All Forum Posts by: Siye Baker

Considering this is my first deal I like the fact that the purchase price is relatively low, the maintenance should be manageable with it being a condo, and the property is within minutes of my primary residence.

So, with the above numbers this deal leaves me with $320 a month for expenses. This deal is profitable with 30% going to expenses. Do you do this deal?

Thanks you for your opinions!

To be perfectly honest, I have 2 condos which run almost the exact numbers as what you posted. I am going to be selling them hopefully this year and moving towards houses. I am ok with restrictive covenants. Not so much with HOA. In addition to the property assessment going up, you also have to worry about the HOA dues. While I realize that this goes towards insurance of the structure, and roofing, paint, pest control etc... I do not have control over when it is spent, who is hired and how the price is negotiated.

before you purchase- do yourself a favor and sit in on one of the HOA meetings first. These will give you a flavor of what to expect before you have committed financially/contractually.

Sebastian

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@Rich B.

1 haired paint brush! lol

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@Brian Roberts definitely #3

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Originally posted by @Rob L.:

@Chris K. I was figuring it would be in the 20/hour hour range since we were providing the paint and supplies. @Jeff Bridges The cost was not overall that expensive your right. I was more looking at the pay per hour. Probably should of mentioned they painted 3 bedrooms not the entire unit.

I think your wife's initial reaction was VALID. Most handymen/tradesmen have some form of overhead/liability/reputation which is built into their price.

$50/hour/person to for labor alone for interior painting is ridiculous and is by no stretch of the imagination "cheap". If someone is doing me a favor by throwing me some work, supplying the materials, insurance, and free food- I am not going to charge them a rate above what an experienced tradesman would charge. They made out better than a professional painter. I can't see how anyone could argue this as marginal.

Sebastian

1 Vote

Originally posted by @Roy Gutierrez:

Well I have this issue, my house is 90% completed (I completely rehabbed it and looking good if I may say so!), it should be finished this weekend, new appliances coming in, touch up paint, install new counters, and ready to move, I picked a group of 3 guys (2 lawyers), I was asking for first,last, 1.5 security deposit but they said first and security deposit and I gave in b/c their references panned out.

Well, I told them lets get together and sign the lease and give me the deposit so I can hold the property. They came back with:

"We will give you the 1.5 months security deposit and 1st months rent on May 1 when the house becomes move in ready and we receive the keys."

I definitely see their point that they're covering themselves for not getting an unfinished house, but I can't risk losing a month if they don't move in, I feel like going to the people that came at #2,

How would you guys handle this?

option #2 is lookin' mighty good right about know

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@Wesley C. sounds like a very efficient way of doing business. Time is money afterall

Sebastian

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@Jolene Perry

I think you will find that you have a ton of options. FL is a huge state, with a seemlingly endless supply of houses for sale. There are some really good deals, you will need to make sure that you are not acquiring significant deferred maintanence without it being factored into the purchase price. Get a good inspection from a qualified inspector. I passed on a house yesterday because of all the things the inspector brought to my attention. A good property managment company is crucial. Keep us updated!

1 Vote

Originally posted by @Thierry Van Roy:

@Bill Gulley I am "out of town" a bit, but an ARV means it's not worth that right now. If the repairs to get that ARV are 10,000 to 20,000, it's only worth 10,000 to 20,000 in appraisal value right now. Which means the guy's making up to 8% return a month or nearly 100% a year. Would it be wrong for me to assume he would either have some serious monthly expenses then to justify such returns or call it outrageous? Or is the value largely due to the crashed market comps?

Das fragt' ich mich auch

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Originally posted by @Bryan L.:

@Wayne Woodson - Realtors often get a bad rap that we do not deserve. Along with that - clients tend to do a lot of stuff (especially buyers) that result in Realtors behaving in certain ways.

Well said. It has always been a mystery to me why realtors in my area will spend the time/resources to show a house before pre-qualifying the prospective buyer. The large majority of clients will prove to be a waste of time.

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Originally posted by @Wayne Woodson:

Here is a few I came up with

We Actually Call U Back, LLC

We Do More Than Put Up A Sign, LLC

We Don't Lie, LLC <- this is a good one

We Are Not Lazy Agents, LLC

Choose one of these names and I guarantee you will get tons of business. You will pretty much set yourself apart from every agent in your city. Good luck

lol

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All Forum Posts by: Siye Baker

Siye Baker has started 7 posts and replied 240 times.

Post: 50% Rule on a Condo. Would you do this deal?

Post: Lesson Learned

Post: Advice on Raising Below Market Rent on Good Tenant

Post: Lesson Learned

Post: Refuse to give deposit until the day of move in

Post: For rent sign and phone number

Post: Moving to FL in 2 years, buy house now and rent?

Post: I would like to buy the house im renting, Help please

Post: Good name for a RE Brokerage company?

Post: Good name for a RE Brokerage company?