All Forum Posts by: Marelyn Valdes

I did owner financing on a several properties in Marion and Levy counties and it was a mistake I won't make again.  One, the buyer moved back to New York and ended up signing the property back to me (their handiman stole everything they had installed - central AC, toilets, etc).  Another one paid for about 2 years, then ran into financial problems (child support and arrest) and they paid an attorney to fight me for a year while I collected nothing but had to pay my attorney and fees.  Finally got the place back when she was about to collect on an auto injury case and I was out all my fees.  The last one, I sold to my tenants (of over 4 years) and they paid for almost a year until they split up and he stayed in the house.  I had to give cash for keys and he and his kids trashed the house and he was upset he didn't get to steal the new CHA unit (I had my AC guy grab it as soon as she signed off).  He stole the new dishwasher, and painted the bedrooms purple and gator orange and blue.  In Florida, if the property is homesteaded, it will take you a year at least to get rid of buyers if you are lucky.  You might look into a lease option, where they pay for the option to buy at a determined price and you collect rent during that time and can evict for nonpayment.

I make a point of checking the box for "no assignment" in any sales contract.  I don't want someone tying up my property while they look around for another buyer, then back out without purchasing the property.  If it falls through, not only is the property stale, but others wonder why it was "pending" and not purchased.

Can you find out if your PM carries Errors and Omission insurance and file a claim?  Also, isn't an attorney required to file the eviction and the attorney missed the hearing and would be liable?  I had an attorney miss a hearing, which I lost, and I filed a complaint with the state bar association.

I am in Florida and it's a deadbeat state.  You can't garnish wages if they are head of household and it would cost more to go after them than it's worth.  I get a certified copy of the judgement and file it with the clerk of court, so it shows up in any credit search and only costs a few dollars.  You can also file in counties where you think they may live or have any contacts.

Some people like it freezing in their units and I have tenants complain about not being able to cool a place when you can see condensation on the windows, which may be why one tenant complains and the other doesn't.  Why not allow the tenant to install their own window unit?  Rather than do all the ductwork, why not install a mini split, which would probably cost less than $1,500 installed and is very efficient?

I would pick the worst unit and give the tenant a notice to vacate.  Renovate that unit and bring to current rent and offer it to the other tenants first, then start on the next worst unit.  The other tenants will see what's happening and know their turn is coming in the near future.  Raise all the units at least $50 to $100 a month, as is, and let them know repairs will be handled, unlike the last landlord.

When I raise rents, I cite higher taxes, insurance and cost of repairs.  If a tenant objects, I just tell them to put their intent to move in writing and give me 15 days notice and have never had one move yet.

You might also consider the neighbors.  Are they going to be OK with this in their neighborhood, or are they going to look for every little code violation and keep complaining to code enforcement?  All it takes is one Karen in the neighborhood to run up the fines.

@Jay Hinrichs he's the marketing specialist for All County Marion Property Management.  They claim the handle lease enforcement, evictions, and so much more.    "Lack of knowledge of federal, state, and local laws and regulations can lead to costly mistakes. All County® professionals can help property owners from violating these laws and incurring costly fees and/or lost income."

As a seller, I had to submit a signed contract for a new roof and leave an additional $1,500 over the contract price in escrow at closing.  I received the difference back after the new roof passed inspection.  The original listing stated a new roof was included for a full price sale at seller's expense.  If it wasn't full price, no new roof.  The roofer didn't charge me any deposit to start work since he was assured the funds were available with the title company. 

If you are going to do anything I would do it soon because of senators like the one in this article trying to pander to tenants. https://www.wesh.com/article/florida-cap-rent-increases/40091480#