All Forum Posts by: John Thedford

@Stetson Miller I dropped American "integrity". Good luck if you have a claim. Not only did I have problems with them, but at least three other property management company owners stated they dropped them as well due to problems with claims. And when I told my FORMER agent I was dropping them, she said "SO, you are taking it out on ME!!" So it was apparent as well that her real concern was HER income. I am moving to 100% self insured and saving a LOT of money. I still carry liability on all properties. 

None. Police and courts to settle. 

Try "We Insure". I got dropped by my previous company due to age of the roof. They are getting a lot more difficult and this trend will probably continue. I need to put on three new roofs next year. OUCH!

If they are M2M you can raise rents. I like to do that and give them about 45 days notice. If they are not happy they can give written notice of intent to vacate AT LEAST 15 DAYS PRIOR TO THE END OF THAT RENTAL PERIOD. You are required to do the same if it is M2M. If there is a lease in place, that lease must be honored through the end of the lease term. 

Find out what your state laws are. Some states have maximum amounts allowed. I have found it prudent to get the maximum security deposit possible. I do not collect last month's rent. 

It may be extended AGAIN

Two years max UNLESS their was a rate increase year two. If you don't keep up with rents you could find yourself hundreds under market rent. Then when you play catch up the tenants MAY want to leave. I have been forced to raise everyone this year. So far nobody has left but definitely had some push back. 

No it is NOT.  Time is the defining factor. 
Florida law defines a vacation rental as any unit or group of units in a condominium or cooperative or any individually or collectively owned single-family, two-family, three-family or four-family house or dwelling within a single complex of buildings which is “transient accommodations” which means “rented to guests more than three times in a calendar year for periods of less than 30 days or 1 calendar month, whichever is less, or which is advertised or held out to the public as a place regularly rented to guests.”

If your broker is good with it go ahead. All fees must pass through your broker. I don't understand why someone would give away 20, 30, 50K in equity. Why not buy it yourself. If I have a seller I propose two routes: purchase it for x or buy it for y. Surprisingly, some sellers have opted to take less money (sometimes a LOT less) just to get it gone ASAP. As long as the seller is not misled as to value, you are doing the right thing. I purchased one a couple years back. Seller was informed it would bring 135K listed. They sold it to me for 83K cash. It happens.

@Luke Lawrence members determined by operating agreement not LLC filing.