All Forum Posts by: Marelyn Valdes

If the SFH is purchased for cash and the rehab is also done for cash, and is turned into a rental, how much can the owner cash out and at what interest rate, with or without points/fees? My local bank in Ocala, FL, wanted to charge about $4,000 in fees/points and charge 6 - 7%, on 70% LTV. All my rentals are free and clear and I would like to cash out on one or two to buy and rehab more rental properties.

As @Michael Haynes stated above, make sure to check the zoning, especially in Tampa.  I had rentals in Tampa a few years ago and code enforcement was overly strict on rental properties while letting homeowners get buy with some things.  I was threatened with fines for a tenant not putting garbage cans out of sight the day after pickup or having a truck parked in the side yard.   Also, if your tenant gets mad at you, they can turn you in for any violation and the fines start accruing.  One house I purchased had been added to several times without any permits or inspections, so I had to sell it for cash - it did rent for years, so I made money on it, but what a pain to not be able to sell for the full value.

In the future, if a seller in Florida signs a sales contract and sends it to you, then backs out - consider putting a lis pendens on the property.  It will cloud the title for another sale and he should have offered to pay you something to buy you out of your purchase contract.

This is the site for forms needed for eviction in Marion County, but follow Florida Landlord Tenant law (just change the county).  http://www.marioncountyclerk.org/evictions   

You can give her a 7 day notice to remove the dog and anyone not on the lease.  If you do a 3 day notice for rent, you can only list the amount of rent due (and you can take a partial payment and give another 3 day notice the next day for the balance due).  You cannot add the late charges to the 3 day notice amount.  Get a picture of the dog on the premises (maybe looking out the window).  I personally put tenant is responsible for all utilities in my leases.  I would consider going after the real estate agent's errors and omissions insurance - clearly not doing what they are supposed to be doing

Can you get a home equity line of credit and use that?

Another thought is that many tenants have learned to say their dog, regardless of breed, is a "service dog."  They are not required to have liability insurance or even pay a pet deposit if they claim it's a service animal and you can't prove otherwise.

See 2.(a) 5.  

http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&Search_String=&URL=0000-0099/0083/Sections/0083.51.html

I don't put in a garbage disposal because tenants will put absolutely anything down the drain and most of my properties are on septic tanks, so the junk clogs the pipes and fills up the tank.  I normally put an exhaust fan over the range unless there was a microwave installed when I bought the property and it's obvious one was there before.  Every glass top range I installed has been ruined by the tenants either cracking them or using the wrong cleaning items and scratching them.  I have found online auctions and estate sales to be great places to buy inexpensive used appliances.  Lots of elderly people in the Ocala area (Villages and Top of The World) and when they pass, the heirs just get rid of everything for whatever they can get.

Condos can also have large expenses (new roof, paint, etc.) that are billed to each owner and you need to check with the HOA to see if there are any large expenditures planned. I prefer SFH with no HOA for investments.