All Forum Posts by: Kyndall Johnson

@Carlos Soto It’s nice to have a bank roll like that to invest with, congratulatins on that. How many deals do you analyze a day? Start with maybe one on day one and add one each day until the fifth day to get into the swing of it. After that, continue analyzing five a day. Look outside of your market. Try reading “Long-distance Real Estate Investing” by @David Greene to find deals outside of your market. Go to BP meet ups and other real estate related networking events and talk to others. Start a (or many) social media pages and let people know what your looking for. Hope this helps!

@Daniel Brown I would say finding the sweet spot with rehab work and materials is helpful. You don’t want to overspend on nice things for a basic rental property, but you do want to update with nice enough things to attract good tenants. Hiring out skilled labor and doing the unskilled labor yourself can help with time and budget. I can hang drywall at a decent pace, but taping and finishing it is a skill that comes with years of repetition. What would take me 4 days to tape/finish might take a professional only 1 day. Loan costs! It can take a significant portion or all of your profit from a rehab. I buy in good neighborhoods that I am familiar with and are moving in the right direction as far as value, schools, community, and local governance.

Be mindful of the Federal Pacific circuit breakers when buying or occupying a property. These circuit breakers are significant fire risks and should be replaced ASAP. I purchased a property and lived in it for years before I changed insurance companies and it was revealed that I wouldn't be insured until the Federal Pacific circuit breaker was replaced. When it was replaced with a circuit breaker panel that actually worked, my house started tripping breakers and I found several shorts that cost about $700 to have corrected. These shorts could have caused a fire in the home. The replacement cost of the breaker panel was $1800 for a total of $2500 due to lack of knowledge on this topic. Also, the panel replacement cost can be much higher, mine was simple and done at a good price. See article below for more info. https://www.angieslist.com/articles/are-federal-pacific-circuit-breaker-panels-safe.htm

I would imagine that if you're below the lender's DTI requirement with the car, it shouldn't matter if you keep or get rid of it. If the DTI requirement is 36% and with the car you're at 30%, would it matter if you ditched the car and dropped to 20% or so? I wouldn't think so as long as it's below the lender's requirement.

Lakeland, FL does not currently have any regulations for short term rentals from what I've been told by city officials. However there may be taxes to be paid related to rental properties in this area

@Dave Foster, thanks for the info, I greatly appreciate it. That's a nice success story with your deal in the midwest! I'm hoping this topic will get some more posts like yours.

@Erin Spradlin,

Thanks for the information, I appreciate it and I'm excited to check it all out! I'll be in touch because Colorado is one of my favorite places!

I'm trying to get some information on purchasing scenic quiet property in or around Lakeland, FL to construct small cabins for short term rentals. Any info on short term rental rules and regulations, zoning (the cabins can be basic, think glorified camping, AKA "glamping"), etc. would be greatly appreciated. Thanks! 

@Kevin Griffin,

Thanks! Definitely excited about Airbnb in the future. Short term rentals aren't allowed where I'm at locally, but that won't stop me from finding areas that do. 

"I am surrounded by so many much more passionate, experienced, smarter, better connected, and all around more serious people"

That's a fantastic place to be. Reach up to people that are passionate, experienced, smarter, better connected, etc. than you are. That is how you get better.