All Forum Posts by: Ray Hage

 Hi, well you don't really need to go through any special company to get a Section 8 apt. In fact, you can always buy an apt and get it all in order and then make it a Section 8. A lot of the research you can do yourself. Also, Section 8 tenant is not always better so it really depends on where exactly you plan to buy and type of neighborhood.

Hi Leonard, I would recommend waiting if you absolutely want to buy a condo...prices will be dropping as inventory continues to climb. However, I would generally not recommend condos as there are too many risks involved over the long term. 

There is a lot of risk right now in buying condos whether to rent out or to live in. I generally recommend against a condo if the goal is for renting because the rules can always change and lower the value later on. If you decide to buy a condo anyway, I would wait a bit as inventory continues to increase and prices with decrease further.

 Hi Moses, do you already have an agent helping you get it sold? Price seems good for it. Would you mind sending me the address privately. I'll check it out.

I got an umbrella policy for liability only for about $1700 annually and it has $1m in coverage. I think that is good enough if you can't move it into a LLC. And you can have multiple properties under that same coverage. I did it with 6 properties.

 does the unit have its own entrance? If not, it would be a bit weird. You could do a M2M contract with a security deposit equal to one month's rent. For common space, do you mean outside or inside? I think it would be a bit tough if they will be using your kitchen, living room etc. Need some more details to advise

If you are keeping it in your own personal name (assuming that is what you're doing now), yes it will go up by roughly around 10%, especially if you are well below the market value. If you transfer it into a LLC, then you can expect the assessed value to go up to market (probably will be much bigger than 10% if you have had it for a long time). Either way, ensure what it will most likely be by contact BCPA as @Lateefah Mathews suggested

 It might have some legs to it. Well it sounds like they converted a garage or carport into another bedroom so that could be a major issue. You will want to know before buying if they will make you convert it back to whatever it was. If the house in extreme disrepair, the city may force you to demo it so you better find out for sure what the correct solution is before buying it any price. I don't think you can post links, but if you want to send me a private message, i could look at it.

Just be sure the house is ok. 275K is crazy cheap in south FL, even for a terrible neighborhood. Does the house have potential to have an addition? That might be worth pursuing if you can expand it and make a big pay day or house hack it in the mean time.

I should be able to join!