All Forum Posts by: Lynn Bown

I'm in. North Port Florida.

Welcome to bigger pockets from North Port Florida.

Lynn

Here in Florida the cost of putting in a pool with a cage can be in the 28-34k range and the value added to the ARV is usually 15-17 at the very most. On the other hand if properties have a pool the value in rental income is increased by 15-18% and vacancy rates are lowered. The biggest issues are the condition of the equipment, age of the tile and plaster, and maintenance. I usually am sure to (if the numbers work) find a local pool maintenance company at a good rate and offer the pool service included in the rent to be sure it is cared for well.

Hello;  Im in Sarasota and Charlotte counties. I am always available to  talk and assist.

Lynn

Have your agent do a ARV bpo on the property. Instruct them to only use comps within a 3 year variance in age, solds in the past 12 months and listings the same. If they cant find 3 listed 3 solds within three years then you have an issue. If they find them without going over 2 mile radius, or having to do abnormal adjustments, then the community will support the sale after repair. Its all about the neighborhood and what people are buying to get the return on the repairs.

Also be careful about personal property.  there are many laws that are clear on it Florida.  On anything over 1,000 in value you must file a personal property eviction.  In this case it is not a tenant but it could get clouded with the bank being the owner of the car (by title) so be careful.  In my opinion I would at least send the bank a personal property evicition notice (30 day) and file an abandonment notice with the county.  Then have it towed away.  CYA believe me we have had nightmares in Florida with personal property!!  Do not mix the your offer to buy the vehicle with the notice.  Offer first (if you choose to) on denial file Personal Property Eviction and abandonment notice.

All the positions in real estate you have held were the warm up for your destiny!  Welcome to BP it you need anything feel free to contact me.

Lynn

Its really all about the numbers. Primarily look for areas that have appreciated well in the past 3, 6, 12 months these numbers are available by area on many sites on google. Then its all about the numbers on the property, purchase price vs ARV balanced with finance and cash flow. If there was one city that was "Best" for rental investments A. we would all be buying there B. it would change as the economy and commercial, neighborhood issues do.

The old rule measure twice cut once, applies here. If you are getting info on many cities as the "Best" hit those agents for a report on availability based on a specific criteria, from all of them, then sort them in a spreadsheet by the ones that have the initial good numbers, ask then for more detail and P&Ls or rental/expense history and ask for ARV BPOs on the selected properties. Now select the best numbers and make some choices. The "Best" magic you can apply is research, hard work, and use the data that is present. Remember the wizard is just a man behind a curtain with some fancy equipment (like your computer).

Florida has some opportunities like you describe but they are hard to come by.  We also have a 2 week rule here giving homesteaders first crack before investors can offer on some properties.  Our values are appreciating very well right now.  In that low end price area many properties are as is so be careful of well, septic, foundation, title and roof issues as 20K rehab can turn into 50 in a heartbeat.  good luck!  North Port Florida

Welcome Shane.  I am in North Port about 15 miles from you.  My husband and I also team on on investment properties.  

Feel free to hit me with any questions or needs about the area