All Forum Posts by: Melissa S Vrobel

Hi all,

I have a 5 bd home in central Florida and am always thinking of ways to have it pay for itself. I was wondering if anyone has used furnishedfinder and what their experience is with it? I don't want any long term tenants as I would hate to not get along with them and have to deal with it for a year. I figured since they would be sharing the home with me that the best option would be medium term tenants. Note: my town doesn't allow STR.

Look forward to your input!

Melissa

As a landlord in central FL I can tell you that your issue is supply and demand. Florida is booming and there just isn't the vacancy that would warrant allowing a STR. I have tenants that haven't moved because of the lack of options and cost of renting. The last time I had an empty rental, I had 3 realtors and 10 inquiries within a week. It just isn't a good time for that strategy in my opinion.

I do not invest in the west end of Louisville but you may be right about upcoming opportunity.  There is still high crime and even downtown is having issues, but if your in for a longer timeline it might be a goldmine.

KEEP IT!  Properties with land are hard to find and unless you are strapped for cash, you will not likely find another property like this.  Have you done research on how much it will bring?  Do you enjoy going there as you second home?

I agree to trust your gut on adding an office or new bedroom.  You want it done with the proper process and with permits.  Even if he was a GC and could pull permits, I would still say no because he will improve your property but will get the use of that sq ft for free (it's not like you are going to charge him for it if he did the work).  Then he is likely to stay on at below market as long as possible.  Having said that, I allowed tenants to do simple things like paint or even put in new flooring in a room (I paid for the materials).  They were not compensated but was able to enjoy the upgrade.  I had a break on labor, but the floor change was only after they had rented from me for four years.  I had a comfort level at that point.

 ABSOLUTELY AGREE!!  Mine are in Class A neighborhood.

I would never go back to PM.  I am still good friends with mine, but I always felt like they were telling the tenant what they wanted to hear and the landlord what they wanted to hear.  The years that I had PM (two different) were the most combative tenants that I have ever known.  I know that there are some that go above and beyond, but until you understand what is required to manage your property the way that you want it, I would not hire a PM.  

I do use apartments.com service to advertise for tenants, have them apply and manage rent payments.  It used to be cozi which charged under $3 a month.  I would only recommend that you try this on your own if you have friends in your neighborhood.  I have a HVAC guy in my rental neighborhood that shows up within hours.  I have a plumbing and roofing company that I have sat down with to discuss what if an emergency happens.  The landscaper company that I know from living there has no problem showing up, working with the tenant and billing me.  What I mean is that you have to have the systems in place.  I would make a list of all of the trades that you would need to call or txt and hopefully most are people you have hired before.   If not, ask your friends in the neighborhood who they recommend.  One of my now previous clients did repairs and fixes for me and I compensated him for it.  One of my other tenant's daughter was my dog walker until she graduated high school.  Don't rule out that type of relationships with your tenants.

I am looking for an update on this but cannot find one.  They also proposed a $100 per year per property registration fee and that landlords have to certify that their property meets city codes.  There would be a $100 fee if you fail to register.  Will update when I have one.  Minimum it would mean that you need to add the costs to your estimates for yearly costs.

I would recommend that you look for a house that could be divided to create a duplex or a lower priced property with room for an ADU. These times call for creativity.

 I am more worried about the bombardment of solicitors.