All Forum Posts by: Mark Dowsett

Hi everyone,

I am in the process of purchasing an apartment complex and I am wanting to confirm how to calculated anticipated property taxes. I obtain my GP from being the deal finder, but I wanted to make sure the financial GP was calculating anticipated property taxes correctly. He is under the impression that you take the (property value/1000) and then multiply that by the millage rate for the county. 

Current purchase price is $1,700,000, millage is 20.5552. So he is projecting $34,943.84 in taxes Is this correct or is he missing something?

The broker has already provided this calculation for us, but we obviously want to verify. They have indicated that we should not see a reassessment more than 65%-75%. 

2018 assessed value $723,000

18 taxes due $13,878.79

18 Non-advalorem $324.00

18 taxes paid $13,323.64

18 millage 18.748

projected reassessment 70%

projected sale adjusted taxes $21,741.72

increase from current taxes $8,418.08

Obviously our $34k is off from the brokers projected $21k. I'm sure our guy is missing something, but wanted to run this by the group. This is my first deal and like I said Im on the deal finder side of things so please be kind that Im unsure on this part. Thank you all in advance!

sincerely,

Mark

So it sounds like they are going to be moving out, but it may not exactly line up with the sale of the home. 

Yes I filed a notice back in March to terminate with a due deadline of April 1st. Didn't follow through to save the eviction cost as they indicated that they would look for a home. They are actually meeting with a homeowner tomorrow to sign a lease for a new place and were going to notify me once that was completed. (Their new landlord called me which is how I knew about that). Apparently their new place is under construction, but should be finished shortly. I was simply trying to file notice as my client had asked to do so in preparation for the sale of the home.

Hello everyone,

I have a fun situation down here in Florida that I was trying to work through. Basically I have a bully of a tenant and back in March I filed a termination letter of their month-to-month tenancy to get rid of the headache. They received the letter and basically told me that they would begin looking for a home, but would not be able to move-out in the given time frame. After talking with them about this we decided to not pursue eviction and rather just continue on collecting rent. So here we are in August and the homeowner has sold the home and is set to close on Sept 1. He asked me to file a notice to terminate the tenancy so that they would be out of the home and boy were the tenants upset. 

They claim that I have no legal ground to stand on as I already terminated their tenancy and have been collecting rent. (I was under the impression that this notice would start the process if we decided to pursue eviction, but if we did not do so that all would be as it was before). They have indicated that as a result of the previous termination letter that we have no contract and that they will not be doing business with us anymore. They have demanded that we are not to contact them in any way by mail, electronic, or otherwise and if I contact them or come to the property they will have me arrested for trespassing and harassment. They claim that they are "afraid of me and what I am capable of doing". (this made me laugh a bit since I get anxiety just thinking about talking with them).

Apparently if the property is not sold then they will be taking legal action against our business and the homeowner. They will also be forwarding a letter to the owner when the property is vacant with their forwarding address for the security deposit. 

So here I am a bit taken aback. Does anyone have any advise? Did I mess everything up by filing the notice back in March? Should I still send another notice of termination as I only spoke to them over the phone informing them before I posted the notice officially. I'm not looking to be arrested or be sued. Do I have a leg to stand on? Any help is appreciated as always.

sincerely,

Mark

@Kim Meredith Hampton Just to cover my bases. Our lease does not indicate HOA approval, but the HOA Application does. Would this cause an issue in your opinion? I appreciate your help as this is the first time that I have run into this type of issue.

@Kim Meredith Hampton I appreciate the input! Got to love Florida!!! haha

@Cara Lonsdale I appreciate the input! This is what I was leaning towards since everything is executed. Looks like we may needs to look into a buyout. Thank you!

Hi everyone,

I run a property management company out of Tampa, Florida and I have a quick question. I have a client that has just decided to separate from his partner and has asked me to "remove his listing". That being said he knows that we have signed a lease with prospective tenants with the lease being contingent on HOA approval. (This contingency was not written into the lease, but was stated on the HOA rental app.) We would more than likely receive approval/denial this week.

Being that this is the first time I have run into an issue like this I want to make sure that I do everything correctly. Does the lease bind the renters to the property with the owner being SOL or does the homeowner have the authority to take back possession of his home thus making the renters SOL? 

Let me know your thoughts and as always thank you in advance for your responses.

sincerely,

Mark

Hi everyone,

I am a new investor and I have been looking into mobile homes a bit for buying and renting out. In my area you can buy them anywhere from 45-80k roughly and they can rent from $800-$1,000 a month. What are the downsides to mobile home investing? It seems like you can bring in more rent per dollar invested compared to single family homes. I am interested to know everyone's thoughts. Thanks!

sincerely,

Mark

Hi everyone,

I figure the best way to get the best advice would be to give a little background on my situation and see what everyone thinks.

I am a new business owner and my girlfriend is a salaried employee. From what I have heard the mortgage companies will not be able to use my income for the next two years because I am newly self-employed. Basically it sounds like we will have to use her info for our first purchase and that being said I have been very interested in investment real estate. My girlfriend and I are going to be purchasing a home in the next few months. We have been kicking around the idea of a duplex or a live-in flip. Duplexes are limited in the Tampa, Florida market from what I have seen; especially in our current price point. Because of this I am leaning towards a live in flip that we would eventually rent out once we decide to move on. 

This leads me to a few different questions. I own a property management company so I am naturally drawn to buying and holding my investments. When first starting out is it a good idea to flip and sell to generate cash flow? Do lenders lend to investors in my situation or will I have to wait until I have two years of income to start really diving in? When playing the long term buying and holding investment game how do the more experienced investors manage their different loans on their investments?

I am embarrassingly green to investing in real estate, but after seeing how successful my clients are at generating passive income for themselves I cannot help but want to dive in as well. Thank you in advance for the responses. 

sincerely,

Mark