All Forum Posts by: Dimitri Paspalaris

I would be buying the property and he would manage it for me. I would not be living in the property at all since I am moving around with the military. 

I was wondering if my dad could be my landlord for my property since I am active duty military and I am constantly traveling around? The property would be in Florida. 

I was pondering as I was driving to work that most rental leases are anywhere from 6 months to two year. Has anyone tried convincing a property manager to get a 3 or 4 year lease signed. I understand that property managers make a lot of their money when signing the lease at the beginning and between leases with the signing fees, but as investor if I could keep a tenant in the property for more time I think it would be better for me. What is yals opinion. Thanks

I found a condo that is cash-flowing with my requirements and is 15k under the market price based on comps in the nearby area. I have set aside 8% for vacancy, 5% for repairs, 8% for capex and 10% for property management. Is 8% too high for capex since I am paying HOA fees if so what would you change it to and why? Thanks for the help.

@James Nix I am looking to house hack on my next military duty station but I am currently just trying to get my first deal under my belt. Thank you for the info.

I am thinking of setting aside 10k in cash reserves for my first investment property after all of the closing costs and possible repairs needed to get the property rent ready. Is this too much or too little? Thanks for the help. I am also putting 25% down payment on the property. 

@Jack Bobeck thanks for the insight. I have been running the numbers but maybe I am doing this wrong since I am so new to this.  Everything I have looked at has been on the mls so I think a change of strategy is in-order.  I think maybe I need to talk to a couple of wholesalers or find another avenue to find the deals. I just switched re agents because the original agent kept giving me properties that were going nowhere and had serious issues. Again thanks for the information and this whole process has been very enlightening. 

Is the Jacksonville market starting to become overpriced. I been trying to get into the real estate game but I keep running the numbers and looking at the statistical trends and to me everything seems overvalued. Is their a possible correction coming and should I wait for it? I am in no rush. Just looking for the right deal. Thanks for all of the help.

@Jared Townsend

Gotcha on the 300k, I do not have a primary residence yet. Will ask about the water damage thanks.

@Deb S.

will ask about the medical liability increase and the sewer/drain thanks

I am in the process of getting my first investment property and I think I have a decent insurance quote can someone in the florida area review it for me. I have posted it below thanks.  

Total With Flood Coverage:

$567.00

Includes Flood Premium: $100.00

Total Without Flood

Coverage: $467.00

Hurricane Premium: $147

Non-Hurricane Premium: $393

Nonrefundable Assessments and Fees: MGA Fee: $25

EMPA Fee: $2

Geocoding Information

Responding Fire District: JACKSONVILLE

Protection Class: 01

BCEG: 99

Distance To Coast: 99,500.00

General Risk Information

Construction Type: Masonry 100%

Year Built: 1952

Fire Hydrant Within 1,000 Feet of Home? Yes

Usage: Rental Only

Coverage Information

Primary Coverages

Coverage L (Premises Liability): $100,000

Coverage M (Medical Payments): $1,000

Limited Fungi Coverage Section I: $10,000

Limited Fungi Coverage Section II: $50,000

Coverage A (Dwelling): $100,000

Coverage B (Other Structure): 2% of Coverage A

Coverage C (Personal Property): Excluded

Coverage D & E (Additional Living Expense & Fair Rental

Value): $10,000

Water Damage Coverage: Limited

Deductibles

All Other Perils (AOP) Deductible: $1,000 Hurricane Deductible: $2,000 (2% of Cov A)

Optional Coverages

Ordinance or Law Coverage: 25% of Cov A

Loss Assessment Coverage: $1,000

Flood & Water Back Up Coverage: Yes

Roof Loss Settlement: Replacement Cost

Identity Theft Coverage: Included