All Forum Posts by: Benjamin Pekarek

If you're wanting to pay cash, NOT lend it out, and are looking to stay close to home, look in central, and north Florida. 20-30% returns are still achievable allowing you to still hire management and make the money you're looking to make.

I'll second Ken above, central Fla & northern east coast would be viable, or cities like Birmingham, Charleston, Atlanta, Nashville, etc. For a new investor, I wouldn't touch anything below a 10% CAP, as you'll essentially be covering your debt service.

Taz, 

Echoing Kimberly here. If you live in the same county as the property, you have the right to a 3 day notice. If your address is a different county, the 3 day automatically becomes an 8 day notice. Get that notice posted NOW! She can think about it while the clock is ticking. Otherwise she got another free two weeks (eight days with the weekend in between gives her a guaranteed 11 day period), and September 1st is looming. 

Don't lose any more than you have to - I'm dealing with the same kind of tenant right now, and I'm out almost two months rent for trying to be the nice guy (single mom, two kids, blah blah blah) THANK GOD it was my property, and not one of my client's - this is a business, not a hobby, you can't be nice when your butt is getting financially scorched.

-Ben

Armando,

I'll echo a few others here. Without a waiver from Transunion AND the prospective, I cannot, repeat CANNOT release the results of a credit report/background check, period. While I might be able to get the prospective to release their information, it's impossible for Transunion to sign off.

I recommend owner operators to use Smartmove (a Transunion product) to do their own screening, versus hiring an agent to simply screen a tenant, and sign a lease. 

As a Realtor/Owner, I place some of my farther properties in the MLS, and offer Realtors $100 due upon signing, I have to screen, and it's my lease. Not many realtors do it, but hey, I only need one tenant! For the future, either hire a full time property manager that is accountable for the tenants they place, or do it completely on your own. Otherwise, you'll end up with "dead fish" tenants every time.

-Ben

Nasser, 

Sarasota is a wonderful town to live in, but the good deals are getting few and far between. Good luck in your search.

-Ben

Depending on the temperature, A/C IS considered an emergency here in Florida. If the stated high was 95 degrees, or higher, you would be responsible for the daily rate of the unit for separate accomodations. However, you don't have to get them a hotel room, and two, I highly doubt that the stated high was over 95! If you're feeling generous, give her the daily rate as a credit. In either case, tell her "you're welcome" for getting the A/C repaired as quickly as you did, and move on.

-Ben

Student housing is BOOMING here in Florida! You've got Sarasota, Tampa, Orlando, Jacksonville, Tallahassee, Gainesville, Miami, St. Augustine, the list goes on. But, once they graduate the job market isn't fantastic.

James, 

Our office is on 41 here in Sarasota, and we work almost exclusively with investors. We specialize in the acquisition, and management of residential income producing properties. Give me a call (replace the "0" with a one for my direct line), and let's see if we'd be a good fit for your strategies.

-Ben

Taz,

As they're being sue happy, I would not use your handyman for the repairs. However, in the state of Florida, a licensed contractor is able to remediate 60 sq. ft. of mold per day without a permit. I would go that route sooner than hiring a mold remediation company. The sooner this joker is out of your unit, the happier I'd be. If it were my rental, and they were looking for a fight, I'd issue a seven day non cureable notice for neglect of my property (A/C filter, etc.), and refuse payment. At that point, their lease is terminated, if they don't vacate, you can begin eviction proceedings.

-Ben

I agree 100% with Nick. If they're not paying, and they HAVE NOT FILED A MAINTENANCE COMPLAINT WITH THE COUNTY (VERY VERY VERY IMPORTANT!!!) I would begin an eviction for non payment immediately, and worry about the mold later.