All Forum Posts by: Patrick L.

I manage around 60 with one full time maintenance person.    The maintenance guy handles all phone calls and showings of vacant properties in addition to performing most repairs and maintenance at each property (or scheduling subcontractors).   I do all tenant screening, leases, and other paperwork.    I keep vacancies to a minimum, I had 7 move outs last year (4 voluntary, 3 evictions).   The tenants do not have my phone number which keeps me much happier.  

You will put yourself in the commercial category for loans and insurance, rates will be higher for both. No clue as to why you think you need to put it in an LLC, maybe you should look into putting it into a trust if you're looking for asset protection.

First most jurisdictions have laws against this type of litter, if you put up a few odds are nobody will care but with 1,000 you will sure get enough people riled up for someone to do something.   

How many people are you going to have putting out signs?   Assuming you can put one up every 3 minutes that would be 50 hours to do 1,000, so it do it in a night you're looking at 6-7 people working the entire night.  

I would expect more calls from people angry about the signs than actual leads.

A lot of first time home buyers want them, they're generally fairly worthless.   I wouldn't advertise it but I've had buyers request them and for a few hundred bucks I'll usually give it to them. 

In Florida it is FOUR years (not one) without marketable title unless you do a quiet title action. 

I can tell you exactly how he came up with it. Current rent minus HOA and taxes comes out to a 6.22 cap. Assuming 100% occupancy and that you don't need insurance, management, repairs, or cap ex it would be a mediocre deal.

HOA fees kill the cash flow on that one.

I would think to get market rent you'd have to at least gut and redo that hideous kitchen.  

My guess it's a buy and hold investor, numbers don't work for a flip (assuming your numbers are correct) but might work fine for a rental.   Rehab costs would probably be far lower to get it into rent ready condition.

You can hit the 2% rule in the not so great parts of the southside (my personal best this year is hitting the 4.8% mark but that was an off market deal, like everything I buy today).   I wouldn't suggest a new investor start in rough areas unless you really know them well.   Don't use some magical rule about what percentage you should pay.  You should make sure you're going to have whatever cash flow you need to make it worth your while after factoring in all costs and expenses.   Also make sure you have another exit strategy, if you buy below market you'll have equity and will be able to easily sell in the future.

Most deals on MLS aren't going to leave you much room, too little inventory and too much competition.

A certificate of sale doesn't mean you own it, you need to wait for a certificate of TITLE.  The parties involved have 10 days to file an objection to the sale before a certificate of title is issued.   If the judge vacated the sale then you aren't going to get title.