Purchase a property in a crime area and / or overpriced, pay exorbitant prices for renovating the property without any idea what they are paying, a dysfunctional management company -
And more trouble than imagination -
Examining the parameters for choosing a city for investment is an issue in itself -
And even after choosing correctly
It is important to go out into the field and walk your feet to check the real estate market today, in several ways:
Examination of a minimum of 300 properties on T-T and only in the city's best ZIP CODES
Those who enjoy consistent positive migration,
Urban environmental development, low crime level, income level 3 times the accepted rent in the area,% of homes offered for rent does not exceed 35% of the total -
Indeed, most of these things we will try to find through leading websites -
But it is important to look at the current trend in the field and only in the field today!
Includes checking for hazards that no website will tell you about -
Environmental hazards, drug-selling neighbors, noisy neighbors,
Unauthorized pet inventions near the property and more.
In my examination of the city of Jacksonville -
I talked a lot to the neighbors who live in the areas of the city where I chose to work and that's something that can't be done from Israel -
The information they provided me was worth gold and one that you won't find anywhere else -
From what areas of the neighborhood you should stay away from, where there are problematic neighbors, where there are environmental hazards that are not handled by the municipality and will make it difficult for us to operate our property, and to their satisfaction with the area where they live.
All this prevented me from falling into business - and in my view I never lost a real estate deal
And help me find the best investment areas in town!
When we choose a quality management company it is worthwhile to do this on the ground and look them in the white of the eyes -
We will personally and personally talk to the property manager, ask him in his experience, how he handles the malfunctions, whether there is a response 7/24 to tenants, what the nature of the agreement work with him in terms of% management fees, renewal of a contract with a tenant, tenant finding fee -
And indeed all this can be done on the remote -
But the personal impression of having a personal conversation with someone who wants to keep you on the property is the first answer to collecting money, mishandling, finding a tenant and more -
With a visit to his office and impressions from the staff and administrative staff -
It is an impression that can only be obtained on the ground.
After renovating dozens of Florida properties -
I can only write a book about this field-
I will briefly say that anyone who does not supervise the renovation of his property in the field -
And not familiar with the concepts of the renovation world in the US + materials costs and work on ignorance + the importance of the Permit issue in front of the municipality -
Can make an attractive purchase a resounding business fall.
Choosing authorized professionals, insurance for the workforce, setting clear goals for ending work and paying accordingly, examining the quality of work -
And continues the inventions of the property owner and / or a financially invested entity in the project -
To oversee workers' arrival on time, buy materials and quality-specific materials for work quality,
Monitoring the renovation while synchronizing all the various professionals - **
There were projects where I had 14 different professionals on the same property that someone must synchronize and monitor for optimal project execution.
But what is his commitment? Is this the only project he oversees? Is it continuously in the project?
Overseeing the property owner's renovation project will ensure maximum sales,
And marginal preoccupation with maintenance -
I've already sold a 2500SQF property with! $ 0 repairs after inspecting Buyer Inspector.
What I haven't experienced -
STOP ORDER -
The project has been stopped by the municipality because of an exception to the city's building laws,
Contractors - stealing materials from you, many with each other, disappearing in the middle of a project, not answering the phone,
Roof - who fell off the roof and decided to sue the whole world including me and society,
Theft of electrical appliances - during and after the project,
Air conditioner external engine - direct damage of $ 2000 and more,
Renovation Budget Exceptions Due to Forced Constraints,
Execution of permit requirements, including ordering of engineer and more and more and more…
I overcame all that with a lot of sweat blood and tears - and in the field!
With lots of Israeli audacity, elbows, assertiveness, knocking on the right doors -
And all this when I run from place to place to minimize damage, finish the project and go out with a profit for the benefit of the company and partners.
I dare not imagine how I could overcome this pile of underwater overseas and only with Von in hand!
There are things that require a physical presence up close!
Real estate done on the ground or not done at all!
Don't risk your money on remote control adventures - a business must have a high owner presence!
Good luck to everyone and everyone.