All Forum Posts by: Fred Cannon

I had water damage to the interior of the unit due to a hurricane. after about a week the mold build up was noticeable and I had a mold inspection done.  The mold was severe enough that it because a health risk.  At the time of the damage I told him he needs to move but he stayed on for another two weeks.   I just informed him that the lease was terminated and the unit was not inhabitable.  He was notified that the mold removal crew would be there in 3 days and he should have all of his stuff out.   He wanted me to pay for his expenses but because the lease had that clause he had no recourse. He even went to a few lawyers but none would take his case.  Later I got a message that he was going to sue me for medical expenses.  Once again he could not get a lawyer to accept his case.   From the day of the damage I begin to send him emails to move out and referred to the clause in the lease. The time to sue has elapsed so I don't worry abut that anymore.  Now with each tenant I review that clause, however I don't mention my past experiences.

DAMAGE TO PREMISES. In the event the Premises are destroyed or rendered wholly uninhabitable by fire, storm, earthquake, or other casualty not caused by the negligence of Tenant, this Agreement shall terminate from such time except for the purpose of enforcing rights that may have then accrued hereunder. The rental provided for herein shall then be accounted for by and between Landlord and Tenant up to the time of such injury or destruction of the Premises, Tenant paying rentals up to such date and Landlord refunding rentals collected

1. 1. uninhabitable, the Landlord shall have the option of either repairing such injured or damaged portion or terminating this Lease. In the event that Landlord exercises its right to repair such uninhabitable portion, the rental shall abate in the proportion that the injured parts bears to the whole Premises, and such part so injured shall be restored by Landlord as speedily as practicable, after which the full rent shall recommence and the Agreement continue according to its terms.

@Cameron Cole Vance. It's great to take the class and to have a license but to be active with a broker is very expensive. The RE class I took a few years back when I first started investing was one of the best things I could have done. One of the worst things was to try to be a part time realtor and pay all the fees required. I did that for about 18 months. However so glad I took the class.

@Vinh Nguyen as I buyer and a seller if someone lowballs me I politely say no thanks and don't bother to make another offer. So it's OK to make a lowball offer but it's also OK for the sellers to say don't come back. As an example a few years back I got a quote for a tree removal from a company that was working in the neighborhood. The guy comes over and says $1500 and I say that's more that I have budgeted for. Then he says how about $750. Now that just pissed me off. $750 was a good price but I politely said get the F out of here.

I do business with honest people that aren't trying to rip me off.

@Nathan G. I send out new lease 60 days prior to expiration. In the past I have always raised rent by 2.5%. My taxes go up every year, my insurance goes up every year, my HOA goes up

Every year I have repairs every year. So yes you must raise your rent with each new lease, regardless of how great the tenant is. Save the extra money because sooner or later you will

Need it for a major repair. I just got a call this week for a leaking roof. There go my profit for a few months. I have reserves but if I don't keep my rents up my reserves go down and then my tenants suffer the consequences. I know this sounds crazy but raising rents allow your tenants to have a better place to live and allows you to be a better landlord.

@Fred Cannon. Also don't take the advice to homestead a property you don't live in. Why someone would give that advice is beyond me. That is highly illegal, pay your taxes, if you do short term rentals make sure you include what is called tourist tax in you rent and you set up your unit with the state and county. If you use a property manager they should do that for you.

@Whitney Ortiz. One thing not mentioned in the responses. Rentals less that six months are taxed by both state and county. I have A couple of short term rentals and have to collect and pay 11.5% tax on the rent. 6.5 to the state and 5 to the county. Due to our environment houses require more maintenance and with SFH the landscaping is constant. Florida is pretty much a swamp that has been developed into a paradise. For rentals you will need a good lawn guy, don't trust your tenants to do the lawn. In the summer it's 95 degrees outside and 90% humidity and the grass grows 2 inches a week . Your tenant is not going out there to mow the grass. Also you will need pest service at least after every tenant move out. You can get rid of the swamp but the bugs don't leave. 9 months out of the year it's a wonderful place. 3 months ( June, July, August ) not so wonderful. Hurricane season is September- November, if you have property near the coast you are going to face "mandatory" evacuations occasionally. A few years back I had to force a tenant to move because of damage. Make sure your lease contains a clause that states that if the premise become uninhabitable or require major repairs the lease is terminated automatically. Make sure your lease contains a statement that the tenant is requested to buy renters insurance and that you are not responsible for any damage to their belongings. Don't want to be a naysayer but if your not from Florida and you are a new property owner, especially a landlord, these are important points.

@Sean McKee. I don't think it's wise to show an occupied property, even more so with COVID. Usually during the last month of the tenants lease they are extremely busy preparing for the move and the place would be untidy. First impressions get good tenants. With COVID you are putting both people at risk and if one were to become sick after a showing then you may be liable. It's just not worth it, personally if I were a tenant I would not allow a showing and use COVID as my reason.

@Elijah White it's an ebb and flow process when you buy older properties. Houses need upkeep, electrical and plumbing issues, and appliances need replacing. Most appliances last 10 years, roofs 20 years and on and on. It's long term hold to make it to that pot of gold. I fell your pain. Some advise, Adjust the rents up every year by at least 3-5% is a must and don't back down on that Everything cost more for the landlord, taxes, insurance, repairs so we need to pass the cost on.

@Alecia Williams. My rentals are condos so I treat it like a individual property. If you are renting out a part of your house not sure how that would work. I have a friend who is a traveling nurse and I have a few condos that I rent. She suggested I Use furnished finders and rent to travelers like her. I converted my first condo into a furnished unit about a year ago and now I am converting each unit as they become empty. I love renting to nurses, they are doing an amazing service to the communities they work in and they are the best tenants. The person who said they are psychos and mutts is misinformed.

@Alecia Williams I rent to travelers, mostly nurses and have only had good tenants. The better the property and the higher the rent gets better tenants. People that have a lot of issues with tenants need to look at themselves and their properties. You get what you attract in life. I use the website that was mention in one of your post and always have a tenant lined up for the next vacancy. Good luck.