All Forum Posts by: Fred Cannon

@Merritt S. I agree. I would side with the tenant as well A high of 68 degrees after a long period of time is not satisfactory. Can you imagine when the temp is below freezing outside. Being that the landlord is paying for the utilities you would think they would want to cut down on their expenses as well.

@Lila Ravve thanks for your response. Being a landlord is more that just renting to a tenant. You have a responsibility to the tenant and to your property. I think worse than an unreasonable tenant is a landlord that will not maintained their rental properties

@Matthew Anderson. Did this tenant know that you are the new landlord. It’s amazing what a conversation can do to see up expectations. I think we have entered the age where conversation is becoming extinct Just talk to the guy. He can’t cut down your trees and he can’t alter your porch.

@Matthew Anderson

@Amy Zemser. Your tenant does have a legitimate concern with the heat. I think you need to address that issue before your next tenant moves in. Also you should separate the utilities. If you are going to be a landlord you should maintain your property. Seems like your heating system is way out of date. Saying all that I would give her the 90 day notice as required and move on. Attorney fees are expensive and that money could and should be spent on updating to a better heating and cooling system. I would have given her notice on the second complaint or I would have addressed her problem.

@Payton Reid I have both types of properties. I love my properties that have no mortgage. My mortgage properties make me anxious whena tenant moves on. For sure you will lose a months rent and still have to pay the mortgage. That’s going to happen ever two years or so. A couple years back I had water damage to a unit that took six months to rehab and get back on the market. No mortgage on that unit thank goodness. If there was a mortgage my reserves would be wiped out. I am retired so I look for monthly income. I think age makes a big difference. If you are young go for it. But when it comes time to retire all debt is bad.

@Dawn Heisler There are some good values in the Ft Myers, Cape Coral area and stable economy there. Also my hometown of Panama City has a lot of properties for sale but most have hurricane damage. People are still waiting for insurance claims. It’s a real mess there. I live in JACKSONVILLE area and it’s not easy to find a property that will bring you 10% straight cash flow even with out all the formulas associated with a good deal. Check out Ft Myers.

@Geoffrey Fellner I know you love your parents and they love you but what happens in 12 months and they decide that Alaska is not for them or a major medical issue causes a major uptick in there expenses. Doing business with family can bring a lot of heartaches and headaches. If you go thru with this just make sure you have a strong exit strategy. You only have one set of parents that can’t be replaced. Investment properties are great but don’t bet your family on it.

Refinancing a rental And using the cash out to purchase another property.  What would my tax implications be in 2 years if I then sell the refinanced property

I live in North Florida and on the hottest days of summer my house will only cool to around 75 degrees.  My wife is always complaining about that but it is what it is.  Don't think a new unit would help unless it is way oversized.  A better option would be to put insulation  into the attic.  I did that and it helps, especially in the winter.  Insulation for a 2000 sq ft home is around 1800.00