All Forum Posts by: John Thedford

Under Florida law you should post a three notice to pay or vacate. DO NOT INCLUDE LATE FEES. When they fail to pay, have your attorney file an eviction action. What county are you in? Some counties are easy, and others are a total mess for evictions. 
When you post, take a picture of each posting. If you need a three day notice, go to Harry Heist's website. He has free forms. Also, there is a new requirement which is outlined on his website. GET IT RIGHT THE FIRST TIME. If you don't want to post, hire an attorney FIRST THING TUESDAY MORNING. The attorney should post the 3 day notice IMMEDIATELY. Every day wasted is another day these people are living free. Good luck.

That may not be legal for them to pay an unlicensed broker.

@Andrew Postell there is NO WAY I would EVER allow these people to be able to access my accounts. I got statements today stating I am THOUSANDS in arrears although I have made EVERY PAYMENT timely. These people sent back the May payments---which were made on time. Other payments for previous months were made timely and these people cannot even properly credit me. Give them access--they will surely take more than due and it would be total hell recovering monies they were not owed. I have called an attorney hoping to get this resolved and hopefully SUE THEM for the harassment for calling and emailing me for debts not owed. 

@Maria Walsh let me help you find something. 

I have posted about these people before. A few years ago I got two loans from Conventus. They have now hired Shellpoint to service the collections of the notes. Shellpoint has to be the worst bunch of people I have encountered. Month after month they cash my checks and the send emails stating I am delinquent. Well, this month is even worse. They RETURNED MY PAYMENTS stating they could find no record of the loans EVEN THOUGH PAYMENT COUPONS WERE ENCLOSED. I had notice the checks had not cleared, and sent new payment checks certified mail last week. They have not received them yet. It will be interesting to see if they cash those or return them as well. Keep in mind ALL of these checks have the same name, address, account #, etc---they have been cashing them for a few months and NOW THEY RETURN MY MAY PAYMENT. Repeated requests to Conventus and their owner, Keith, have done NO GOOD in fixing this situation. I believe they do not care. They tried to sucker me into a new loan stating that would solve the problem? BULLONEY. How would a new loan, being serviced by shellpoint, on the same properties, solve anything? The ONLY thing it would do is increase my pre-payment timeline. I CANNOT WAIT TO GET RID OF BOTH OF THESE COMPANIES. Go see Shellpoint's reviews on yelp--two stars with over 300 reviews. That says a LOT! 

Buy a SFR in Cape Coral. 7 day minimum per the city but many don't follow that rule. Most areas there are no HOA to deal with. The cape is popular and growing. My friend owns STR there and he does well. I own annuals there and do well. I can help you find a place. Let me know.
John

Buildium

The NW area is popping. I have four lots in the NW that I am having spec houses built on. If you want MF, there is a decent quantity of duplexes available BUT so many are priced too high that they don't make sense from an investment standpoint. Find a builder that can put them up for you.

You can offset for damage. I document everything and pay hire help to do repairs. If you are doing the same, the odds are you are OK. You cannot deduct for REASONABLE wear and tear. 

We have little inventory, crazy bidding wars, and lots of agents not making any money. I am fortunate that I own 16 SFR and all but 3 are free and clear. I have been raising rents to keep up with the market. Tenants are screaming all of the way. I see NO signs of a slowing market in this area. We are being flooded with newcomers from the northeast. I do not expect any changes for at least a couple of years.