All Forum Posts by: Account Closed

Ok so I have a tenant whom I just found out is in jail, welcome to landlording :) .  They are now around 13 days gone from the property and I haven't been notified of their absence in writing.  How I am reading the statue is that once 15 days has elapsed and they have not in writing notified me of their absense AND they are behind in rent, I am legally allowed to reclaim the property, remove their items (I'll stick it in a self-storage place) and then re-rent the unit.  Am I missing something, because this sounds WAY to simple.  

(3) The landlord shall not recover possession of a dwelling unit except:

(a) In an action for possession under subsection (2) or other civil action in which the issue of right of possession is determined;

(b) When the tenant has surrendered possession of the dwelling unit to the landlord;

(c) When the tenant has abandoned the dwelling unit. In the absence of actual knowledge of abandonment, it shall be presumed that the tenant has abandoned the dwelling unit if he or she is absent from the premises for a period of time equal to one-half the time for periodic rental payments. However, this presumption does not apply if the rent is current or the tenant has notified the landlord, in writing, of an intended absence

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So we just closed on a property and lesson learned we forgot to get copies of the move in reports for the current tenants. Learned that there wasn’t any. Previous owner was using the “buddy” system for moving in and out.  Going forward how can I legally withhold the portions of the security deposit as tenants move out?  Since neither I or the tenants can prove whether it was damage they did or damage that was previously there before move in?

I’ve already taken pictures of the units now. But some have things that typically a tenant will have messed up.  Don’t want to be out thousands of dollars when I can pass the money spent to repair things into outgoing tenants.  Thanks

for a Florida llc you need a Florida registered agent since you don't reside in Florida. Since the property is going to be in Florida you will need a Florida LLC (if not then you have to register your Texas llc as a "foreign llc" and would be double paying).

For place of business you should be able to use your Texas residence since that is where you would conduct business. You’d have to check with sunbiz to be sure.  

It can work out, maybe.  But you should have a way to pay for some repairs upfront.  Such as the day after closing you get a call from the tenant that their hot water heater breaks, or the furnace just died.  Those kinds of things.  If the numbers work that's great.  Just have some reserves somewhere.

I was just meaning if you used the entire 55k on the purchase cost do you have the funds to be able to fix it up or pay any other things that come up before it is rented out. or if the 55K gets you everything including.  Based on what you said you won't be fixing the place up with that money.  But at least it is rented out.  However, is it who you want to be renting it out to? 

It all depends on your end result you are wanting. Yes your ROI will be lower if you pay all cash for it. But what is your end goal. Do you just want to break the ice and get a property? If so do you have reserves to cover closing and any rehab you have to do before you are able to rent it out along with holding costs until it is rented.

If your goal is cash purchased properties and you can float the costs go for it.  But don't rush just to rush.  Find the right property in the right area for your situation. 

IMO, No you don't have to nor would I say to reduce the rent.  Life happens, and you are a business not a charity. 

@Charlie Miller, wow 1st months rent plus 10% plus 1/2 months rent at renewal!!!  How did you make any money?  That comes out to 22% of the month rent just to pay the property manager!!!  Guess I need to redo my 10% for property management and put it closer to 15%.  And the 499 and 99 a month only works out if you are renting for 1,000 a month or more.  Dang...

Ok mind blown, goes back to redo my calcuations.  Thanks :)

first if neither have a realtor, the first thing would be 6% commission fee to the buyers and sellers agent.  

Other things could be speed of which they can close.  Or the home wouldn’t pass normal inspections for a traditional loan. 

Or the seller just wants cash fast.  There’s tons of reasons why.  Just depends on the individual situation.