All Forum Posts by: Mary Joe

Hello, what is your plan with the property?  How much are you looking to borrow from hard money lender?

@Nathan Gesner @John Thedford   Thanks both, much appreciated. 

Just downloaded Chapter 83 Part II  :) 

 Thanks Nathan.  I would assume no eviction means no eviction regardless of whether the lease has expired or not. For as long as COVID Eviction moratorium is in effect, no landlord can evict their tenants regardless of whether the lease has expired or not.

I am still reading up on the regulations, hope to get some clarity on this. 

 Thanks for the heads up about sales tax, have no idea.  Will keep that in mind.

Question:  would a shorter lease really help under FL's covid anti eviction law?  I would think a shorter lease may not help here.  I would assume no eviction means no eviction regardless of whether the lease has expired or not.  For as long as COVID Eviction moratorium is in effect, no landlord can evict their tenants regardless of whether the lease has expired or not. 

A shorter lease may make it a little easier for the tenant to prepay rent in advance, but when it comes down to eviction, I would assume that would not make any difference for as long as the eviction moratorium is in effect. 

 Thanks John, I am thinking of doing the same; ie asking for prepaid rent or 3 months of security deposit as a cushion. 

I see that you are a hard money lender, I am trying to educate myself the risks involved as a hard money investor and where to start for beginners, just sent you a invitation to connect if you have time. 

MJ

@Kenneth Garrett  

Thanks, I have no idea private money lenders take FIRST position on the loan even before the bank. Good to know. 

As far as risk assessment is conerned in dollar terms, I guess it comes down to the cost involved in foreclosing on the property? 

Say if I lent $50K in private money and it cost $20K to foreclose (legal fees, agents fees, taxes etc - am assuming), the worst that could happen is that I lost $20K plus the time involved in getting the property foreclosed? Do I understand this correctly?

of course, understand that nothing is as straight forward , but just want to get a basic idea about the risk involved. 

Hi All, would like to educate myself about hard money lending (as an investor), wonder if there are HML investors out there who have had bad experiences and willing to share?

For example, want to know what is the worst that could happen as a hard money lender;  did you have to foreclose on a property and how overwhelming was the process? How much of your principal did you recoup etc etc?

Are hard money lenders essentially like investing in a 2nd mortgage , so if anything bad happens, I will be 2nd in line after the bank?

Thanks

MJ

@Tommy Brant

Thanks Tommy, appreciate the feedback.  I will ask for income and employment verification etc for sure, I do that whether with or without covid. I am inclined  to ask for extra months in security deposit/last month rent etc as a cushion. I guess I need to find out whether that is against landlord-tenancy law in FL to ask for extra month in security deposit/last month rent. 

How do these deals normally work? What recourse does the $30K investor has say if the deal flop?  

Say if I put the money up, what is the worst that could happen to my $30K?

Hi All,  need some good advice here.

Is it wise to sign a new lease with a new tenant the end of this month amid COVID 19 eviction Moratoria law in Florida?

It sounds like almost any tenant can invoke this law and avoid eviction in FL for as long as the eviction Moratoria is in effect. 

What are my options?

1. Don't sign a new lease. Just keep my place vacant until the law goes away?  

2. Sign the new lease but ask for 3 or 4 months of security deposit or final months rent to buffer potential loss ?

3. Sign the new lease and pray that tenant will not invoke the anti eviction law?

Any other options to avoid an unpleasant situation down the road?

Any advice would be appreciated.

Thanks