All Forum Posts by: Marelyn Valdes

I am under contract to buy an older (early 80's) MH that the seller was rehabbing and just ran out of time and money.  She put a new shingle roof, new power pole, all new siding and skirting (looks like a new MH), new windows, and stripped all the interior walls to the studs.  She did leave a new shower pan and walls, but none of the plumbing is installed.  She also replaced most of the plywood floors - poorly, so we will have to pull up, shim and level and replace.  It's on 2 lots - of course, the well is on 1 lot and the trailer is on the 2nd lot.  I am meeting with my RE agent to see what it would sell for, but probably will  end up renting it out for a couple years, then sell.  There just aren't many opportunities to buy under market in Ocala and the rental market is very hot.  It should rent for $900 or more as a 2/2 not in a park.  I normally wouldn't even look at a MH this old, but I can get this ready fairly quickly for a rental, make my money back and then just have to do a cash sale down the road.

Welcome!

I take pictures of rentals when they move out and just list cleaning and repairs individually on the notice to make a claim on the security deposit.  Not detailed, but for example - clean filthy toilet $10, clean bathtub and tile $20, remove broken chair in LR and trash and haul to dump $75, etc.  It adds up and I do have pics in case the ex-tenant decides to go to court.  If they destroy an appliance, then I put the price of the new appliance and show discount for depreciation (so maybe $500 for new range less $200 depreciation).  That makes it harder for them to dispute any charges and it usually adds up to more than the security deposit.  I don't charge for paint (unless they painted the room some dark color that makes me do additional coats of paint).  Had one tenant get mad and paint several rooms with black exterior paint, including receptacles and baseboard.  That took extra coats to cover.

If there is still a mortgage, you will probably have to refinance the home when it's deeded to you since the change of ownership may trigger the due on sale clause.  I would get title insurance just to make sure there are no liens on the property.  If it were me, I would get the parents to deed over the place and not mention anything to the cousin until it's all closed so they don't try to file a lis pendens or cloud the title.

The tenant should have sent a certified notice of the damage (water entering the unit) as well as notifying the landlord that water was soaking into the floor, wall, carpet, etc. before there was mold.  I would hire my own mold inspector (not one that does remediation since they have an interest in finding mold), and notify the tenant that I was going to sue them for allowing the mold damage without notifying me in a timely manner that there was mold forming so I could have that possible damage taken care of early before there was substantial mold.  For the Florida Bar's info on tenant responsibilities and the form to be used:  https://www-media.floridabar.org/uploads/2018/08/form-3.pdf

I had estimated rehab costs on a flip house that needed almost all the plywood on the roof replaced and drywall interior, too.  After waiting several months to get started  I just found out OSB was now $35 a sheet and plywood $55 a sheet, so I decided to use OSB and ordered through the pro desk at Lowe's  enough to replace 2 houses in case I find another flip in the near future.  It was almost a month's wait to get the OSB in and delivered.  I don't think the price increases are just from new construction, but also from all the storm damage in other parts of the country (I am in Ocala, FL).  The man who ordered OSB just before me ordered 300 sheets for 4 houses he was building and I overheard another contractor telling the pro desk he had submitted a proposal with 90 day price guarantee and the buyers didn't have the money.  Now they are ready to start building but prices have gone up 20% and he has to do a new contract.  I think if you have the funds and area to store materials, it may be worth stocking up on commonly used materials.

If it were me, I would pay for a real estate attorney's advice, which would be less expensive than the additional $10,000 wanted by the seller.  They probably agreed to a price lower than actual value and now have learned it's worth more so they have seller's remorse.  They can also have their probate attorney delay past the 30 days if they so choose, so speak to your own attorney before you answer them.

If you are handling the rental yourself, join https://www.facebook.com/group...   and you can see what rents are in your area and people begging for rentals in Ocala

My realtor, Suzanne Wigginton @ Homerun Realty, specializes in MH parks in the Ocala area,  Call or text her @ 352-875-3594.  

Join this facebook group -  https://www.facebook.com/group...   and you can see the rental market is very hot.  Not only do we have Amazon, Fed Ex, Autozone, and Chewy warehouses, we just opened the World Equestrian Center, which is huge and has a lot of employees - https://www.facebook.com/wecoc...   .   There are a lot more tenants than rentals available and any decent vacancies are snapped up as soon as available.