All Forum Posts by: Arnie Guida

Like so many Wisconsinites my age, Florida sounds great this time of year... But like a friend has often said, why buy and be stuck in one spot? 

Is it reasonable to find 3-4 month rentals in FLA, to see what area a person would like the best? I would imagine it's far too late to find something now, but for next winter, or...? I know it would be expensive to rent, but I'd rather rent and see what area I like, then buy.

I've seen the AirBNB site, and it sounds interesting. Again, maybe rent for a few seasons, then buy where I like the most. Maybe spend a month in different areas instead of the whole winter in just one area,

Where does one start to investigate this matter?

Thank you,

Arnie

That it's a homemade basket too, just added to my appreciation...

Spending thousands in interest and property taxes to save hundreds in income taxes?

Ummm....

In an abstract way of thinking, even if you own, you're still renting. The city is your landlord...property taxes, maintenance, etc...and as someone has mentioned, the lost opportunity cost of the capital tied up.

The way I look at it, I own 2 4plexes and a single, so most people think I own 9 units, but I own 10 units. I just live in the biggest, most expensive unit, my house. I look at it as one, big RE portfolio.

I think the rent vs own debate is interesting, and by my way of thinking, it is financially a horse a piece. I own: my furnace breaks? I pay. I rent: my furnace breaks? I'm still paying for it...Think about it.

Now the big one. I own: the neighborhood goes downhill? I'm stuck (and stressed). I rent: the neighborhood goes downhill? I give notice. ;-)

There's a multi for sale in the area I have 2 4plexes in...for over a year, two different realty's...The numbers are better than any of my 3 buildings. The price has continually been lowered. The ad has the wording 'Seller motivated, make an offer"... Does that desperate tone scare people off? Who knows? What scares me is that there are many fish swimming in the RE sea, surely it's been looked over by many, many people, and it's still for sale...

I'm interested but can't help but wonder, I don't consider myself sharp when assessing properties, and the sharp guys have surely seen something that makes this building a "pass", what do they see that I don't?

As I said, the numbers are better than any of my buildings, and I can easily buy it... but there must be something I don't see...

I've walked around it, but not through it. Looks ok to me.

Schedule a showing to satisfy my curiosity?

Went to pick up the rent and there was a little basket with my name on it on top of the rent check. Inside was some homemade fudge, How cool!

This makes me think of my Father. My Parents bought their 4plex in '66, which I still own, It was their only building. I was 9 at the time. When my Father would go to the building, it was upbeat and positive..."Hi Joe! Come on in for a beer!" Through the years I've seen the changes in landlord/tenant relations, but I strive to maintain a positive, upbeat relationship with my tenants. I love it when I hear, "Arnie's here." instead of, "The Landlord's here."

I've had my share of negative experiences, but overall, it's been good. Some say I'm too soft...maybe...but life is short, and I'm not in real estate for the hardball stuff. I always use honey first, then if it's not going to work, then I bring out the vinegar, but only as a last resort.

Yes, you can take it too far and get too close, of course, but I think we all know where that line is. But if you're there doing work and are offered a soda or coffee, etc...take it, even if you're not thirsty, have a little conversation, it goes a long way in good will. Don't be "above" them.

Try and keep it positive, it's much better in the long run. Be fair and reasonable, but firm when need be. If tenants raise their voices and get ugly in a dispute, resist temptation to respond in kind. Stay calm, your lease agreement and the law are on your side.

The fudge is delicious.

Do not give them the option. Start them out with a full tank, put them on auto fill with a company you're comfortable with, and be done with it. When they move out, the tank is filled and paid by the tenant. This can be a problem, so make sure your lease agreement states that if the final fill bill is not paid, it will be deducted from the security deposit. So make sure the security deposit is fat enough to cover it.

If it was so important, it should have been in writing specific to it, and should have been a separate document.

PayPal.

No fees.

Average is $400 around here.