All Forum Posts by: Tchaka Owen

If you feel this is a crime, what's the reason you haven't already called the police? 

What @Owen Dashner wrote is spot on. One thing I'll add is that private lenders (possibly HMLs too) can lend to land trusts as well.

@Ryan Williams - on the surface, this looks like it could be a good deal, however it would be nice to get more information. Such as:

1. What are your anticipated taxes and insurance?

2. What is market rent?

3. What condition is the property? How much work will you need to put into it?

4. Which utilities do you cover (if any) and what are the monthly costs?

@Adalberto Alvarado - I am near Cocoa as well. The handyman I'd recommend is also near Cocoa.

Where in Brevard? Remember that the county is 72 miles tall. 

@Michael P. - there's some decent advice below but I'm not convinced they're fully accurate. The suggestion to Google is probably the best. Here's my experience with NJ (from the beginning of this year). A good friend (who is also a real estate client here) had a non-paying tenant in his NJ home. She found every excuse in the book....job, Covid, etc, etc....and even though my friend had a ratified sales contract, she legally did not have to leave. Ie, someone buying it did not mean she had to move out....NJ is THAT tenant-friendly. Then I read in that she'd have to move out if the buyer intended to occupy (which was the case). I state this because I'm not convinced the current owner can kick out the tenant if intending to occupy; I just know that it applies upon sale. In your case, just be sure to let any buyer know that s/he must be an owner-occupant and you're golden. Good luck!

Ei @Eric Kwarteng....asem paa! There are multiple issues with your numbers. It's necessary that you tweak them, run the report again and let us assess. Here are several issues:

1. Do you believe you can get an 80% NOO loan at 3.00%? That doesn't seem realistic unless you pay lots of points.

2. You should put away at least 8% for Management, 7% Repairs, 6% for CapEx and 5% for Vacancies. At $1100/mo rent, that comes to $88, $77, $66 and $55. Currently you have $72, $17, $17, and $55 (you got one right). That puts you $125 below where you should be.

3. Do you believe your insurance will only be $192 per year?

Hello @Niv Kaikov. Are you in Aventura or in Brevard?

@Joel McGinley - your post makes it sound like you're trying to find reasons not to hire a property manager. Several comments:

1. It is standard in most of Florida to charge the 1st month (I sometimes charge 10% of the lease) - that's a real estate thing and the PM finding you a renter likely has a real estate license. 

2. 10% is a standard PM fee. You can get a good PM for as low as 8%, once you find someone willing to go lower, be leery.

3. @Robert Seelig laid out what I would have advised, except that he did it better. My folks have been out of the country for over 4 decades and do use a PM. I'm 800+ miles from my home and I don't. IMO, technology has made it such that it's easier now to self-manage, however each place has its own factors that must be weighed. There's no one correct answer.

Good luck!

You might take a moment next time to comprehend what was written before responding. You appear to be disagreeing with a point someone else might have made.