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rated:
How are away are you from Tampa?

Remote investing has its own set of headaches. How do you find a good property manager? I mean a real good one. THats a sincere question cause I really want to know as I can't seem to find a good one. What do you do when something breaks down? How do you know what the best solution is to fix it? Do you trust a property manager you've never meat to properly screen tenants?

rated:
jerosen said:   How are away are you from Tampa?

Remote investing has its own set of headaches. How do you find a good property manager? I mean a real good one. THats a sincere question cause I really want to know as I can't seem to find a good one. What do you do when something breaks down? How do you know what the best solution is to fix it? Do you trust a property manager you've never meat to properly screen tenants?

† Before, i relied heavily on the realtor for that. Usually realtor who's been doing this for a while and has investment property of his/her own and know exactly your expectations. They have by far more experience and sometimes have their own crew for maintenance etc... And if you can tap into that it's priceless. Not shooting for the moon here so trying to see if things will work even with conservative estimates (vacancy rate etc..) and managment company + even maybe home warranty

rated:
meccooll said:   
jerosen said:   How are away are you from Tampa?

Remote investing has its own set of headaches. How do you find a good property manager? I mean a real good one. THats a sincere question cause I really want to know as I can't seem to find a good one. What do you do when something breaks down? How do you know what the best solution is to fix it? Do you trust a property manager you've never meat to properly screen tenants?

† Before, i relied heavily on the realtor for that. Usually realtor who's been doing this for a while and has investment property of his/her own and know exactly your expectations. They have by far more experience and sometimes have their own crew for maintenance etc... And if you can tap into that it's priceless. Not shooting for the moon here so trying to see if things will work even with conservative estimates (vacancy rate etc..) and managment company + even maybe home warranty

††
There are certainly realtors that like to do property management as well.†††† I don't think being a realtor and owning a rental makes them great property managers.†† Being realtors doesn't make them good realtors.†† But how do you find a GOOD property manager?†† This seems like it shouldn't be hard to do but I'm really having† hard† time finding a good manager.††† Internet searches, referrals, end up with mediocre results and a trail of negative reviews.



Financially it may work just fine.†† What are the rest of the numbers?††† You meet the broad 1% rule.†† But what are the details on the properties in question?††


rated:
meccooll said:   
tehlorax said:   
meccooll said:   So wanted to bounce an idea of getting a property in Tampa, FL area for long term rent. Seeing properties listed there for $80k that rent out for $1k/month. Even with 10% going to managment company these returns feel almost too good. Am i missing something here besides the chance of market dropping out there?
† Where are you seeing these? †I'm a landlord dreamer that lives in Tampa. †I can't say that I've looked hard, but I don't think I've seen any numbers like that.

† Tampa has consistently been in the top 10 for residential real estate investment for few years now. Didn't think it was a secret for anyone. Don't think there are many better markets in US. With that said i'm conserned with it being a remote investment as i'm not planning on moving there, and wanted to get some feedback from people that do that, vs getting something local if you happened to be located in a crappy market.

††lots of variables with condos....the biggest being the allowed % of renters, but also COA fee, upcoming special assessments, association liquidity, corruption, etc.

I never mess with condos anymore. at all.....but i'm also in a good landlord area where I don't have to.

rated:
I have a co-worker that moved up from Tampa. Said the insurance rates were ridiculous, and there were issues with sink holes. Can't recall the details, but he was not a fan of owning there.

rated:
rascott said:   I have a co-worker that moved up from Tampa. Said the insurance rates were ridiculous, and there were issues with sink holes. Can't recall the details, but he was not a fan of owning there.
† Huh good point. Didn't know that FL insurance was one of the highest

rated:
In general, are condos more difficult to rent out than SFH's?

I'm asking because there is a possibility i will be able to buy a condo for about $30k under market value, and I was thinking of buying it then renting it out after living in it for a year.

There's a fee of $150 per month for the association, so when I rent it out the rent would have to cover the mortgage, association fee, property insurance, and property taxes, correct? Am I missing anything else here?

rated:
readytofly said:   In general, are condos more difficult to rent out than SFH's?

If its in a good area, you can rent out anything as long as you price it low enough.

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rascott said:   I have a co-worker that moved up from Tampa. Said the insurance rates were ridiculous, and there were issues with sink holes. Can't recall the details, but he was not a fan of owning there.
† I can tell you that the sinkhole scare is totally overblown. †The area is overrun with companies that will tell you that you have a sinkhole and how they can fix it. †And as long as you aren't in a flood zone, insurance rates are pretty reasonable.

rated:
tehlorax said:   rascott said:   I have a co-worker that moved up from Tampa. Said the insurance rates were ridiculous, and there were issues with sink holes. Can't recall the details, but he was not a fan of owning there.
† I can tell you that the sinkhole scare is totally overblown. †The area is overrun with companies that will tell you that you have a sinkhole and how they can fix it. †And as long as you aren't in a flood zone, insurance rates are pretty reasonable.


