All Forum Posts by: Marcos Carbi

@Sergey A. Petrov @Andres Murillo @Jason Maguire @Bjorn Ahlblad @Matt Devincenzo @Patricia Steiner

Thank you all for your advice!

How should I go about introducing myself to the tenants and then raising rents? Should I see when they're available for a call or simply email them? Should I send them a little care package prior to raising rents?

Hey guys,

I just closed on my first duplex and the roof is pretty outdated (20 years old). It is in working condition but has a leak and should be replaced - I want to replace it for personal peace of mind and insurance purposes. I inherited two solid MtoM tenants that are paying $1,100 each, way below market rent of $1,650. I'm going to give them the option of staying for $1,580 or leaving in 30 days (Florida law is 15 days but I want those extra days to replace the roof). I want to start the roof replacement ASAP so the property is rent-ready if in the case the tenants do decide to move out.

Is it okay to replace the roof with the current tenants there? Would this be a violation of their quiet and peaceful enjoyment of the property? How should I go about this?

I truly appreciate your help!

Hey guys,

I'm buying a duplex in Lehigh Acres, FL, and inheriting great tenants but their rents are way below market rent. They're currently paying $1,100 per unit when it should be $1,650. I want to offer a rent raise to $1,350 for the first 3 months and then turn it into $1,600. 

I have read the entire Florida landlord/tenant statutes listed in leg.state.fl.us and didn't find anything about a maximum rent increase. I know I have to give them 15 days notice because they are month to month.

I just want to double check: does anyone know for sure if there is a maximum rent increase cap in Lehigh Acres, FL?

Thank you!

@Eric Fernwood Hey Eric, thank you for your advice! You're definitely right - after thinking about it for many, many hours I've decided to stop waiting around and pull the trigger. I really like this market, the tenants, and its potential. I appreciate your thought provoking input.

@Nicholas L. Yessir, currently under contract and negotiating! 

I'll keep you updated on how it goes.

@Kimberly Elson Great, thank you! 

@Frank Avallone II That's a great idea. Thank you, Frank! 

Hey all,

I just got my first offer accepted on a 2003 duplex in Lehigh Acres, FL, and I couldn't be more excited! Unfortunately, the roof hasn't been replaced since, so insurance companies either 1) don't want to insure it 2) will insure it at an extremely high premium or 3) require the roof to be replaced before closing. Ideally, it will be replaced before closing. If this is the case, who should pay for it? What happens if I pay for it but then we don't end up closing?

On the other hand, if it is not replaced before closing, what should I do? 

Do any insurance companies accept a roof replacement contract as proof, to then lower the initial premium?

Thank you!

@Nicholas L. Yea, I'm not counting on it but it is definitely something I'm interested in. It would mainly be to lower my rate but I don't mind waiting 5+ years. I will confirm the DSCR loan terms with my lender. Thanks!

 @Michael K. Hey Michael, please see above! Yes, the cash flow is quite low but that is mainly due to my high-interest rate. I project property taxes to be around $400/month ($286/month in 2021). The idea is to cash out refinance in 2-3 years.