All Forum Posts by: Kurt Jones

Wow!! Either the assessed value is sky high or the millage is off the charts. Are you sure of the numbers?

I’d be cautious here. Agree that a builder unable to manage his project’s financials is apt to take your money and still not finish

It's been discussed before 

https://www.biggerpockets.com/forums/311/topics/42...

My angle is that it isn't likely to amount to anything significant. We have some section 8 tenants mixed in with regulars in one of our properties. Not overly concerned at this point.

It’s your property not theirs. Plan your steps then execute on it. This is a business 

Welcome to Florida. It's the price you pay for living here. For you entertainment on the subject, look up a book called "Hoot" by Carl Hiaaisen. 

Do it the right way and just relocate the tortoises. If you get stupid, the fines are astronomical here in FL and then you'll still have to relocate them anyway.

Start the eviction process and don’t get emotional. It’s part of your business. 

You're not necessarily missing anything, but you are noticing some important things. First, you're looking at a razor thin margin for positive vs. negative cash flow. $75/door is nice until the market turns against you or you have a prolonged vacancy/ need for rehab of the unit(s). Without seeing a full underwriting of your deal it's hard to tell.

Also, everyone gets caught up in the A/B/C grading of neighborhoods and it's pretty much apples to oranges all the time. Yours sounds like it's not the greatest area as the house across the street is boarded up (think crack house/homeless squatters). Neither good nor bad but just another data point that adds risk. I own a property in a similar area and it's not my favorite but it cash flows $250/door so I can tolerate it. You just need to get comfortable with this deal or move on and find one that you are comfortable with.

Have both in same neighborhood. They seem to rent about equally as easy. 

Good advice above. I am closing on another small multi tomorrow. I see  units that one of the units is below the others as far as monthly rent ($225/mo less). Plan is to give them a rent increase letter on day two. If they move, great! I can rehab their units and rent them for more than the others and establish the "new normal."

Lots of good advice here. If you find a niche and excel there, keep doing what works.