All Forum Posts by: Account Closed

I live in Lakeland, which is most likely cheaper than WPB.  The $217/sf price looks expensive to me for rental property, but we aren't really seeing what you are buying in terms of condition, so maybe we ignore price point and presume you have a good deal.

Principal and Interest looks to be about $2,374/mo.  Know that your taxes will reset next year to what you paid for the property.  This year you get the previous tax rate the seller had.  But expect taxes to really jump next year when the property taxes reset to your buying price.  Since you will be living in the property you will want to carry owner's insurance (including property).  If you ever move out you can drop that down to just cover the building without the property (cheaper).  So at the moment you get cheap rent, but will still owe probably $600(?) per month on your side of the duplex.

Be very careful who you rent to.  Know that the more people there are, the more wear and tear there is.  Try to find as few people as possible to live in the unit.  A single person is GREAT, a couple is fine... parents with a mother-in-law and 5 kids... not so much.  Especially if on septic, as the more people, the more water that goes through the system.  Young kids will frequently mark up the walls and just cause stupid damage (crayons, spills on the carpet, damaged blinds, etc).  Older people are "where it's at" if you want easy going renters.

know how to look for termite damage... black specs (termite Fras) on window ledges, etc.  Look for settling on the foundation... windows that don't open / close, etc.  

If utilities aren't separated, figure out how to charge for them, unless you are absorbing them into the higher rent. 

Closing is what closing is... you can't control much on fees at this point, but make sure they have credited you correctly for prorated taxes, etc.  Make sure you get the security deposit of the tenant (if existing).  Move any existing tenant to a new lease of your own choosing upon renewal.

Just a few thoughts.

Wish you the best!

Randy