All Forum Posts by: Zaid Badabwan

In my opinion, it will be misleading to depend on any metric measurement without taking care of other aspects related to the subject property. I do use cap rate for my initial evaluation of the property taking into account that the information provided by the seller tend to ignore maintenance expenses. Then I take in account several elements like location, rent, physical status of the building, zoning, and responsibility of utility payment. This will allow more precise calculations for immediate and future expenses and depending on that I offer a price that would leave me with 1% to 5% net return after all expenses including mortgage payment. Therefore, while the 1% may be acceptable in a solid property in a good location, it will not be acceptable in a lesser property in a lesser location even if both have the same cap rate.

Could you please recommend an architect and contractor in Tampa area to build a small multifamily (quadruplex)?

Hello Friends

I have the intention to add 4 units to my existing property. I contacted Hillsborough County and they sent me Site Pre-Submittal Conference Package. One of the requirements for thepre-submittal conference is a development plan that actually contains a lot of information I cannot do myself. At the same time, it will be expensive to go to an engineering firm at this stage. Does anybody have experience about this situation? Or people who can prepare the required plan at a reasonable cost? Thank you all

Hello

BiggerPockets is becoming my first source of information, so lots of thanks for everyone contributing to the forum.

One of my tenants in Florida did not pay rent for the last two months and I did not take any action because of the Covid-19 and he promised to pay when I called him. Yesterday, he called me and said that he left a month ago and that there are people in the apartment!! He also said that I can do whatever I want to do.

I ran to the property and got the person inside out and changed the lock. I also made a police report.

Now, he left his furniture and I would like to know the appropriate action I should do before I get rid of the furniture? 

Do I have to ask him to collect his furniture? I can do a text message but have no idea about his address.

Does anybody know what is the right legal action?

Any other advice will be appreciated.

Thank you all for your valuable contributions.

Hello friends

I have a rental duplex, and one of the tenants keeps calling me complaining that the other tenants has visitors parking their cars next to the duplex and making noise partying or socializing. This has happened several times, and this tenant keeps his phone off and I cannot talk to him so I have drive there about 40 miles to sort out the situation.

Please give me your opinion and suggestions. Is it my responsibility to run there or should the tenant call the police for the noisy tenant? How would you handle the situation?

Thank you all for your very useful replies.

Hello Friends

I have very specific questions about the insurance of rental properties and I hope to get your answers. I am buying rental multifamily properties in my personal name and buying insurance for rental property also in my name. Then I transfer the ownership to an LLC I own with my daughter and I am keeping the same insurance.

1- Do I have to terminate the old insurance and buy new one in the name of the LLC? or it is ok to keep the old one?

2- If it is ok to keep the old insurance, is there any legal consequences for that?

Your opinions and suggestions will be very much appreciated

I am in a similar situation, and I wish I had answers. There are no definite answers, but what I intended to do is to put the cash in my HELOC instead of paying the mortgage. This will make cash more available and less costly since I can get it again without the long process of refinance or a new HELOC. Good luck.