All Forum Posts by: Devan R.

My wife and I own a quad plex in Jacksonville, Fl. All four units are currently under HUD (Section 8). One of the tenants, assistance from HUD, was terminated effective, February 28th, this year.

We have been unable to get in contact with this tenant by phone (going straight to voicemail) and we have left several notices on the front door. Other tenants have informed us they have seen this tenant in the unit.

I will like to move forward with eviction however I know the eviction moratorium got extended. Since the tenant has not responded to us, I feel that I can at least attempt to enter the unit with law enforcement to do a health and welfare check to see what's going on in this unit since this tenant is not contacting us.

I'm looking for any way to treat this situation at the moment. We are long distance landlords as we live in South Florida. I plan to drive up this Friday and check on the place as I will like to get this tenant out and assess any damage and prepare for cleanup/any damages and prepare for new tenant possibly.

Thanks in advance for any counseling in how to handle this situation. 

I have a direct sell to purchase a quad plex in Jacksonville, FL. 

My current quad plex that I purchased 2 months ago is right next to the new one that I'm trying to acquire. I went through Quicken Loans for this purchase and had to put 25% down plus the closing cost.

I'm trying to preserve my capital and looking for lenders that will finance for 20% on a quad plex in Jacksonville, FL. The estimated price is $275,000.

Thanks in advance 

We have opportunity to purchase a quad plex for 455k. It’s a off market deal. I believe this is a whole sale deal so no inspections allowed per seller. Tenants in all 4 units. 1 owner since house built in 1975. Roof replaced in 2013. 2 newly A/C units. Rent under value averaging 4800 gross a year but market value is 60k. Is it normal for no inspection on whole sale deal? I see it as great opportunity but huge risk

I'm currently under contract to sell my first rental property. I have a question on the escrow in regards to my taxes and insurance. Closing is scheduled for 1 May 2019. My insurance was paid out on 4/15 in the amount of $1,922 and my taxes was paid out on 12/10/18 in the amount of 1.937. 

Do I get a portion of the escrow returned back to me?

@Dave Foster can I get your email to provide more specifics. Thanks to all for this great information

I have a rental property that I’m getting ready to put on the market. It was my first property I purchased. I will like to do a 1031 Exchange. The property is in Missouri and can sell for 150k. I will like to buy 2 small condos in South Florida where I live. How does the fees and acquisitions work? Will I still be required to put down 20% on each of the condos? I purchased the property in Missouri before I was married. Would I be able to add my wife on the condos? We own our primary house and another rental property here in South Florida? Thanks in advance

I was notified by my property manager that I have roof leak in one of my rental properties. I have never submitted a house claim previously. I called my insurance company (Travelers) today. They will be sending an adjuster out in the next 2 days to look at the roof. How does this process work? Does the insurance company release the insurance check to me or pay the contractor I choose? Thanks in advance.

Does anyone on here have any experience with buying homes via auctions? Can you provide your experience and the degree of difficultly in acquiring property this way?

There is an opportunity to buy 2 homes and 2 commercial lots in the hometown I grew up in North Florida. The couples that owned this property are both deceased however their son was left with the property. He hasn't paid the taxes or insurance on the home over the last year due to a lien on the properties stemming from when his father who passed away in 2013. His mother passed away in 2001 and his father kept claiming his mother on the taxes to get tax credits and the IRS got wind of it and now wants to recover it's money for the credit of claiming his mother. The total lien is $27,000.00. The son wants nothing to do with the properties since he doesn't have the $27,000.00 to pay the liens. My father and I are willing to pay the $27,000.00 for the lien in order to save the properties from being auctioned off as long as the son deed the properties to us and we own the properties and lots free and clear.

House number 1 is a 1750 square foot home (2 full bath and 1/2 bath -- 3 bedrooms). It's in very good condition and market value is $96,000. House number 2 is 750 square feet and 1 bath -- 2 bedrooms and market value is $35,000.00. The 2 commercial lots market value are $2,000.00 a piece. Thus we're looking at a $27,000 investment that's actually worth $135,000.00.

Both homes have renters. House number 1 can generate rent from $600 - $700 (tops). House number 2 can generate $400. After taxes on both homes ($3,000), insurance on both homes ($2,100), and lawn care plus maintenance ($1,800) there's a difference of $5,100 profit to split between my father and I which leaves about $212.00 monthly income for both after dividing $5,100 by 2 and dividing by 12 months on a $1,000.00 monthly rental income.

My overall question, in order to pay lien my father and I would go in half to pay $13,500 to cover the lien for $27,000.00. I currently own a primary home and 2 rental properties and my capital is low from new home we recently built in 2014. Are there any loans of any type for instances like this that would allow me to cover my portion of the $13,500? Both of the prospective homes are paid off so at $200 a month I would be looking to break even after 6 years or we could sell the homes as well. This property is of extremely value since our neighbors were very close and dear to us.

I look forward to my answers on the questions of lenders for loans for the $13,500 and evaluations/perspectives on this deal. Thanks in advance.

I've owned a rental property in Missouri 4 years now. I actually purchased the property in 2007 and it was my primary residence until I moved back to Florida in 2010. Earlier this month, had my latest tenant (military couple) move out 12/1/14. There were several damages once they vacated the property. My property manager sent pictures of the damages (paint on floor, damaged walls, damaged closet etc).

My property manager, handy man, quoted a price of $1700 to fix the damages. The tenants deposit was $700. Of the $1700, my property manager indicated some of it was due to damages and other was wear and tear. The property was in good condition before the tenants moved in. I informed my property manager besides the carpet that will get replaced after next tenant (moving in 1/2/15), there shouldn't be wear and tear as I replaced the inside/outside A/C units this summer ($3,400.00). All the appliances are working. With the $700 deposit, I fully expect the tenants to cover the remaining balance of $1000 for the damage. I'm posting this to see if anyone else has a different opinion. Thanks in advance.

I figure if there are any resistance from tenants to cover the remaining balance, since they're a military couple we can have this resolved through their 1st Sergeants.