What do you consider reasonable?

rated:
rascott said:   
tehlorax said:   
rascott said:   I have a co-worker that moved up from Tampa. Said the insurance rates were ridiculous, and there were issues with sink holes. Can't recall the details, but he was not a fan of owning there.
† I can tell you that the sinkhole scare is totally overblown. †The area is overrun with companies that will tell you that you have a sinkhole and how they can fix it. †And as long as you aren't in a flood zone, insurance rates are pretty reasonable.


What do you consider reasonable?

† I think mine is like $1400/yr on a $250k home.

rated:
rascott said:   
tehlorax said:   
rascott said:   I have a co-worker that moved up from Tampa. Said the insurance rates were ridiculous, and there were issues with sink holes. Can't recall the details, but he was not a fan of owning there.
† I can tell you that the sinkhole scare is totally overblown. †The area is overrun with companies that will tell you that you have a sinkhole and how they can fix it. †And as long as you aren't in a flood zone, insurance rates are pretty reasonable.


What do you consider reasonable?

††
$609/year for a $454,000 house, $1000 deductible.†

rated:
Florida has the highest average home insurance costs. I'm guessing a lot of it is hurricane related. I'm sure it varies depending on specific location.

rated:
blueiedgod said:   
rascott said:   
tehlorax said:   
rascott said:   I have a co-worker that moved up from Tampa. Said the insurance rates were ridiculous, and there were issues with sink holes. Can't recall the details, but he was not a fan of owning there.
† I can tell you that the sinkhole scare is totally overblown. †The area is overrun with companies that will tell you that you have a sinkhole and how they can fix it. †And as long as you aren't in a flood zone, insurance rates are pretty reasonable.


What do you consider reasonable?

††
$609/year for a $454,000 house, $1000 deductible.†

† ...and obviously there are areas where it's lower. †

rated:
I have rented a home last year and then tenancy is terminated this year in April 2015. Its been empty for more then a month now. While I was looking to refinance I was asked if its a rental ? My question is should I mark it as investment or second home (since its not rented)? Difference in rates are substantial i.e 0.5% better if I classify it as second home. Please pardon me if I'm unknowingly crossing the line.

rated:
callMeAmit said:   I have rented a home last year and then tenancy is terminated this year in April 2015. Its been empty for more then a month now. While I was looking to refinance I was asked if its a rental ? My question is should I mark it as investment or second home (since its not rented)? Difference in rates are substantial i.e 0.5% better if I classify it as second home. Please pardon me if I'm unknowingly crossing the line.

If its a rental then you're supposed to tell them its a rental.††† If you plan to stop renting it and treat it as a vacation home then tell them its a second home.†† But I assume this is a rental and you intend to keep it as such.

If you tell them its a second home and then rent it out then you may be technically committing mortgage fraud.





rated:
callMeAmit said:   I have rented a home last year and then tenancy is terminated this year in April 2015. Its been empty for more then a month now. While I was looking to refinance I was asked if its a rental ? My question is should I mark it as investment or second home (since its not rented)? Difference in rates are substantial i.e 0.5% better if I classify it as second home. Please pardon me if I'm unknowingly crossing the line.
††terrible timing to start refinancing while it's vacant...

rated:
Why? He will just have to continue paying like normal.

rated:
jerosen said:   
callMeAmit said:   I have rented a home last year and then tenancy is terminated this year in April 2015. Its been empty for more then a month now. While I was looking to refinance I was asked if its a rental ? My question is should I mark it as investment or second home (since its not rented)? Difference in rates are substantial i.e 0.5% better if I classify it as second home. Please pardon me if I'm unknowingly crossing the line.

If you tell them its a second home and then rent it out then you may be technically committing mortgage fraud.





††
It will all depend on the verbiage in the documents. Most mortgage documents I have seen only have such limitations for 1 year. After the specified time limit has passed, the homeowner is under no obligation to report or otherwise inform the bank, unless specifically outlined in the mortgage documents.†

The only company that really cares at that point is the insurance company.†

rated:
blueiedgod said:   
jerosen said:   
callMeAmit said:   I have rented a home last year and then tenancy is terminated this year in April 2015. Its been empty for more then a month now. While I was looking to refinance I was asked if its a rental ? My question is should I mark it as investment or second home (since its not rented)? Difference in rates are substantial i.e 0.5% better if I classify it as second home. Please pardon me if I'm unknowingly crossing the line.

If you tell them its a second home and then rent it out then you may be technically committing mortgage fraud.





††
It will all depend on the verbiage in the documents. Most mortgage documents I have seen only have such limitations for 1 year. After the specified time limit has passed, the homeowner is under no obligation to report or otherwise inform the bank, unless specifically outlined in the mortgage documents.†

The only company that really cares at that point is the insurance company.†

††
OK if he wants to use the house as a vacation / second property for 1 year then he's safe to say it is a second home.††††

I don't think thats the case.

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