Florida's Hurricane Season and FEMA's Hurricane Preparedness Widget

Florida's Hurricane Season

One of the biggest pains being a real estate investor in Florida is getting prepared for Hurricane Season. Due to the amount of work, we wait to the last minute before placing the hurricane shutters onto our rental property's windows.

As a result of waiting, problems are going to arise like:

 

• Going to Home Depot.
• Gathering Supplies, if available like:
  • Make sure you buy gloves PLEASE. I can't count the times we have been hurt just because we don't have gloves on.
  • Sun Block, Hats, Sunglasses, etc. Florida SUN is brutal. I find that the weather is beautiful just before the storm arrives. Sort of like "The calm before the storm."
  • Buy Wasp spray! As you are installing shutters on the second floor of your investment property you will find out why you need the spray! The EASY way or the HARD way.
  • A SPEED tool that allows you to secure the screws or wing nuts onto the shutter. You will thank me later!
  • Ladders of various sizes. Buy at least one that adjusts to 40 feet made out of fiberglass, NOT ALUMINUM. Why? Hint: High tension electrical cables.
  • Chain Saw and gas for cutting tree branches away from the property and for use after the storm.
• Waiting in long checkout lines.
• Loading tools and supplies onto your vehicle. Like getting your ladders onto the truck.
• Driving to the property! OK for local properties but what if the asset is in another county? At one point I had several properties in Sarasota, Broward, Miami Beach and Miami-Dade.
• Traffic – People getting out of the storm's path.
• Finding HELP! Try installing these shutters alone! Now try it on 15 other properties. See what I mean.

You are going to work harder than you ever did before. You' ll be so tired that you want the storm to blow away your portfolio of rental properties so you won't have to ever do this again.

At last the second, the storm veer's and never arrives.

You see how crazy it can get?

Oh, by the way, if for some reason you didn't get the shutters up on time and there is damage as a result of the storm, the insurance company will not pay. Just thought I would mention that!

FEMA Hurricane Preparedness Widget

One of the reason I was inspired to write this post, I found a little widget from FEMA that provides you information about getting prepared for the hurricane season or any other disaster. I have installed this widget on all my sites to help my readers make informed decisions. See the widget sample below.

Related Links, Blog Postings, Presentations or Articles:

• See our new Section 8 or Plan 8 Miami Florida Blog. A Section 8 or Plan 8 blog for real estate investors and tenants in Miami Florida. This blog is designed to provide content for real estate investors, landlords and potential tenants who wish to participate in the HUD program.

Written by +Bob Burns.

####

Post Up! Real Estate Investor about.me/RobertKBurns Telephone #: 305-586-5280 email: sec8@planocho.com

Our Internet Footprint:

Determining Your Investment Property Value

A good Real Estate Investor is constantly looking for motivated sellers that are offering deals they can make a substantial profit on. Investors have to determine what they are willing to pay for this asset without losing money in the process. There are several problems that can occur with this investment objective :

• Finding Motivated Sellers. In order to make a substantial profit, investors must offer a purchase price substantially lower than the Seller is willing to accept. If the Seller doesn't negotiate with you on price or terms you are wasting your time. Move On!
• Determining the Maximum Allowable Offer MAO. This formula allows real estate investors to determine the MAXIMUM price they can offer the seller and still make a profit.
• Determining the Property's Repairs Costs. Sellers are usually motivated to sell their property because the asset or themselves are in a state of distress. As investors purchase multiple properties they get pretty good at determining the cost to bring the property back online.
• What is the After Repair Value APR? What will be the property's value be after cleanup and repairs are done? You need comparables to assess the property's value. The Multiple Listing Service MLS is a fantastic source for retrieving sale and property information but:
  • MLS is only available to Realtor Associations.
  • You have to be a Realtor Association Member.
  • Costs money to be a member:
    • Realtor License Fee.
    • Association Membership Fees.
    • Continuing Education Fees.

What if you don't have access to the MLS to determine property comparables or COMPS? How are you going to determine a property's value if you don't have access to information about the neighborhood?

Don't Worry!

There is plenty of information on the internet. Most counties in the United States provide free data concerning all the properties they currently have on their tax rolls. We provide a page on our web site that lists Property Information and Clerk of the Court data for each of Florida's counties.

Once you have determined the following items:

• Repair Costs.
• If you are financing the deal, Principle and Interest or P&I and closing costs.
• Monthly Fees like:
  • Electricity and Water Access.
  • Insurance.
  • Taxes.
• Determine the After Repair Value APR.

you will need to plug in these numbers into the MAO formula to determine your MAXIMUM Offer Price.

YOU MUST never, never, never, ever go beyond that price or you will lose money and the MAO price is only good for 90 days! It is based on a three month window.

Related Links, Blog Postings, Presentations or Articles:

• In the very near future we will provided a short video below this blog posting that will help determine a property's After Repair Value APR in Miami-Dade County, Florida.

Written by +Bob Burns.

####

Never Quit! Real Estate Investor about.me/RobertKBurns Telephone #: 305-586-5280 email: sec8@planocho.com

Our Internet Footprint: