All Forum Posts by: David Floyd

@KC Ushijima

Thanks. It was just reassessed so not sure if that would be a huge concern. If I want to do the friendly lien, can that be done on either an LLC or a land trust?

I currently have a quad Plex in my personal name that I need to move into a holding LLC or land trust. Most of my properties are in LLC's currently. I don't plan to sell this property or mortgage it in the future and do not currently have a loan on it. Land trusts seem like a good way to hold the property but wanted to get other opinions. I am interested in anonymity and also currently do not have insurance on this property. My plan is to probably get liability and fire insurance coverage only and do as much as I possibly can to prevent wind storm damage. I know there is another scheme where people create their own mortgage company to make the property appear to have no equity. 

I had a tenant that was on her last months of her one year contract that was not able to pay her last months rent and tried to use the security deposit. I told her this was not allowed under the contract and gave her a three day notice. She moved out on the 11th day of the month. Can I charge her for the entire month or only up to the point where she moved out?

@Kaitlin ScutariIs sounds like she doesn’t want to stay so I would begin advertising.

@Mary Jay did you ever find one? I’m looking for one myself a good source might be the next-door social media program. Lots of people post on there with recommendations

@Jacob Hornberger

I’m in the same situation, trying to rent a four bedroom 2 1/2 bathhouse in Florida. I have been getting very little interest on Zillow. I tried Facebook marketplace and I get interest but it’s not the kind of clientele I want. That used to be the case with putting a sign out front. But I think I will try that now.

I have a tenant that has been submitting maintenance requests nonstop since they moved in.  He now is complaining that duct system smells of mold and is affecting his health.  I had several AC contractors out to look at the ducts and I also examined them.  I found one area that is black but 2 AC contractors say it is just dust and mildew, not black mold.  None are willing to replace ducts in the summer.  Trying to determine what to do at this point.  I have a clause in my lease that states 

1. Termination In accordance with F.S. 83.56 &83.57, after one month’s rental payment has been received, this agreement may be terminated by mutual consent of the parties, or by either party given written notice of at least 15 days prior to the end of any monthly period. Any provision of this agreement may be changed by the Landlord in like manner. All parties agree that termination of this agreement prior to July 31, 2022 regardless of cause will constitute a breach of the tenancy as agreed on page 1 and all deposits shall be forfeited in favor of the Landlord as full liquidated damages at the Landlord’s option.

Can I lawfully execute this clause and terminate his lease early?  Will this be considered retaliation?  Should I get a mold test performed?  

Titusville, Fl $400K and credit 798. 

I just inherited a quadplex in my name alone and am looking to get cash to build a second home.  Most traditional lenders will not write loans on a quadplex from what I found.  AM I limited to commercial loans?  Also since my wife has a W2 job should I quick claim deed it to us jointly to boost our income level?  aTdHvAaNnKcSe

Im building a second home by refinancing some of my rentals that are paid off. Just a quick background. I have about 20 rental units with all but one property paid off. I need to fund a large second home build in Colorado and rather than get a construction loan, Im using my real estate assets to finance it. I first refinance my primary residence since rates are cheapest, next I refinanced a house I own. This loan was a royal pain in the *** with so many questions and required documents. We do have the majority of the properties in an LLC with a few just in my name since I just inherited them. The mortgage company wanted everything from reasons why my wife had a short break in employment to requiring a profit and loss statement for our property management LLC. It looks like this loan will close next week and I am needing to cash out on one more property. The question of debt to income ratio came up during the last loan so Im trying to improve my position. Since I have only 2 loans now and no other debt to speak of, Im guessing the problem comes from a lot of credit cards I have open but rarely use them all. Before I apply for the next loan, should I cancel some cards? My credit score is in the 800s so I can take a hit by closing cards. Also should I transfer the properties I own individually into an LLC or jointly with my wife? The property I plan to refinance is in my name only. Thanks.