All Forum Posts by: Michelle Elsaid

@Avery Hill One thing that is not talked about very often is the commissions on your own investment purchases as a licensed agent! It helped give me extra cushion while working through my first duplex purchase. Depending on your broker, sometimes you can even apply the commission directly to your closing costs to reduce out of pocket expenses instead of waiting for the commission check.

Best of luck!

Easy enough! Thanks @Justin Fox @Ray Harrell

Thanks everyone. I've asked her to come out one more time to check the carpets out again. I am going to offer the incentive of landlord supplied washer-dryer if taken as-is. If not, I will apply her 50% carpet $$ to a tile installation.

Is there any lease restrictions here? I heard it can be more difficult to evict problem tenants if they have paid for material in the unit. I don't expect  an issue with her, but just covering my bases (and for other BP users).

@Justin Fox @Chris T. @Andrew B. @Ray Harrell

Hi there!

I bought my first duplex and have a great potential tenant who loved the place. I think she would stay several years as she is an older woman who is only needing to move because her current landlord wants to occupy that rental. She called back the next day asking if I would consider replacing the carpet and she would pay 50% of the cost. 

The problem is I am already renovating the other side because it had needed more work so extra funds are limited. But - the carpet is possibly 20 years old, but very clean. I am on the fence about paying the upfront cost to replace it. It has only been listed a week but I have only had a few quality tenants interested.

The house is 1031 square feet. The carpet occupies about 650 sq feet. I was hoping to do tile throughout on next tenancy.

Any thoughts or experiences with this? Any lease / legal advise to incorporate?

Thank you,

Michelle (Florida)

BP,

I am looking to get a more thorough understanding of the permitting process. When they are required, timelines expected, costs, associated, and how to gain certificate of occupancy, Does anyone know where I could find resources to help?

Thank you,

Michelle Elsaid

This is a free monthly meetup i go to in Downtown Orlando.

http://www.meetup.com/orlandorealtygroup/events/232545544/

BP,

I just received my agent license and have started inquiring with where to hang it in Orlando, FL so that I can begin working as an agent part-time.

Two important things I am looking for are training and the ability to open my own property management company as well. The bigger companies don't seem to be open to PM, or already have their own. I am thinking about starting at a big company for training resources and moving within a year or so to somewhere I am able to do PM. 

I was under the impression I would open PM under a broker, with an agent license. Any thoughts on this conversation? I have had a few puzzled responses so I'm not sure I am framing my questions correctly.

Hope you are having a great week! :-)

@Matthew Ryan Glad to help! Good luck!

@Matthew Ryan Another note, if tenants want to stay, figure out how much in rent they are paying and see if they will be easily able to find something similar in the area. If so, they will probably not mind moving somewhere a few $K to somewhere where they can pay the same amount. If they are long term tenants with low rent, you will (understandably) have a more difficult time if there is no severability clause. Tenant personality would be heavy influence at that point. Sometimes owners let them know its for sale and a change might result for them, so they might be expecting it.

@Matthew Ryan,

Unfortunately I am still looking but I can still provide some updates because I have done some learning in the mean time :-)

It depends on a lot of factors, here are your options:

1. Hope there is a severability clause in the lease, meaning the current owner can terminate the lease at any time for any reason. That means they have to move if owner acts upon it and will be the easiest possibility for you.

2. Cash for Keys. You or current owner can talk to tenants and offer them free rent for some time period (until you move in) but then they need to move out. This could be on your dime or current owners dime. I would get this in writing and avoid a verbal agreement because they have no legal requirement to move out. I know people who have used this successfully, really depends on the tenants. If they have been there 10 years they might not want to move, even for cash.

3. Combination of these two to make sure tenants don't leave unhappy and leave a big mess (literally or financially) for you..

If you get a contract make sure it is contingent on one side of house vacating.

All my insight is from Florida area, so do some checks to make sure this is OK in your area.