All Forum Posts by: Kayla Oliver-Pratt

 Thank You!  Absolutely....

Hi Jason,

We share similar goals and sentiments. I'm also focused on multi-family investments moving forward this year because I wish to grow my portfolio faster. I'm also a Grant Cardone fan and have attended a few of his online seminars. I will be attending a 3-day Multifamily workshop in Tampa this coming weekend with Tyler Deveraux and the Multifamily Mindset team.

Wishing you all the best in your Multifamily journey.

-Kayla

@Max 

@Max T. Absolutely!! But after physically working so darn hard on rehabbing this property the gangster in me wants to bust down the door and throw her out myself! I was being Ms. nice and gave her a second chance because she had a decent job. But moving forward I will be sticking strictly with my guidelines. It's definitely a lesson learned!

@Aaron K. Yes, I plan on going after back rent and damages, fees, etc. Definitely not going the Cash for Keys route! 

We are dealing with an uncooperative tenant that refuses to move out or pay rent because she is riding on the state-imposed eviction moratorium. The tenant has no legal right to be in possession of the property because her lease has expired on May 15, 2020, and she was given non-renewal notice in February. She asked for an extension to give her time to find a new place and has signed an agreement to vacate by March 31 in lieu of eviction being file. Since then COVID-19 hit and stay at home orders were put in place with everything shutting down. But now that the city is opening again and because of the borrowed time that the moratorium has given she is refusing to move. She is still gainfully employed as an office manager for one of the largest healthcare systems in Orlando, yet refuses to pay her rent. To make matters worse, she has moved unauthorized tenants into the house with illegal activities taking place, has unauthorized dangerous pets (Pit bulldog) on the property, and has city code violations. I notified her that I will be coming to inspect the property and she called the police to prevent me from seeing the damage done to the interior of the property. Hence, upon inspection of the property, I have noted significant property damage as well. I have contacted an attorney for advice and was told to file an Unlawful Detainer lawsuit, but unfortunately, the moratorium is preventing us from exercising our legal rights to do so. The moratorium expires tomorrow at 12 am and the Gov. has not indicated if he will be extending it for another 30 days. I understand that some people are still not back to work and cannot afford to pay any rent, however, there are others taking full advantage of landlords by not paying their rents even though they are employed. Meanwhile, I have a new tenant that's ready to move in and can not because she is holding the property hostage. There seems to be protection for tenants but nothing for landlords, especially the mom and pop landlords that don't have reserves to cover loss rents and are unable to pay the mortgage on the rentals. I am looking for any advice or best approach to this dilemma. 

@Anthony Venturini can you recommend a few of the turnkey companies that are doing business in that area? I am an out of town investor so I don't and wouldn't want to do any rehabbing, so turnkey would be my best option. Thanks!

Investment Info:

Single-family residence buy & hold investment in Cocoa.

Purchase price: $56,700
Cash invested: $13,000
Sale price: $63,000

3 bed 1 half bath SFH

What made you interested in investing in this type of deal?

The price and location

How did you find this deal and how did you negotiate it?

Found deal on auction.com and won the bid at $63k

How did you finance this deal?

Financed deal with hard money for 12 months.

What was the outcome?

Currently in the rehab phase but posted my company sign on the property that it’s for RENT and my phone is constantly ringing!

Lessons learned? Challenges?

Rehab the property as quickly and get it cash flowing ASAP!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a RE agent.

Congrats on pulling the trigger Robert! It took my husband and I a while before we took the plunge...we brought our first property last June and closing on a second SFH this Friday! We also made an offer on a four-plex, so hopefully the seller will accept our offer...bringing us to 6 doors! I now fully understand when I heard other investors talk about taking action and building momentum...We are definitely on a roll to reaching our goal of min. 10 doors by year's end! Best wished to growing exponentially!

Awesome story! Similar to our story...but we're still on our first rental property and I'm ready to make another purchase. If only we can get access to some of the equity in our primary home! What bank did you go to for the cash-out refinance?

@Mark 

@Mark Kappelman I'm down the street from you in Orlando and would like to get in on the STR business! How did you get started and what advice can you give to someone in my position?