All Forum Posts by: Lynne Smith

Hi @Erika Pucciarelli you definitely picked some of the most attractive areas of Orlando. Winter Garden is growing like crazy and still has quite a bit of land, but prices continue to rise based on such high demand. Windermere has always been at a higher price point and is also very sought after (watch out for taxes there). Overall, everywhere you listed are great areas, but if your biggest criteria is schools, than you certainly have some other areas to consider.

You mentioned not wanting frequent repairs (that is something you have to build into your analysis of any property) If you don't have local contacts, a good, proactive property manager etc, perhaps you should consider new construction. You will get a brand new unit with warranties from the builder. This will reduce (not eliminate) cap-ex expenses and give you some piece of mind. 

You will have to be further from the areas you mentioned to get even a townhome under $250. Think places like Sanford, Davenport/Haines City, Leesburg, Kissimmee and some others. I have some contacts that I can reach out to to see what inventory they have and price points if you like.

Happy to have a call about the market here and see if I can help you out.

Just curious what other folks numbers look like; I’ve been tracking mine more closely recently. I own two MHPs in a strong northeast market.
57% (in terms of # of units) collected on or before the first

97% by the 7th

100% by the 15th (always a few stragglers)

Roughly 60% pay online/PayNearMe, the rest mail checks.

I was on Google earlier and found this: 

" N.J.S.A. 2A:18-61.1(l)(3), which allows the owner of a residence with 3 or fewer residential units to terminate a tenant’s lease where the owner seeks to personally occupy the unit, or where the owner has contracted to sell the unit to a buyer who seeks to personally occupy the unit, and the contract for sale calls for the unit to be vacant at the time of closing. However, terminating a lease for this “good cause” requires that the term of the lease has expired (such that it is ending or is in month-to-month status), and requires that the tenant be given at least two full months of advance written notice that the lease will terminate and the tenant must vacate. N.J.S.A. 2A:18-61.2. In this circumstance, the owner or new buyer must personally occupy the premises for at least six months, or the owner is liable to the former tenant for three times the tenants damages plus the tenant’s attorneys fees and costs of suit. N.J.S.A. 2A:18-61.6(b). " 

I suppose now I have to draft the proper notice and send it certified mail to the tenant. Drafting that notice should be fun... 

Thanks for pointing me in the right direction guys! 

Hi @Lynne Smith! We've had lots of practice over the years coaxing out tenants: The key is BRIBERY!

Here's are some thoughts:

• I'd strongly encourage you to have your Realtor only schedule group showings of five or more families. This minimizes the disruption to the tenant while encouraging competition among the home buyers.
• For every group showing successfully completed, we gifted the tenant with a $25 Longhorn's Steakhouse (or Red Lobster) gift certificate. As a result, our tenants LOVED when we called to schedule an appointment. Note: I said completed, not scheduled. If for any reason the tenant didn't allow access at the appointed date & time, they didn't get the reward!
• Let the tenant know that if the property goes under contract before their move-out date, you'll offer them an incentive (maybe $250), to be paid out only after they've vacated the premises, delivered the keys, and submitted the Move-Out Inspection Form. The certified funds would be waiting for them at our attorney's office (not paid out at the property). While they were at the office signing docs, our locksmith was at the property rekeying the locks!

We often had tenants lined up to pay to hold a property long before the old tenant had vacated the premises.

It can be done: Good luck!