All Forum Posts by: Becky Reid

Hi BP. We have a rental in Fort Walton Beach. We need someone to do a walkthrough when the tenant moves out and then allow cleaners in and potential new tenants (we’re managing the listing and vetting tenants). All the local real estate agents we’ve talked to don’t offer such an a la carte option, they will only do tenant placement. Anyone know someone who can help? Thank you!

Originally posted by @Peter Walther:

Where in FL?

NW FL, but open to anyone

Hello BP community! Seeking the contact info for a good FL attorney who can help me set up an LLC. Thanks!

Thank you both for your helpful input! I will do this in the future!

@Kim Meredith Hampton & @John Thedford

Thank you for this information!  I didn't realize that it has to stay with the sale of property.  In this particular circumstance the tenant is month to month, so we will be looking to change this to a longer lease period pretty quickly anyway, whether it's with the current tenant or a new one.  And I will definitely be doing a background check!  However, this is good information to keep in mind as I continue to buy investment properties in the future!

John, have you had luck obtaining leases before making an offer?  I tried to obtain it on this property and on another I made an offer on (didn't work out) but the seller never seems happy providing that information before I even come in with an offer. 

Hello!

I am putting an offer on a property in Northwest Florida where a tenant is already in place (will be my first investment, if accepted).  I have not seen the lease yet, so I don't know how well it is written.  My question is "Do you use the original lease or do you write up a new one?"  I know the answer is likely "It depends".  What are the pros and cons of each, in a general situation?  If the old lease is written well, can you transfer it and the associated security deposit?  What happens to the security deposit if you decide to go with a new lease and how can I get that security deposit?

This is all new to me, so I'm just trying to think of some of the first steps I'll have to take after getting this property (or any other tenant inhabited property).  Thank you for your feed back!

Brooke Leach , for tons of information on financing go to the free course BP offers (education drop down tab) and find module 6, I believe. I'm a newbie and this really helped me out! Once you understand all the strategies it will be easier to understand what is best for your situation. For me, I can afford 20% down on a couple properties along with a conventional mortgage. That is also what I'm comfortable with at this time. However, if someone has little money in the bank then they should consider other methods with low or no money down. Good luck!

We are looking at our first investment property in Northwest FL (Shalimar).  We found a promising buy and hold property, however, we learned it is in probate.  We don't yet know the details of who is selling and what specifically is going on, but could really use some pointers on buying real estate in probate.  For instance, is a lawyer necessary?  What dangers typically accompany a probate buy?  Should newbies even be looking at a property in probate? Any advice is appreciated!

Thanks!

@Canneton Howard - Do you mind if I ask what your criteria is for the springs area?  My husband and I are currently trying to nail down our criteria and I am curious what people are finding in the springs, in general.  (We are not tied down to this market since we are military).  I have a friend who has some pretty strict criteria (15% cash on cash, 150K max purchase price, 400 cash flow) and said she couldn't find things in the springs with her criteria. Thanks!

Welcome @Chris Steil!  

Some of the basis...

There are some great tax advantages to buy and hold properties! You can deduct mortgage interest, real estate taxes (unless you pay mortgage points. You might have to amortize them over the term of loan). You can write off operating expenses. My favorite is you can claim depreciation, even if your property is appreciating.  This can really bring down the amount of tax you have to pay on your rental income. With all these things you might even be able to claim a loss (even though in "real life" you did not have a loss). Remember that you don't have to pay tax on appreciation until you sell.  However, if you did something like a 1031 exchange you can defer taxes...you could keep doing 1031 exchanges your whole life to avoid those taxes, I believe.