All Forum Posts by: Sam Leon

I am having a real hard time finding residential properties down in South Florida.

I have been monitoring MLS and as soon as I see something there are multiple bidders within 24 hours, now my agent told me if I want to have a chance I need to drop the right to inspect clause as other buyers are making cash offers like mine with no contingency whatsoever.

It's not like there is no good deals around, I spot good deals all the time but often lose because I don't have an inside track and many agents protect their listings for their pocket buyers.

I started to look at foreclosure auction but it seems those are being bought at market value with much higher risks.

I read a little about wholesaling, is this another vehicle to pay someone with an existing deal in their pockets? Sounds like those are hit and miss too.

So any advice where to look? Seems there is a lot of resources on BP may be someone can point me in the right direction.

Just curious I see a lot of agents put in the property ad the clause "...property is sold AS IS WHERE IS..."

OK I understand "AS IS".

What about the "WHERE IS"? When do you sell a property WHERE IT IS NOT? A trailer home and once you close the owner haul the double wide away?

I think an appraisal in a cash deal may be helpful but it doesn't have to be done prior to closing. To have an current appraisal is still helpful as it may be background data for purchasing property insurance.

I still do a survey before closing as I want to know if there is a boundary issue.

Not much these days.

I am in South Florida and having a real hard time finding a deal.

Today went to see a property that went into MLS yesterday. I was told within 24 hours they had 4 all cash offers 10% OVER asking, I normally do cash offers with an inspection contingency and my agent told me I am at a disadvantage because all the other cash offers have no inspection clauses now.

First, do a bit of diagnosis yourself. Try to find out if it's a drain leak or supply line leak.

Supply line leak tend to be consistent - drip drip drip at a fairly constant rate. If it's cold water it would probably be leaking constantly. If it's hot water it is a bit trickier. Drain leaks would only happen when someone opens a faucet or flush the toilet. Has any pattern been established at least to know what's leaking?

Check with your HOA and look at their water bills, has it been unusually high? That could be another indication of a supply line leak.

Good luck.

Here is the situation. Back in April I saw a property on MLS that I had previously driven by and had mentally made a note, that if it ever becomes available I would be interested in purchasing it and rent it out. When it came up I called my buyer agent and asked her to get me some info and set up an appt to see. Well she called back in 2 hours and said it's already pending first day on market and they are not taking any backup offers either. OK fine.

I was just randomly browsing the properties in that area and noticed it is now not on the market but it's scheduled for an auction on Sep 18, 2013.

I don't want to try to get it via auction, as I am not familiar with that process and don't want to take all the risks associated with that. So my options are to either wait for it to become REO and available...or may be someone else will buy it at auction. However, is it possible at this point, to see if a deal can be worked out as a short sale to prevent the foreclosure? Or more then likely the bank was being unreasonable and that's why it's got to this point?

Who would I contact to inquire of this possibility? The owner? The original listing agent?

Joel you may be right I probably will not be able to recover anything except for the security deposit (1 month) I am holding.

I am still trying to get a hold of the tenant to see what happened. I don't have any idea if the phone or cable are still on or under his name. Electric, water and sewer are paid by HOA. I also don't know if I get any mail for him where it should be forwarded to, heck I can't even get into the mail box now until I have a locksmith come fix it.

The rent is not structured as a "monthly" rent. It was written as a lease for 12 month for an amount of $11,450. The payment of this $11450 is done by 12 installments of $950 each month. But that's not as important as getting a hold of him and finding out what happened.

Joe:

He signed the new lease in January 2013 and paid rent on time for eight months. I doubt he would be suddenly scared now...I am really perplexed.

I have several properties being rented and have been having pretty good luck...but last few months have been nothing but headaches.

Anyways this is a NEW case.

This condo I have a tenant, single guy. He was living there when I bought the property, I inherited the existing lease, and when the lease was up I presented a new, much tighter and professional lease. That lease runs till Jan 2014.

Tenant has been responsible, cordial, not trouble maker, I hardly ever hear from him except twice with plumbing issues and I sent a plumber to addressed them.

So imagine my surprise when the guy who I mail the HOA fee to every month, who is also a realtor, emailed me today saying he was sorry to see my tenant moving out, and would love to help me rent it...MOVED OUT? Five months left on the lease? No warning, no messages, no email, absolutely nothing.

I thought this must have been a mistake, may be he was moving some furniture in or out? I called - his number no longer in service. I emailed, no reply. I went to the property and sure enough, he's out, the property is vacant, except for some trash and a refrigerator with some left overs - thanks a lot!

I can't mail him as his address is the one that's been vacated.

He didn't leave his keys either. Sucks that the mail box key he had the only copy.

He signed the standard residential lease for apartment or unit in multi-family rental housing form by Florida Realtors...and yes he also signed an Early Termination Fee / Liquidated Damages Addendum where he agree to pay $1900 (2 months rent) as liquidated damages or an early termination fee if I elect to terminate the rental agreement and the landlord waives the right to seek additional rent beyond the month in which the landlord retake possession.

I am going to keep trying to locate/contact him.

Any advice as to what to do now? Do I clean out his trash and start prep on the place to rent or I wait a few days just in case?

Who moves out without a word?

Thanks.

The original lease says renewal requires a yearly lease. So I am OK there.

Of course I can void that with a MTM addendum if I so choose, but no there is no verbage in the original lease to allow a MTM renewal.