All Forum Posts by: Sheena Varghese

Eviction completed and tenant out today.  Yay!  Thanks for all our help, much appreciated!

@Ronald Y.- yes, Volusia is a better market than Orlando in my opinion but you have to be caution of flood zones and know which areas are the best.  Having a good property management is helpful as well.  Message me if you have any further questions on that.  

@Peter M.- Thank you so much for your reply!

Hello,

I was hoping to get some insight into this situation I am currently working on.  I bought a property, whole sale, no inspection, etc.  I know, I should have had one but I knew going into it that it needed a lot of work, whole sale, transactions move very quickly here in FL.  I inherited the tenant who was behind on her rent claiming repairs weren't done, hence, rent was withheld.  She had also reported the prior owner to the county for landlord violations.  

When we met her to sign our lease after closing, she said she wanted to move out in 30 days.  So, we gave her that option and had her sign a month to month lease and stating she was going to vacate in 30 days.  She never moved out and stated she is looking for a place.  She has 4 children, single mother, so we said as long as you pay rent, you can continue month to month until you find a place or we need to give you a 30 day notice.   She decided to stay and not pay.  We filed eviction and are currently in the process.  She wrote a letter to the judge stating her repair concerns and why she hasn't paid.  The judge has asked her to pay what she is owed to us and then will proceed to mediation for her concerns of repairs, etc.  After we purchased the property, there has been water leakage and part of the ceiling came undone as well as the AC stopped working.  

I don't believe it is safe for her to be in there and I need to do the repairs and update the place without a tenant in there due to the safety issue.  Is there a clause for this?  I know it is state by state. I am in Florida  I called a lawyer and he said to give her 15 day notice. But what if she doesn't leave?  I am not comfortable with anyone living in the place.  The repairs need to be done.  Are there any provisions for this?

Thank you very much for any advice you all can provide.

@Dave Foster - thank you Dave.  I replied to your message.

Hello,

I rented my primary home for a few months before deciding to sell it.  This sale would not qualify for 1031 exchange right?  How long do you have to rent a property before it is considered an investment property?  

@Jorge Ruiz - Sure, purchase price $139K, appraised at $179K, sorry, I meant 70% so $125.3K loan at 5.1%

I wish I could have waited the 6 months to get more out but needed the cash out sooner.

@J.R. Coffin - that is a great idea, I am going to look into that.  Thank you!

@Jared W Smith - thank you for your reply.  Currently looking to see if it will make sense financially.  Thanks!

@Jack V. Ospina - thank you very much for your reply and information.  I am currently speaking with a GM to see if this would make sense as far as numbers go. 

I didn't go the LLC route but did close on the 75% cash out refi.