All Forum Posts by: David Santana

I'm not a lawyer and when in Florida you should always involve a Real Estate Attorney at the begging and at the end of you deal. 

@Nathan G. you are right... 

How long does eviction take in Florida?

In Florida, it can take about three weeks to settle an eviction lawsuit against a tenant who neither pays the rent nor vacates the property after receiving a three-day notice, as Evict.com states. Delays, such as a tenant who decides to fight the lawsuit, may necessitate additional time.

The 6 to 8 eight months was referring to special circumstances, like when you inherit tenants from a foreclosure or a bankruptcy.  Chapter 83 of Florida Statutes provides the steps to follow in an eviction case but they all follow a general outline. The Tenant gets legal notice if he don’t pay,  and nothing happens, the landlord must file eviction papers with court to get a judgment. Can be a few days or weeks to get a court date, just depends. Usually if the tenant have no defense and can’t afford an attorney the eviction processs flawlessly, but if tenant gets defense and make a partial payment or present court with a job opportunity even if minimal the landlord case is dismiss and the process can be extended for months in the lack of of a proper or weaker lease. 

@Mitchell Jaworski cash flowing properties in South Florida are hard to come to, my advice will be to pair up with a local mortgage broker and secondary real estate agent more investor-friendly.  Sometimes these people find you deals before they hit the market.  “The strength of the team is each individual member. The strength of each member is the team” -- Phil Jackson

@Alex Bekeza Vacancy Rates can vary from market to market example in Wilton Manors an apartment well price by 20th st on the NE side can have a vacancy rates of days... while an apartment on the same 20th st by on the NW side lets say by 9 AVE can have a vacancy of months or 20%.  Rent growth on the NE of 20th st is positive and rent growth by 20th st on the NW side is Negative (according to www.neighborhoodscout.com so just do your due diligence and always remember to involve a real estate attorney IN FLORIDA  at the beginning and at the end of your deal, this may help bring any red flags that you were not aware off and save you a lot of time and money. Good luck in your endeavors. 

Had a chance to talk to Mauri Peyton from Peyton Bolin, PL great recommendation, thanks @George Munoz

You are doing the right thing, but when doing a deal in Florida always involve a Real Estate Attorney at the beginning and at the end of your deal.  An eviction in Florida is very costly and can take between 6 to 8 months depending on the case.  One thing you can do is offer cash to the tenant if he leaves by certain date saving you thousands in the eviction process and rent not collected.  Although I'm in Fort Lauderdale you can use my lawyer the first consultation is free and if he can't help you he might be able to recommend somebody in the area that will.  Send me a private message and I will provide you with his info.  Good luck my friend... 

@Jacob Sampson  This is a hot neighborhood when I used to live there in 2009 I used to pay $800 a month now the same apartment pays $1, 700 in 2019 as you can see on the table below yes the cash flow will be low on the first year but because of income growth which is higher than inflation this a good long term investment.  Some of the adjecet neighborhoods have negative income growth base on Neiboorhood Scout which although the reasons why were not very clear location to adjecet bad neighborhood might be the reason. 

@Jacob Sampson

Does he do closings too or just titles? @George Munoz

All States have downsides reasons why not to invest, for example, if we're to analyze Oregon it has natural disasters often like California such as earthquakes, wildfires, mudslides, volcanic eruptions, and deadly floodings from rain or tidal waves from the Pacific Ocean.  But still, a great state to find deals and a thing like Mother Nature should not stop you in your endeavors.  Good luck guys... 

@Jacob Sampson using the 1% or the 50% rule it's not a blanket solution for all the markets.  What might not work in Topeka, Kansas might work in Trenton, New Jersey and it gives you a playful idea of what to offer for a multi-family home in Fort Lauderlade.  I'm going to give you an example of how I structure an offer using the 1% rule. 

The owners are collecting rent below market value because the units are outdated and out of place in that market, if upgraded we can move to column 3 which reflect the value of units if updated to (granite counters, prefabricated high-grade counters, stainless steel appliances, constituted wood flooring,  split ac units instead of window units, new windows (hurricane proof) and a driveway instead of dirt) which will match the neighborhood.  I just reverse the 1% from the owner offer of $650,000 and created a minimum of 425k and a maximum of the 550k base on the 1% in reverse.

I'm not sure if you found this useful, let me know your thoughts

A good piece of advice if you are buying real estate in Florida, is to speak with an experienced Florida real estate lawyer to learn about your rights, including those related to disclosures, inspections, and title insurance. Most real estate lawyers offer a free initial consultation (over the phone or in person, whichever you prefer) to answer your questions.  In the end, if the had done a proper title study you would have found out about this problem. They are worth every single dollar...

Sometimes when we inherit trouble tenants one of the best strategies is to get rid of them, to offer them some money to leave in 10 days or less, make sure they understand that they can leave "like nothing happen" or "with an eviction on their record" which will make it very hard for them to get an apartment in the future. 

This wasn't a tenant that you choose and it seems that she was nothing but trouble in the past and will be in the future.  Once you get rid of her you can make sure that you pick a good tenant. Good Luck, let us know what you end up doing...