All Forum Posts by: Michael Hakes

@John Moorhouse you seem smart and motivated. See if your high school has dual enrollment with a local college and you can finish high school with or close to an Associates Degree. It is true RE doesn't require "higher" education but one of the biggest lessons I always see is "Always have multiple exit strategies" and that applies to jobs also. One of the smartest people I've ever met was one of my high school teachers and she said have a career and have a trade to fall back on. Looking back now that is the exact same lesson.

You are way ahead of your peers, just stick with school and work On your skills on the side.

@Brian Sullivan have you thought about trying to sell the contract? I am also in Florida and have heard a few times people selling the contract or house before its finished. If you are in a new community and got in on an early phase you could get out of it, reducing your 11k loss and may even see a profit.

Hope it works out and always have multiple exit strategies.

Call Code enforcement and ask what there ordinance is and where you can find it.

This is from an old article(2007) but could help. 

https://www.nbc-2.com/story/10689044/the-real-deal-overcrowded-homes

A Lee County ordinance says no more than four unrelated adults can live under one roof. We asked for the number of overcrowding cases and the county says there were none.

"The burden of proof is on us, so if someone says I'm related to her, it gets into difficult territory," said Joan LaGuardia of Lee County Code Enforcement.

In Charlotte County there's no law preventing overcrowding.

Cape Coral didn't have a law against it until we started asking questions. Within the last month, the Cape implemented a new housing limit - two people per bedroom.

"It's becoming a bigger issue," said Frank Cassidy of Cape Coral Code Enforcement.

It's a problem that can't be solved overnight and isn't going away anytime soon.

If you suspect a home in your neighborhood is overcrowded, your best course of action is to contact your local code enforcement office. If you live in a city or county that doesn't enforce overcrowding, contact your or city or county commissioner.

The following are confirmed cases of overcrowding in Southwest Florida:

@William Pratt

There are many extra costs associated with vacation rentals. Furnishings and replacement of those, turn over of the units between tenants, amenities(cable, internet, etc.), a lot more marketing, property management, insurance. Short term rental is a much more hands on endeavor so your time is worth something too.

Also most vacation rentals are in seasonal areas so you will have a lot of vacancy time.

As you are house hacking and the place hasn't been updated, raise the rent moderately and lock in a lease. Fix up your side and give her a first shot at moving into your side at market rent after the lease and switch to the live and fix the other side of the duplex. 

Something I haven't seen anyone mention, since you are House Hacking, is she a good neighbor also? Even with good screening you never know who you may get. Devil you know vs. the devil you don't. 

Congrats on the first investment property. Good Luck and keep us updated.

I can confirm what Bruce says, our servicer messed our escrow up the first year big time, gave us a check saying they took too much and then later said they messed it up and we owed. 

Most servicers use past taxes to base the escrow amount so you can run I to trouble if homestead and senior homestead taxes were used and you cannot. Previous owners were seniors so paid less taxes so when they used their taxes we were under paying.

I am new to real estate investing and I am looking to get find a multi-family property to start. I want to do this locally as I have been a long distance landlord when I moved to Florida and prefer to be more hands on.