All Forum Posts by: Zak K.

Title really says it all.

In Tampa, have cash for distressed property in the Tampa Bay and surrounding area. Looking to connect with wholesalers in the area.

@Brent Coombs  That is what I mean, the plan would be to sell that home.  Why is that bad?

And  Yes i want to do it, but I know I am looking for reasons NOT to do it.  So I can make a more rational decision.  I have unbridled optimism, which I know is not always a good thing.

@Dennis It's more of a quality of life play.  Be in best school district, best part of town, and pay close to to my current mortgage ($820).  the 4/2 in the area go for $3500 to $4500 monthly.  So if we stayed in 2/1 mortgage would be paid by tenant.  Also, I run a software company, so rubbing shoulders everyday with the business owners of the area, will pay much more than cash flow on the house.

Does that make sense?  Or am I missing something. 

TLDR: $750k house in best part of town on a $140k single person salary, with a $2500 mother-in-law suit and 2 extra airbnb rooms.  Am I stretching myself too thin?

We currently have $100k equity in an up and coming part of town (read fast growth, but still sketchy) where my wife and I live with our 1 year old daughter.  We recently found a deal for a $750k 4/2 with a 2/1 separate building on the property.  This property is in the BEST spot for our city (also going up in value due to expansion from the downtown of our city), 3/2 are going for $650 and some newer homes are 1.5 million.  Great schools, young families, right by the park, etc.  Home just need cosmetic updates to old cabinets, etc.

Rent for the 2/1 could easily get $2500.   My income is $140k gross (software engineer), my wife currently stays at home with our child, but could go bring in $30k-$40k if needed.

My question is if we put the $150k down (with $100k via a HELOC), rent out the back, and do some airbnb ($100-$150 in the area) with the extra rooms in the main house. We would end up paying around $1500 monthly after renting (rough calculations).

Are we stretching ourselves too thin?

@Daray Olaleye I imagine a system where you snap some photos and choose premade descriptions and it gives you a website where people can pay rent right there online via banktransfer or Paypal.  

Then they can make the requests online right there, and when the repair is done you can have them sign their signature on your phone or tablet.

Have you tried anything yet?   

How easy is it to get started?  Do you have mobile versions for on a tablet?

@Kari Miller Thank you for sharing.  Is there anything that you would say Rent Manager does not provide.  Something your current customers complain about?

Can I make the website on my own?  Do people find value from that?

How would Rent Manager work well with someone who owns a couple trailer parks with 20-40 trailers? 

@Account Closed Thank you for your insight.  Is there an aspect you find tedious or could be improved?  Is there something you wish it did but doesn't?

Does it provide you with your own website?  Do you have your own?  Would that even be of value to you?

The craigslist posting is a solved problem for me.  I have something that can make that happen already.

@Daray Olaleye  I assume you have <100 portfolio? What problems are you looking to solve with some management software?  Perhaps, what I have identified and your needs are aligned.

Hello all,

After talking with a friend of a friend about the lack of simple alternative to solutions for large investors I'm debating having some property management software built for owners of small to medium sized lots.  He suggested I come ask you all about your experience with management software. So I want to know what you paint points are!

Some items that came up so far:

- Tracking/signing all work orders on an iPad for risk management (when crazy tenants want to sue)

- One click ad postings to craigslist and other sites (just upload your pics, select and edit pre-made descriptions)

- Automatic pre-screening of applicants

- Wix-like website generation so your MHP has a professional looking site where applicants can apply.

- Set blocks of time for open houses where applicants can register on their own (cutting out time on phone and showing property)

Would you pay for this?  What would you pay for that you are not getting elsewhere?

Thank you for sharing.