All Forum Posts by: Kevin Martin

@Rachel H. there is no lease, it was a month to month verbal agreement. The owner had to sign an affidavit stating all this. We closed on the property yesterday so now we either work something out, she leaves willingly, or I evict her. I believe FLORIDA law says i can give her a 15 day notice but I am not sure if it’s the same if you don’t have a written lease. 

Update....my attorney wrote up an affidavit (similar to the estoppel) and I made sure I had a signed and notorized copy from the owner before we closed.  I requested 1k be held in escrow for 30 days to cover my eviction costs (or help with) in case the current tenant doesn’t sign a new lease or vacate before I have to start the eviction process. The tenant was family with the previous owner and wasn’t paying anything pretty much so I doubt she will be able to afford market rent. The tenant is also on disability so I dont have my hopes up. I’m thinking this might be a good situation for cash for keys? We will see how it goes from here but I appreciate everyone’s help with this situation. 

Find something you enjoy to do where you can earn a good living and start from the bottom. Key being something you enjoy or have a lot of interest in. Every path to success is hard so if you choose something you like then you have a higher chance of staying on that path. Investing, especially at first isn't going to keep the lights on so you need to get a job for some cash flow and you can start investing small as you go. 

College is an investment just like anything else. Pick a degree and weigh your options with what it's going to cost you vs what your earning potential can be. Be conservative with this....student loans suck! Some of the most successful and influential people in history had absolutely no education. Practical real life education is what is important and you can get very easily. Good luck!

@Christopher Bennage sound like most of the front end items have been taking care of but I would still check with the city and the engineer who drew up the plans. Obviously you need to check out the comps or get some type of appraisal on the house that was drawn up to be built. Once you know how much it can sell for you can work your numbers backwards to see if it's a good deal or not. Partnering with someone local on your first development is probably the best thing you can do. Good luck!

Ask the guys doing the actual work which one they like better and you will have your answer. Pretty soon there won't be enough skilled labor and the ones that are still around are going to chose the path of least resistance with the quickest pay. 

don't buy any land unless you know what you can or cannot build on it. That means going to the city(or a pressional) and asking what can be developed. If you go to the city make sure you get whatever they told you in writing. Next make sure you have Utilites readily available and you don't have to spend crazy money on Utilites just to get them to your property.  Planning and Zoning should be one of the first things you do. 

Once everything checks out get your funding in order, hire your design professionals, hire your contractors, then sell it as soon as possible. 

@Wesley W.

I called the wholesaler and told him about my concerns. He said he was going to have the title company write up an affidavit saying something along the lines of the seller not having a current active lease (that the seller would sign) before closing. Obviously I will bounce this off my attorney tomorrow but that still puts me in the situation of possibly having to evict the tenant if they can afford market rent. Would an estoppel cover this? 

@Jim K., @Wesley W., @Thomas S.

 Wow guys thanks for the information. I am suppose to close on Friday but sounds like I need to make sure this gets done before closing. Just confirmed again and the wholesaler said there is no lease and the owner doesn't plan to sign a new one. I guess he thinks I should just go on his word? He could be right but I have nothing to say otherwise....Should I just demand they vacate before I close (dont really want to kick someone out on the streets) or go the route of getting the current tenant to sign something? 

I have a home under contract to buy from a wholesaler. There is an exisitng tenant but they are suppose to be family members of the current owner. The wholesaler said they don't have a current lease with the owner but who knows. I think the current tenant is paying close to half what the current market rent is and I need to make some repairs. What is the play here? If they do have a lease(write one up last minute) do I have to honor it as the new owner? 

Are you wanting to go from a 2 bedroom to a 3 bedroom? If so, and they pull a permit for the work then the septic system will more than likely need to be upgraded(or not) depending on the requirements for your city/state. Obviously you are not adding a bath or kitchen so it will more than likely be ok but I know here in my area the health department goes by the number of bedrooms. 

If you are just adding a closet then I don't understand what the problem is. Is it because now it's a conforming bedroom with the new closet? According to the building code a bedroom needs to have a minimum size, min. ceiling height, ,means of egress, a light, and minimum outlets. It Doesn't mention anything about a closet....but I'm sure there is some other code, law, statue ect. that gives a definition of a bedroom which appraisers hang their hat on.