All Forum Posts by: Jay Patel

Hey BP,

For those of you purchasing foreclosed homes through a county held auction, are you running title searches on each and every home you intend to bid on?

I am considering purchasing from auction but don't want to get burned by buying a second lien or purchasing a home with future title issues. Doing a title search on each home would be very expensive given the auction could be canceled (plaintiff files for bankruptcy), you loose the home to another bidder, the reserve price announced shortly before auction is too high etc. 

Anyone have any ideas?

Thanks!

Looks good @Jorge Magana! I was curious too see how much you were putting aside for Repairs, CapEx & Vacancy.

@Jorge Magana Congrats! Do you mind breaking down your monthly expenses of $744.25? 

@Joe Splitrock Thanks for the response. I believe you are right. Its more than just a clogged shower or toilet and sink. I believe the clog is further down since all of them are being effected. I am in the process of finding somone to do the work this morning. I will have to add rotorooter to the list and get a quote from there. They are based an hour away from me so we'll see how that affects things. Thanks for the reply. 

@Ramone Reese I think that is really good advice since the rental is occupied. I want to keep it as professional as possible with the tenant. If the home was between tenants I could try to figure it out myself. 

I will look into finding a good plumber and try to get the issue sorted out while hopefully keeping the cost low. 

Thanks for the replies everyone. I just heard that the tenant tried to both plunge and snake the shower and so the blockage may be further down the line. I may have no choice but to call a plumber. 

Hey BP,

I purchased my first SFR back in March and got it rented out on April 1st. The tenants have been quiet so far but today they texted with their first issue:

Water is slow to go down the shower. When the toilet is flushed while showering, the water level in the toilet rises high (close to over topping). The toilet bubbles when the bathroom sink is in use. They said they tried drainol on in the shower but its still the same. 

What do I do? I am not really handy by nature. 

Thanks!

@Skylar Dejesus I believe you are mistaking me with the original poster who lives and invests in NC. I however do live and invest in FL :)

@Ryan Beasley 

The vacancy expense is not a realized expense every month, but rather money that is put away for expenses when there happens to be a period of vacancy.

Also, it terms of the mortgage. You can look to take out a 30 yr fixed for flexibility during down times or when you need the cash flow for other reasons. When you don't, you can look towards paying off the property. Its more of a flexibility thing for me anyway. 

Hey everyone,

MLS deals have quickly dried up here in Lake County, FL. For that reason I am looking to get on the buyers list of some wholesalers. I am interested in Lake County, especially: Eustis, Mt. Dora, Tavares, Lady Lake, Fruitland Park and also Leesburg.

If anyone has any recommendations for the above mentioned areas or is a wholesaler, I would love to hear from you. 

Thanks.