All Forum Posts by: Dana Richardson

@Nathan Gesner Thank you I will take your advice.

@Adam Bartomeo Good advice Thank you!

@Michael Quarles I never wanted to lie, my post was because someone told me they thought it would be best.  I will not lie as I stated in my reply, but thanks to advice, I will be stating that lease is paid in full and will only give details if asked specifically.  They truly are good people and have taken great care of the property.  I don’t know why they had difficulty, but this is business, and that’s why I didn’t renew their lease.Thank you for your response.

Thank you everyone for your replies. I am a private landlord and not a PM. I did not offer a renewal of their contract and they will be leaving paid in full, however if it wasn’t for the 3 months deposit I took upfront, we would have had some problems possibly.  I do not know if they hadn’t paid the 3 months rent in advance if they would have paid more timely.   I do not want to lie that is why I was asking.  Great advice by everyone.  I will not respond to online requests but if I am directly asked, I will take Tom T’s advice and state that they rented from me for the 13 months and have paid in full.  If questioned further, I will not lie.  I do have records of proof of payments.  Thank You!  

Dana

Can you tell me why you don’t?  Thank you.

Hello,

We have tenants that moved to Florida from out of state and didn’t have rental history, jobs, and also a low credit score.  We rented to them as they had cash from selling their home and paid us first, last, and security plus 3 months of rent extra.  Needless to say, multiple times they were not able to pay and we had to use all the reserve funds and sent them notice of non renewal.  We are now getting notice from something they filled out asking us about their payment history,  They are nice people and take good care of our home, but they lack communication and clearly can not handle their finances.  What would you do?  Lie or tell the truth?

Thank you,

Dana

Hello,

We have 3 undeveloped acres on a spring fed lake in a prime location in Clearwater.  We are looking at the most advantageous way to make money.  The area is surrounded by $700k to $2 million dollar homes.  These are the options I’ve thought of so far and are open to other ideas.  What I’m asking is What would bring the highest profit.  At least it will guide me in the direction I need to go.

1.  Selling individual plots that buyers would have to hire their own builder.  Entry points are on the existing street.

2. Build out one gated entrance and street to enter property with some common areas but selling individual plots individuals to hire their own builder. This would require an HOA due to common areas I am guessing.
3.  Partner with a builder/developer to build townhomes where my profit would be a down payment and a specific number of units given to me upon completion to either sell or rent. 

Profits, time it takes to see profits, and level of difficulty to engage will be taken into consideration.  I hope this explains what I am looking for.  Thank you in advance for your time and expertise.   Photo is of property.

Dana

@Arthur Schwartz I’m searching for information on holding a mortgage.  You say seller financing is safest for the seller.  Is “seller financing” different the. Mortgage holder or private mortgage?  We have some properties we own and prefer to not rent but are very interested in holding the mortgage long term.  We would keep the rate close to what the banks are and may even keep it a bit lower to incentivize the buyer to not refinance.  Do you have more information you can provide or areas where I can get more information?  Thank you,

@Arthur Schwartz I’m searching for information on holding a mortgage.  You say seller financing is safest for the seller.  Is “seller financing” different the. Mortgage holder or private mortgage?  We have some properties we own and prefer to not rent but are very interested in holding the mortgage long term.  We would keep the rate close to what the banks are and may even keep it a bit lower to incentivize the buyer to not refinance.  Do you have more information you can provide or areas where I can get more information?  Thank you,

@Wesley Davis 3 years ago I would have said yes to being involved...but after our personal home renovation I want nothing to do with building! LOL  

Newbie here looking for direction.  We inherited land that sits in a residential area with million dollar homes. It sits on a spring fed lake. It’s presently zoned for residential single family homes.  The market is Tampa Bay and we have a housing shortage so I think we could get zoning changed to allow villa’s or townhomes. If we can’t, we should be able to build 20 sfm’s.  Our goal is to use the land as our retirement where we will receive monthly income for 20 years.  My thoughts are holding the mortgage for land sale, land lease which at 20 years would then be satisfied and be 100% owned by homeowner etc.  I ideally would like to build a small community.  I have zero desire to be involved in the building aspect, but would like to partner with a builder.  All ideas are welcome.  Our end goal is to maximize our profit with the lowest tax burden that allows us a residual income for 20 years.  Thank you and I appreciate any ideas even if not conventional.

Dana

I would like to say that Dave Foster is wonderful!   He helped us with our 1031 exchange. I highly recommend using him to handle your 1031 exchange.