All Forum Posts by: Wes Eaves

@Doug Merriott Couldn't agree with you more!

@Amanda Sutherlin What is the house worth?  You might be able to find an equity partner or private lender to pay off the notes (ask note holders for a reduce amount as Doug Merriott mentioned).  You then could lease option the property to someone else.  Depending on your exit strategy or what the numbers look like from a cash flow perspective, you might want to stay in the deal or assign it to someone else.

@Jason Williams If you want to be a landlord, I would sell that one and take the $150k to put down payments on 10-15 more properties to rent.  You could cash flow $650/month with your one current home or $2,000 - $3,000 per month (based on $200/month cash flow from each rental property).  Plus, if you're aggressive, you could own 10-15 properties free and clear in the next 10-15 years, since it sounds like you're downsizing your expenses and neither of you are needing the rental income to pay your own bills.

Like @Doug Merriott said, think of these rentals as retirement plans.

@Sarah B. 

I'd have to echo @Doug Merriott 's comment. Most of the houses, in that price range, are not in the greatest of areas and although the "ROI" seems good, I'd be happy to let you talk to a LL friend of mine who invests in those price ranges and let him tell you the wonderful stories of tenant's destroying houses, not paying rent, and moving out in the middle of the night. Just remember, the numbers are only good if you can actually collect rents.

What areas are you referring to that you're looking at that are decent, in the $40k price range and turnkey?

@Sam Leon My insurance agent told me that if premiums increase, then you can switch your policy back to Citizens if the insurer that is assuming your policy increases the premium by 15%. 

 Same here.

Definitely agree with @David DuCille in regards to tile throughout.

 I agree 100% with this approach!!

It should be noted that just because a house is in a flood zone, doesn't mean that flood insurance is required.  Zone X is technically a flood zone but doesn't require flood insurance.  I'd advise anyone to check the Hillsborough County flood zone map to gather accurate flood zone information.  A lot of misinformation on flood zone areas are being presented here.

@Mike M. I would include the SS# on the application to verify identity and if you need it down the road.

I would NEVER have a tenant perform maintenance or repairs on a rental property.  This opens up a whole can of worms that I could fill a book with.  The only exception to this, IMHO, is mowing the lawn (no snow removal in FL :)