All Forum Posts by: Michael Plante
Michael Plante has started 69 posts and replied 2369 times.
Post: Rehab Before and After of our most recent Unit in Norfolk
- Deland, FL
- Posts 2,434
- Votes 1,875
Looks great!
did you think about pairing the cabinets instead of putting in new?
What sort of rent do they pay?
Post: Flip Not Selling - Advice?
- Deland, FL
- Posts 2,434
- Votes 1,875
Bottom line question
What is the average days on market before an accepted offer?
Where I am at it’s about 3 days
2 houses I flipped had the bee 30 saves in 24 hours
What I do is list the place
If it doesn’t go under contract in the first 7 days lower the price 5k. I want to get my money out and back to getting me more money
30 days sitting on the shelf does. I thing for me
BUT if you are in a really slow market maybe this is normal?
Post: Broker Commission on Your Own Purchase
- Deland, FL
- Posts 2,434
- Votes 1,875
Originally posted by @Charles Beck:
This thread is a dumpster fire.
Lol
I reread the thread 3 times figuring I HAD to be wrong
Nope! Wasn’t wrong
What the what ?!?!
😂
Post: Kitchen Renovation for Buy & Hold
- Deland, FL
- Posts 2,434
- Votes 1,875
Originally posted by @Andrew Casal:
Hello all!
Looking for some tips/suggestions on some kitchen renovations that I will be doing in the near future on my buy & hold property. The cabinets are 15+ years old and are just a mess. Was thinking of getting the pre-made and installing those as I believe that would be cheaper and more straight-forward than putting in custom on a B/C neighborhood. Also thinking of upgrading countertops to granite for durability.
Looking for design/build suggestions. Should I go with white cabinets or the "wood look". Also would granite make sense for durability purposes. I don't mind spending a little more for durability sake.
Appreciate any feedback in advance.
Here you go
we do this now in our 25 year old mobile homes which sell for $200,000 to $250,000
or rent for $1500 a $2,000/month
Cost less than $300
Takes a few hours, some paint, rollers and paint brushes
Search YouTube Meet Kevin kitchen make over
Post: New tenant requesting discount
- Deland, FL
- Posts 2,434
- Votes 1,875
It is my understanding that no one was born knowing how to manage rentals
As far as I know there is no high school course on it
You are learning as many before you have
Keep at it you will do great, I am SURE of it!
Post: Want to scale up, but need some advice.
- Deland, FL
- Posts 2,434
- Votes 1,875
Your statement that you want to step up your game is very telling to me
If you want to go big I would sell via 1031
Biden May or May not change this I would cross that bridge if and when that happens
Buy a value add multiplex
Plan on having enough money to fix it up. Raise the rents
Keep it 2 - 3 years
Sell via 1031
Buy a bigger multiplex
Etc etc
Post: Tenants are asking if I'm going to fix keypad to open garage door
- Deland, FL
- Posts 2,434
- Votes 1,875
Originally posted by @Nathan Gesner:
If the keypad was not functional when they moved in, then you are under no obligation to make it functional. Tell them they are welcome to change batteries and try to get it working or they can purchase a new one for $30 - $50 and replace the existing one at their own expense.
Completely serious, if Nathan was located in central FL I would flip a lot less. Put my money into rentals and turn them over to him to manage
He looks at things logically and business like
Nathan, by any chance do you have a clone in FL?
Post: New tenant requesting discount
- Deland, FL
- Posts 2,434
- Votes 1,875
To me the place was not ready to rent
BUT this is almost word for word the text I sent a tenant on a similar situation
after thinking about all the items you spoke about. It is clear the place will never meet your expectations I think it is best for you to move out I don’t want anyone staying at my place who doesn’t want to be there
Of course upon moving out I will refund your deposit
Please let me know your move out date
I received a frantic phone call from the husband saying everything was fine and they wanted to stay
That was 6 months ago. Auto rent has been paid and no more communications from the tenant
Post: 100K in cash to start investing
- Deland, FL
- Posts 2,434
- Votes 1,875
Originally posted by @Eddie Shumulinskiy:
@Max Gradowitz @Moaaz Malik you can invest in a high cost area like CA. The best option in my opinion is HOUSE HACKING! You can put down %3.5 for an FHA loan. If you have $100k you can even buy a 4 unit for $2,000,000 with putting down $70,000 as the minimum of %3.5, the remains $30k you can use for closing costs and some minimal repairs or just as a nice cushion.
How much income would you need to qualify for a $2,000,000 4 unit?
Post: Who has set up a Glamping business?
- Deland, FL
- Posts 2,434
- Votes 1,875
Depending upon zoning Glamping can be done with tents, yurts etc
Using composting toilets and water in holding tanks
tremendously less expensive than septic systems and wells