All Forum Posts by: Johnny Pineyro

Recently joined BP and I appreciate all of the insight and experiences.  Have been building my residential and commercial port since 40.  Working on a mixed-use property in Florida next and hope to close soon.  Goal remains to find quality over quantity at wholesale pricing.  Will build up slowly and try to load up on the next down cycle.  Always watching House Price Index for that opportunity.  Mid 40s now so I feel good about my timeline.

Based on age, I would screen for lead-based paint and asbestos issues. Not sure about the rest of the variables. Cap rates up there should be higher. See rootstock.com for other portfolios (SFR not MFR)

Sam,

Pre-1978 MFR...Any lead pain issues to contend with? Asbestos? Did you conduct inspections for these issues?

I had a King Air and loved it.  There is a new Cessna Denali coming soon which should rival the Pilatus and reduce operating expense for the right travel profile.

Global is big time.  Congrats.  You must be Netjets guy.

Very smart to cut it up with investors the way you did Sam.  Avoid the watershed.  This is the first of many for you.  Plenty of time to build wealth after you build knowledge. Smart smart smart.

Offer the lender some consideration in exchange for the "waiver".  Also, add to your insurance with rider for the "unit rental". It won't cost much and provide the lender the additional insured or interest protection which should satisfy them.

Gilbert, what happens when the company that "rented" the right to claim $1 million proof of funds is called out on that money and a claim is made?  Does the money freeze?  I would think so and this would create for the bona fund owner of the $1 million to potentially lose opportunities.

Sort of sounds like a CD anyway.

Definitely include RI on your lease and make sure you are added as an additional interest so you can monitor.  I have been an attorney for 23 years and only a handful of cases where I sued the tenant resulted in finding a renter's policy that would have covered the loss.  Instead, the landlord/owner has to tender their policy and risk increased premiums for things they usually had no control over and could not have prevented.  

I would not hand over keys to a tenant without proof of coverage and a dec policy that I call and confirm is active.  You might remind the tenant this protects their possessions which they presumably value.  

Very smart to bring in people to observe, ask questions, etc.  Do you know anyone in Florida that does something similar?  I would love to shadow him or her.

Nice work and not a bad ROI for your first. Great job on the finish. Did you stage the home? How much was that cost?