All Forum Posts by: Charles Socci

10562 Bay Hills Circle, Thonotosassa, FL 33592

This is a good opportunity for someone to pick up a rental with very little down payment.

This is a 1997 model 3/2 Double wide mobile home.

The owner has owned it for several years, and is tired of being a landlord.  The current tenant is a slow payer, and will need to be sent on his way, which can be handled by the seller.

Seller will finance with 20% down, 10% interest rate, 10 year balloon.

Taxes are $550/year, and there is a Condo Association for the park of $110/month.

 Well, I am sitting on my couch and my Bob Hogue textbook is in my office across town, sitting dusty on a shelf, so we will just have to agree to disagree, but if you think it would be useful in your business, you can look it up there.  I have seen it happen before, once in a divorce situation.  The sellers "made the buyers whole" by reimbursing them for appraisals, survey, etc., and got off the hook.

 It is one of the questions in the florida realtor exam.  They cover it in the class.  You can find it in the textbook.

Read your contract and consult your attorney.  Here in Florida, you can sue for "performance" of the contract.  However, here in Florida we have "change of heart" where an owner occupant can change their mind on the sale of their homestead property.

You are venturing into a CAREER choice, to provide for yourself and your family.  The more you learn, the better off you are going to be.  Don't cheap out on your future.  

That sounds pretty standard.  We have a beach condo here, and it is the same deal.  See what the 40% includes.  For us, it is pretty much everything that is related to the rental.  Getting the renters, taking care of it (cleaning, etc.), and managing and disbursing the funds.  

Some of the peoples units that are rentals are self managed, but they don't rent nearly as often, and they don't get the assistance of the front desk.

Check your state laws, and of course the contract.  Some contracts are not binding without "consideration" which would be your deposit.  Some states allow a "cooling off" period, where you can change your mind and cancel before any actual work gets done.

Eye of the Tiger.  

Just remember Money fixes everything, and you will be fine. ;)

Seriously, congratulations, and good luck!

I would consult an expert before doing anything.  Outline your goals, and address the situation from then.  If you are trying to not have your property in your own name, for liability reasons or other, you might consider a land trust, and make the trustee whoever you would like (your business name, or a hired trustee).

You need to educate yourself on the ramifications of having everything in one spot (like a business name), where you instantly have assets.  Should something devastating happen at one property, you would hate to share assets from other properties as well (someone sues the business which has all these holdings and "deep pockets").