All Forum Posts by: Vincent DeLucia
Vincent DeLucia has started 9 posts and replied 26 times.
Post: BRRRR Duplex in Dallas, Texas
- Investor
- Florida
- Posts 26
- Votes 9
@Jorge Gonzalez Nice work man- Super cool property and even better numbers! Congrats!
Post: Checklist or data points to look at when choosing an out of state market?
- Investor
- Florida
- Posts 26
- Votes 9
Quote from @Leo R.:
Quote from @Calvin Ozanick:
Quote from @Leo R.:
@Vincent DeLucia first and foremost, I wouldn't buy anything OOS that's lower than a B property in a B neighborhood.
We see lots of folks on the forums who are inexperienced who buy OOS in C or lower areas--they get lured in by the A-grade rehab on the property and the seemingly excellent cashflow, and then learn the hard way that it's not worth the small returns for a PM to put in the serious effort required to correctly manage a property in a C or lower area... the story is always the same: PM goes MIA, property sits vacant, when they do find a tenant the tenant stops paying, causes endless headaches, and eventually trashes the property... Now they have a trashed, crime magnet property that nobody will manage, that nobody wants to rent, and nobody wants to buy--all because it's in the wrong area.
Location, location, location.
Good luck out there!
This is 100% a reality. Managers who execute on these deals often sell the painted pig version of a home. I would speak to the general rule of this, buy properties you would live in. If you can see the value and quality in a unit, so will tenants. Just because tenants may want to pay less in rent does not mean they will be seeking out a slum.
One thing I will say is the specifics of what you listed above are the worst case scenario with a terrible property manager. I am sorry you got into this spot, and I wish you or whoever went down this road the best of luck going forward.
Definitely a worst case scenario, but I see people on the forums describing this type of scenario on a surprisingly frequent basis.
(Just to be clear, I've never personally experienced a situation like this, thankfully)...but, I've weathered my share of equally significant challenges. REI is a tough game, and setbacks are inevitable.
Likewise, I have not yet had this issue. Currently the investments I have are local, but the South Florida market is extremely pricey so was just curious as to some things to look at when making an OOS move.
Post: New in the STR game looking for properties in FLL/ Crystal River FL
- Investor
- Florida
- Posts 26
- Votes 9
Is there a reason you specifically want to look in Crystal River? I assume it's because that is the city you are moving to? I have family up in that area (Pine Ridge) and I know the population isn't a big number. You may want to also look out into some surrounding areas as well. Ocala, Tampa, even Gainsville area where the University of Florida is located. Good luck!
Post: Checklist or data points to look at when choosing an out of state market?
- Investor
- Florida
- Posts 26
- Votes 9
Thank you both for your input! @Leo R. and @Calvin Ozanick
Post: Checklist or data points to look at when choosing an out of state market?
- Investor
- Florida
- Posts 26
- Votes 9
What are some checkpoints or data numbers you always look at when searching for an out of state market for rental properties? Crime rate, job growth, population, median income etc. Anything else that is a must to review?
Post: First out of state Rental investment Property question
- Investor
- Florida
- Posts 26
- Votes 9
I have a property I am looking at out of state in Cincinati- I currently live in the FL. My Agent is telling me the property is in a C or C- neighborhood. Any advice on if I should stay away from a C/C- area with it potentially being my first out of state property.