All Forum Posts by: Phillip A. Baker

An additional question would be: 

Is the late fee just a set amount or an amount tied to how late it is. In other words, if rent is paid 1 day late, or 25 days late, is it the same $50 late fee or could you have it go up the later the rent is paid? 

My concern is that there is no incentive for someone to pay it after they miss the deadline for the rest of the month. 

Thanks, @Wesley Davis!

Great site, and best to you and Stephen on this initiative! I'll keep my eye out for your meetups when they start! 

Phil

@Andrew Pensch

Yes, lots of sweat! :-) 

Our AC died just a couple months into owning it... the "Home Warranty" company I bought a warranty from wouldn't cover it - which is why I bought the warranty! - so after some searching, I was able to get a good price. We also did a whole remodel of the main floor of the condo, so the ARV is up quite a bit.

As you do your due diligence, keep in mind the pipes! If they are cast iron they can spell trouble, especially if it has sat empty for some months! It's quite a lesson to learn. 

I had a contract on a small house, but after looking closer, so glad I didn't get it! 

I am still looking to build a team there, as I am long-distance (Missouri). But it's such a great area, people will always be looking to go there. 

I will be passing through there next Sunday (11/15). If you are in the area, I could stop for a quick cup of coffee. My daughter lives there, so I try to get there when in FL. I guess it all depends on what Eta decides... 

Hi Andrew - 

I own just one rental in Sarasota - a 3BR condo - and have heard from my 3 renters that it was hard for them to find good rentals in the area. I rent out to each at $600-$650 each, so it brings in $1900/mo vs. renting to a family which would bring in more like $11-1200/mo.  

The market is pretty hot right now, so it can be challenging to find one with the right numbers in a good area. 

I want to do another 3 or 4 in the area, so it would be good to connect! 

Best of luck to you as you make this move! 

Phil

Thanks for these responses, everyone - I am renting out a 3-bedroom condo in Sarasota, and had the same question! I used Zillow, and just now jumped on Craigslist.