All Forum Posts by: Johnny Kula

We have a place in TI with a Monthly minimum.  We also have one in Clearwater with a nightly rental.  We've been looking for more and have found them, but one didn't even allow it to be rented and the other was long term.  Both in TI.  The nightly rental is the best up in Clearwater, but the TI one is perfect for snowbirds as well, but not consistent year round.  Anyone have a property manager near TI?  Looking for someone that can fill it 80% of the year...Thanks! Johnny

I've read many books on this stuff and I've heard a few times not to buy in neighborhoods that you wouldn't feel comfortable walking around in, etc.

Wanted to know your take on buying places that show good numbers but in a not good neighborhood.  And on top of that, getting new tenants could be an issue....as the language barrier would hurt me.  

There's a couple long term tenants in there now, house has been updated except for the mechanicals, etc.  Not a great house, but not a bad house.

Was thinking of throwing an offer out there, but I don't know if the potential issues outweigh the numbers, etc.

Any thoughts?  Pros/Cons, etc?

Thanks,
Johnny

Thanks gents! I'm looking at it tomorrow with hopefully an offer to follow. 

Johnny

So the multi-fam property is already positive on NOI. Was recently rehabbed. Has long term tenants that want to stay. Price is about or slightly under market. The downfall... not a great area of town and no parking. I did a search on the deed site, looks like owner is behind on taxes but under $1k. I can't figure out why someone would sell a cash cow...unless the rehab put them under or maybe other projects hurt them enough to have to sell one to make up? For those seasoned investors, why is a property that makes money and is valued somewhat decent be on the market? I'm going to look tomorrow for any major signs of issues but for those that are experienced, what are your thoughts? Any specifics I should look for or ask about? Almost seems too good to be true but the neighborhood might pay a role... Thanks, Johnny

I would run...not worth it unless it's rediculously low...keyword rediculous!

@Chance Cooper I am in the same boat. 8 Years to retire. I'm trying to set myself up to walk away with a retirement and assets/NOI. Your situation describes me exactly! Great minds think alike! I'm actually going TDY down that way this summer. Area you near Greenville? Maybe we can grab lunch and talk about this stuff.

Johnny

My strategy will be to use cash and some of my HELOC (from my home) as a down payment. Properties in MA are extremely expensive, so if I want to keep buying, 100% cash down won't work but on maybe 1 property. My plan is to take the NOI of the property and instead of paying down the principal on the mortgage, it'll pay down the HELOC until it's 100% paid off. Then I'll buy the next property and so on and so forth...Once I can cash out refi some of my initial buys, I will most likely use more cash, but I'll look into that when I get there. Hope that helps.

Johnny

Not saying he's doing this, but if they are growing any type of plants (I won't mention which type), the lamps will kill the electric bills...Hopefully that's not the case.  There are GREAT deals and kickbacks tax wise and installation wise for Solar in my state.  Might be worth looking into as well.  Good luck.  Let us know what the outcome was. 

Might be easier to buy the material and hire someone to lay it out, especially being that big!  Home Depot or some of the bargain outlets have tile for a pretty decent discount!  I've had good luck with HD tile in the past.  I hate tiling as well...the worst is once you lay it out and are 90% done...grouting/cleaning SUCKS even more!  1,000 sq ft will be the most discouraging job you've done in a long time in my opinion...hire someone!

I'm absolutely not experienced, nor a professional in this, but I have heard rumors that due to the chemicals, it could be enough to condemn or make the property inhabitable.  I have also heard rumors about hotel rooms that were used for making meth and are not "rentable" any longer.  I would definitely research and have it checked out by a professional that deals with this stuff before you buy!

Johnny