run out of money and get stuck. 

Lastly, have multiple exit strategies. I would watch some of Tarl Yarbers videos on YouTube. Every BRRRR must be a flip!

Yes, if you want more detailed answers, it would be helpful to have accurate numbers to work with. As someone mentioned, you can hide the address. There are a lot of great ideas on this thread, including accounting for PMI.

Lesson learned, you should always search permit history - or your agent can, I would have done it for you had I seen the conversion. Now, I don't think it's the end of the world. The BRRRR I'm working on (which I'm now keeping) was also unpermitted and I knew it, so we're working on getting everything above board during the reno to widen our buyer pool for the future.

What is your goal with the property? Are you trying to flip it and want to use the space as an ADU feature? Or, do you just want to be able to rent it out?

 Have you had a conversation with the PM? Have you looked at your listing as a guest to see what they see and also compare your pricing with your neighbors? Would the LTR cover the mortgage and hopefully cashflow? I am not as concerned with significant cash flow in my FL rentals since appreciation is higher. I agree, something has to give. Winter is slow season so a great time to take action!

 You can also check Furnish Finders to see what is available in your area. Use the 'enemy method' on AirBnb to see how many similar homes are near you and what their demand is. There are traveling nurse groups on FB. Search Cedar Rapids and see if people are talking about it. I completely agree that you have to have options and the ability to pivot is key. Will it work as a LTR if need be? 

These maps are so helpful! We have a few in the Tampa area. St. Petersburg is very strict and hard to find info (they basically just say no STR) and nearby Gulfport and St.Pete Beach each have similar color coded map which makes it easy. I wish more markets would adopt this, but I feel like it's just not high on the priority list.

Bourbon lover here! I used to own a small bistro focused on craft wine, beers and bourbon/scotch in Washington state. I sold it to move to FL and focus full time on RE. I've had quite wide variety of the brown stuff. Don't kill me here but I've had several batches of Pappy and IMO it's just meh. Granted, I didn't pay for them so maybe my palate was skewed a bit as those that were sharing - I had several hard core collectors as customers turned friends -  they were often proud to share the price and method of obtaining, but I just don't feel the cost was worth the taste. Being in this circle was fun as I was privy to some off-market bottles. I bought 3 different bottles of Blood Oath about 4 years ago for $125/bottle through one of these collectors. I sat on bottles often so we'd always have something fun to highlight that our competitors didn't. A couple months before I sold, I put them up as a flight special for $45. Luckily, said customer saw our IG post about it and called me in a panic. The bottles were now selling at auctions and one variation was going for $3000! I pulled them immediately and stashed them in my office. I didn't count them in inventory when I sold ;) Someday, when I get that $1m listing, I'll bust them out! If there are any other Blood Oath Collectors, what series do you have? I have Pact #2,#3 & #6.

While I mostly drink wine at home (I brought almost 10 cases with me) I do enjoy a good Old Fashioned, and it's made with Old Granddad. Around $20/bottle and it's perfect for that recipe. If I'm sipping straight, I enjoy High West and Whistle Pig Rye. Speaking of Old Fashioned, why do so many FL bars muddle the fruit? It's a disgrace. I've learned to ask, or don't order them unless I'm in a higher end place. I am just not used to having to be aware. 

Cheers!

 It's easier to catch what you're missing if we can see what you're seeing. Are you using the BP calculator? Nathan gave you a great resource above!