All Forum Posts by: Jason F

Your avatar says a website that describes itself as a free internet classified site. why aren't you using that?

Well, as bad as it sucks, I'm glad someone else knows what I'm going through.

I've spoken with a number of other landlords regarding fighting it, and many have come up to me after seeing me on TV at the City Commission meeting.

It just bothers me that property owner's are treated completely differently.

With all the CRAP that the ACLU gets away with, you would think this would be a no brainer.

Justin, it's good you are thinking outside of the box.

The mortgage idea is a little confusing. When you say, 'take over the mortgages of 2 houses' do you mean, take deed to the property subject 2 the mortgage? When you take over a mortgage, it is if you are taking that person's spot in the mortgage. Now you owe that money. What you could do is take over someone's mortgage AND take deed to their property. Then you can sell the property and keep the difference. Take that difference and put it down on a commercial building.

I would try your hand at a couple of single family home deals before you start buying commercial buildings. You can learn A LOT about RE and investing from simple SFH or even mobile homes.

Do you have any mobile homes in your area? You can get started with these for very little money compared to a commercial project.

Same thing with getting commercial buildings under contract and changing the zoning. To put a commercial project under contract you are going to need at least 10% of the purchase price as a deposit. That, along with the attorney fees to change the zoning, and you could be looking at a good outlay of cash.

If I were you, I would start with some SFHs, maybe some wholesaling.

Good luck man, looks like you are doing good if you are 20 and already thinking about getting into RE.

I live here in Gainesville, FL, where the Univ. Of Florida is located. Therefore we have two things, a lot of championships and a lot of student rentals.

Well, some time ago the City began enacting a law that requires homes in the city limits to obtain a Landlord permit if that home was to be occupied by anyone other than the property owner. This permit costs me about $200 per property in Gainesville.

Furthermore, the city has now enacted a 'point system' to keep landlords and student tenants in check. The rule is, if you accumulate 6 points on your landlord permit in the course of 3 years, you lose your ability to rent your property. Points can be assessed for violations like not having adequate mulch in your assigned parking spots, your tenants receiving a noise violation for a party and your grass being too high. So basically, I need to make sure my college student tenants do not throw a party twice a year or I'm done.

Does this seem a little unconstitutional to anyone but me? Besides the fact that I'm being forced to 'pay' for my property rights through something other than the normal property tax. The thing that really throws me for a loop is that the rules that I have to abide by regarding the point system are not rules that are forced upon any owner occupied properties. They do not have to submit parking plans, mulch their driveways, and if they receive a noise violation the only thing that happens is a fine.

Would this piss anyone else off? It almost feels as if I'm being profiled because I'm a landlord. My rental properties have ALWAYS looked the best in the neighborhood.

Could we impose these rules on other groups of people that supposedly always have run down properties?

I went before the city commission meeting and explained that I think it is unfair and completely unlawful to put laws such as this onto specific members of the community. I was given the run around and then promptly after I spoke a 'city manager' came up to me told me he would help 'take care of my points'. It was very hush hush and almost like he was bribing me not to talk. I felt like I was dealing with the Code Enforcement John Gotti.

Your thoughts?

At what point do you start to put some of the fault on the tenants themselves?

They had the right to move-out, find an attorney and sue the landlord.

How many of you here would continue to live in a place with no electric and the noise of a generator running?

any October figures?

It doesn't matter when/where the meetings are....

'join the empire'

I saw this article too. Unreal.

The Sheriff says they have no way to tell whether the person being evicted is the tenant or the owner.....are they really that clueless as to how the process works? Even if it is a tenant in the property, they still receive proper service of the notices.

Not only are people going to stop paying their mortgage, but they are going to continue to collect the check once the foreclosure takes place.

So, should someone that knowingly accepts rent money on a property that they no longer own face fraud charges?

Who can do an eviction other than the Sheriff's office?

I think you are right, Mike, we are heading down the wrong path with this kind of move.

"I now owe $80k on this double via a interest only variable rate LOC when the while the property is probably worth no more than $35k".

Regardless of what is 'right and wrong' when it comes down to investor values and the economy, if this guy is 100% LTV on ALL his properties and the above statement is true, it's going to be quite a few years before he has enough equity to sell this property and repay the entire balance.

That, of course, is assuming that negative cash flow is not a current issue with his holdings.

I apologize for jumping the gun and saying bail, but I have spoken with so many people in foreclosure over the years that let their situation completely ruin every facet of their life. It's hard to convince someone with a pending foreclosure that credit, money and their homes aren't everything. I agree, it's important to pay your debts, but it should not be at the expense of your physical and emotional well being.

Just my opinion. Good discussion

Originally posted by MikeOH:

I AGREE 100% WITH WILL! Roy should man-up and pay his bills. The only person to blame for his problem is himself.

Mike

I agree he should man up and pay his debts if he can, but I took this post as a problem he is having with sufficient CF to pay his HELOC. If his property dropped by that much, I'm assuming his rents dropped by quite a bit now. If it's just a matter of him not wanting to pay on a upside down asset, he should man up and continue to pay for his mistake. If it's a matter of risking other properties, which is the way I took it, he should restructure himself.