All Forum Posts by: Benjamin Gonzalez

Thank you guys for all your suggestions. I definitely won't make this mistake again and will amend my future lease to have some of the clauses you mentioned.

Before I had seen all these great suggestions, I ended up contacting a real estate attorney. She said she could start off by sending a demand letter to them. Once I mentioned that my attorney would be contacting them to pursue further action they paid up right away. Also changed the water to their name that day.

thanks again guys.

That's what I was thinking but then both sides would have to resign an updated lease correct?

I failed to collect the security deposit before the tenant moved in. He said he would pay me the next day. He did pay all the 6 months rent upfront. He hasnt paid the security. My rookie mistake for taking him on his word.The utilities are still in my name since I haven't given him a copy of lease yet so he can switch it over but I don't want to hand it over until I get the deposit. Property is located in South Florida, Dade County. What can I do?

I would like to obtain a home equity line of credit over my home. What banks would you guys recommend? Any specific questions I should ask besides rate, closing costs, draw period? I would like to find a bank that lends me the max amount of money.

Thanks in advance.

ttt

My house has almost doubled in value in the last 5 years. Mostly because I bought it as a foreclosure and fixed it up myself while living there.  If I were to rent it out now I would have about a $800 per month cash flow. 

If I were to buy my home in today's market and rent it (assuming I would be on the renter's list), my cash flow would be around $150. I bought it with 5% down conventional at 3.25% interest and put about $25k into fixing it up. I also paid the PMI up front, so my monthly payment is very low, about half its rental potential. I would like to keep it if possible.

If I can get on the renter's list now I will be on it forever as long as its rented. If a tenant ever leaves, I have 30 days to find a new tenant and submit the paperwork for HOA board approval. This is why it takes so long to be able to rent. A homeowner would have to sell their rental unit to free up a space. Or a homeowner would have to move back into their rental unit and request to be removed from the renter's list, which would probably not happen. I didn't know these rules until after I moved in, my fault. This is my first and last time buying into an HOA ran community.

What gets me is that a lot of people rent without being on the rent's list and hope they don't get caught. This has been brought up to the HOA's attention but they just sit on it like other issues. I am trying to do things the correct way.

I live in a townhouse with and hoa in Pembroke Pines. I would like to start aquiring rental real estate so I thought I could start with my townhouse. I would like to move to a SFH and keep my townhouse as a rental since my area has high rents and my mortgage is low. There is a renters cap in our community so I had to go on a pending renters list before I could rent my home. My turn to rent finally arrived after waiting about 4 years on the renters list. The hoa is giving me 30 days to find a new home, move and find a new tenant for my town house. This is difficult to do especially when i was notified on day 1 when the clock was already ticking. If I cant take this opportunity then I might have to wait a few more years for my turn to come around again. I tried to rent it to my brother in law and have us as his house guests in the mean time while i find a SFH but the hoa says the owner can not occupy the home and be on the renters list. They say it would be considered a multifamily home which is illegal. What would you guys suggest I do?

Looking to get back into the real estate game. This time I am interested in buy and hold properties.