All Forum Posts by: Meghan Helbick

I checked on the property appraiser website for the property and they do include the square footage of the finished carport on there as "SFB semi finished base area." That makes me think there are no back taxes on it, but will be asking the city more questions today.

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I'm under contract on a SFH in South Florida, and the carport was converted to an extra room, which I think is fairly common. I don't think the owner ever got a permit to do this addition. Eventually I would like to do a further addition to make another bedroom and bathroom, but my concern is that when I get permits to do so will I be stuck with paying back taxes on the non-permitted addition if they catch it?

Our realtor shrugged it off saying either don't get a permit for our future addition, or just be nice to the inspector. Seems odd to me, but is this a common thing in South Florida?

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Welcome to the East side! I'm under contract for my first house ever in Delray Beach. I'll be living there but eventually converting to a live in flip, and on the lookout for a SFH rental!

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Originally posted by @Sara N.:

Meghan--I agree w/what Austin and others had to say. My husband and I did the same as you--bought a row house surrounded by several new highrises going up in the particular neighborhood of DC very close to the subway and tons of new restaurants & grocery stores going up. If it's located in a hot neighborhood, it shouldn't be hard at all to attract a large pool of potential tenants. As long as you price it right (even a little lower than what others around you are charging), show/maintain the property well, you will get lots of responses. Not everyone wants to live in a highrise (as you have a yard and likely bigger size) or rent from a property mgmt. co. Good luck!

Thank you!

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Originally posted by @Stefan Augustyniak:

I agree with @Austin Youmans that the condos shouldn't hurt your SFR as a rental. In fact, I bet that your renters will be coming from those condo buildings because they are ready for a change of pace. So, just make sure that it cash flow's positive and you will be fine.

That's good to hear, thanks!

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Originally posted by @Vincent Crane:

Either way, that part of florida is going to see hyper supply in the next 2-3 years and prices will drop significantly. But a SFR is always better than a house, you can add value, flip it, and mainly, there's no HOA fees which is a huge difference.

True, did you mean to say SFR is better than a condo? And yes, no HOA fees is huge!

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Originally posted by @Austin Youmans:

I wouldn't worry about the condos as it is a different type of property that has a different type of tenant. People usually want more privacy which SFH usually gives them.

Also when you buy make sure it would cash flow as a rental even if you ware living in it for a while. That way when you move you know it will be a good rental. Rent rarely goes down if you keep the place in nice condition.

Good points, thanks. Based on the numbers it will still cash flow once we want to rent it. Not a huge amount, but around $100-200 depending on how much rents go up.

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Originally posted by @Cedric Dadaille:

From what I understand, you should be extremely careful buying in a seller's market. Prices tend to be a bit higher than what you're looking to pay. Also, how much are you willing to do in repairs? Is that particular area the only area you're willing to invest in, or are you willing to look for property in places nearby?

Yes, I hear you, I wish our timing was better. But we do have to move, so since it will also be our primary residence that helps make it seem alright. The place we are looking at should need few repairs, since we don't want to spend more than a few thousand on that at first. Once we are down there we will mainly be looking in Delray Beach for other rentals, but possibly Boca/Deerfield/Boynton.

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All Forum Posts by: Meghan Helbick

Meghan Helbick has started 7 posts and replied 60 times.

Post: Miami / S. Florida Meet Up

Post: New guy in South Florida

Post: No permits on addition in home I'm buying

Post: No permits on addition in home I'm buying

Post: Goodbye Los Angeles, Hello South Florida... Investor on the move!

Post: Buying a SFH rental where new condos are springing up - good or bad?

Post: Buying a SFH rental where new condos are springing up - good or bad?

Post: Buying a SFH rental where new condos are springing up - good or bad?

Post: Buying a SFH rental where new condos are springing up - good or bad?

Post: Buying a SFH rental where new condos are springing up - good or bad?