All Forum Posts by: Michael Plante
Michael Plante has started 69 posts and replied 2369 times.
Post: Anyone do their own property management?
- Deland, FL
- Posts 2,434
- Votes 1,875
Property managers are like magical unicorns
They were born knowing everything about managing properties and anyone who tries to manage their own property will fail miserably
😂
Post: Water and electricity under my name and tenants not paying
- Deland, FL
- Posts 2,434
- Votes 1,875
I would post an eviction notice
But I am in FL
I have a feeling in CA the situation is slightly more complicated 😀
Post: Bedroom carpet replacement
- Deland, FL
- Posts 2,434
- Votes 1,875
Originally posted by @Luca Mastrangelo:
Originally posted by @Michael Plante:
Have your tenant run an ozone machine according to the directions
You can get one on Amazon for approx $50
In a week there is a good chance the problem will be solved
you don't think I created a mildew condition? Will an ozone generator get rid of that?
It will cost $50 to find out
Or replace the carpet a d maybe the tenant still says it smells musty
Post: Bedroom carpet replacement
- Deland, FL
- Posts 2,434
- Votes 1,875
Have your tenant run an ozone machine according to the directions
You can get one on Amazon for approx $50
In a week there is a good chance the problem will be solved
Post: Interested in finding a realtor in Orlando/Kissimmee
- Deland, FL
- Posts 2,434
- Votes 1,875
Google Andres garban
I’ve bought over 2 million worth and sold more than that thanks to him
Post: Vacation Rental - Is 10% cash on cash too low for first STR?
- Deland, FL
- Posts 2,434
- Votes 1,875
Originally posted by @Peter Amendola:
@Michael Plante @Jerry W.
Thank you for your advice guys. I could absolutely wait for the market frenzy to die down… but to be honest that could be many years for all we know. Fortunately, my wife just landed a new job making the same $$$…. So the risk has greatly reduced with respect to relying on the income. Even though this deal isnt a slam dunk with only CoC 10%, i want to get in the game and learn locally first. My plan is giving the STR one full year and reassess. If STR isnt for us, we could always rent the house long term and cash flow about 200-300/mo or sell if "it" hits the fan. Im looking forward to the experience and appreciate your input!
I didn’t suggest waiting for the frenzy to die down
For all we know it could continue indefinitely
Or could increase or crash tomorrow
For me personally there are far safer ways to replace money post from a layoff
Post: Loans vs all cash deals
- Deland, FL
- Posts 2,434
- Votes 1,875
If you go the loan route and decide to switch to pay them off you have already paid the fees for the mortgages
On the other hand if you buy a couple cash you could change your mind and get mortgages for them or just use mortgages for the next few
Post: Anyone doing STR near Alexandrea Bay in the USA?
- Deland, FL
- Posts 2,434
- Votes 1,875
I am going to buy a place up there to use a few weeks in the summer
Had a thought of maybe turning it over to a STR company when we won't be using it
Any feedback is appreciated
Many years in LTR but none in STR
Post: Vacation Rental - Is 10% cash on cash too low for first STR?
- Deland, FL
- Posts 2,434
- Votes 1,875
10% or even 15% on starting a business,
to me STR are a business unlike LTR
And a $500,000 place for my first one Add to that needing/wanting to replace a steady check from a job that would scare the s!*t out of me
And I have bought a house for 250k from a Zillow ad with zero contingencies But it didn’t have to produce money for me
And I’ve been an entrepreneur and landlord starting back 40+ years ago
Post: Vacation Rental - Is 10% cash on cash too low for first STR?
- Deland, FL
- Posts 2,434
- Votes 1,875
Originally posted by @Bruce Woodruff:
Is this property possibly over-priced due to the buying frenzy that we have going on? Might it not be better to wait until the frenzy dies down and buy then? You will have the same $$ to work with and they will buy more property...
Just a thought....
When will the buying frenzy die down please?