All Forum Posts by: Account Closed

Hi guys,

Newbie here looking for guidance to do this right since there is so much info out there...

I bought a condo as a primary residence, lived in it for the 12 months required by the mortgage company, and now have a tenant moving in in February.

I wanted to contact my lender to inform them I am renting the property out now so they have it on file. I know I have to contact my home insurance company as well.

What I am confused about is collected rent. I am going to collect the rent electronically, but I am wondering whether I need to open a separate bank accounf to collect or can I collect in my personal account?

Also, the tenant gave me the security deposit and I put it in my personal account... do I need to put that in a separate account as well? The condo is in Ormond Beach, FL if that helps.

Any info provided here will be a great help. Additional info I should know in addition to the answer to my question is also appreciated. Thanks all!

@Martin Vehlow not sure yet. Probably 100K.

@Martin Vehlow I can’t increase rent. It is rented at a little above market rent currently.

Thanks everyone. I appreciate the input. I will continue to be positive and seek more deals soon as I figure out what to do with my current rental.

Be blessed guys! 🙏🏽

First off, newbie investor and still have a lot to learn. Took a big leap of faith last year and bought a condo...

I really need some advice on this condo:

I owe 60K on it for the mortgage now. Payment is $722 a month. HOA is $330 a month. My tenant pays $1100 and wants to renew lease. I'm basically making less than $100 cashflow on it. Tenant just told me today that he wants to renew the lease.

Should I not renew the lease and sell or should I keep? If I sell, I'm thinking I can 1031 exchange what's left after the mortgage payoff and realtor fees and reinvest profits into something better like a duplex or triplex with no HOA.

Lesson I learned here is no more HOAs. They also prevented me from turning this to a short term rental.

Hi guys,

I'm 23 years old and currently have a rental condo. The HOA has been raised to $330 a month so I plan on selling it and reinvesting what's left after paying the debt off... I plan on buying a SFH or a multi family, whichever I can qualify for.

My family has been discouraging me and telling me that there is no real money in real estate and that most people buy homes rather than rent these days. I don’t think the latter is true at all.

Any advice and any stories of overcoming adversity for a young hungry investor? I appreciate any of the veteran’s wisdom. Thank you for your time.

Hi,

I need to know whether a 60 day notice is required for a tenant to both renew a lease and/or vacate the property?

If so, where can I find the document that the tenant can fill in?

It’s my first rental property. I appreciate any assistance!

Hi, me and a friend of mine have been looking for a real estate investor meet up group in the Daytona Beach/Orlando area. We are hoping to connect and build with likeminded people.

I have had a 30 yr mortgage on a rental condo since March 2018. Here are some details before I continue:

Original Principal: 84K

Remaining principal: 62K

Interest: 5.25%

Monthly payment: $722 + whatever extra I pay on the principal that month.

I am considering refinancing since the lender is offering a lower interest rate depending on my credit (about 4% interest rate). I asked for an estimate of my monthly payment and the new payment would be $474 and change.

I currently have a tenant paying $1100 a month, so the cashflow would just be added onto the principal to pay off quicker. That is my strategy at least.

The closing costs would be around $1600 + a $485 appraisal fee. Is there any way to lower the closing costs or are they inevitable?

Please let me know of any tips and advice as I am a 23 year old investing in his first rental property out of many more in the future. I appreciate the knowledge from all who take the time to respond.

Blessings!

Thanks for the invite. I will be there!