All Forum Posts by: Zachary Ware

Have you made updates to your roof? This may sound like an odd question, but I have seen premiums drop by almost $10k depending on how the roof is attached. Whether or not you need wind coverage can also be a big ticket item on the overall cost. 

Congratulations, sounds like a great deal so far! What is the exit strategy?

There are some great points already commented but I have been using the BP Rent Estimate and found it to be fairly accurate compared to current rent listing on sites such as Zillow. Does anyone care to share their thoughts on the BP rent estimator accuracy? 

I think Fort Lauderdale and the surrounding areas is a great market to be looking for this property type. I would make sure to get really solid quotes on your insurance as this has been a major issue for investors that I have been working with lately.

It will really depend on your local zoning and regulation. This information can be found likely online but also by talking with the city. 

A garage-to-ADU conversion can add significant value to your home whether it is an investment home or your primary. I have seen an increase in people turning these into STRs on their primary home to supplement their income/help pay the mortgage.

Hey Aaron, 

What size properties are you looking at? 

Thanks for the informative post! 

I took the BP course for house hacking and one of my biggest take away was to analyze the deal from two perspectives. 

1. When you live there: You have to account for yourself as a tenant. Are you going to be paying rent or will the other units completely cover your mortgage? Even if you do pay rent (have to put money towards the mortgage every month) is this less than if you were to rent. 

2: When you move out: At some point you are going to move out and want to analyze the property solely as an investment. Does the property look like a good investment after you take yourself living there out of the situation?

Hope this was helpful! 

I would recommend looking for local investors who own properties in this size range. 

For the property tax, this information can be found online through a county's website or county tax appraisal website. You can typically see a copy of the most recent tax bill but this will not always be accurate for future payments. Find out the total millage rate, and how to county asses value. Sales can trigger revaluation, or an increase of the assessed value if previous caps were in place. Call the tax assessor in the subject property county and they will be able to help you get a very realistic estimate. 

For the insurance, I recommend reaching out to a broker for Quotes. I have a few options I like working with if you are interested, please PM me.