All Forum Posts by: Nikhil Garg

Hello, I purchased a rental property in Jacksonville (32209) and hired a PM agency for tenant placement. The property has been on the market for 5 weeks now. Apparently a few people have applied but no one has met the credit/background tests of the agency. They think that it is priced well (since people are applying) but still reduced the price a bit on my insistence. But they think we just need to be patient since finding quality tenant is harder in 32209. 

What should I do in this scenario?

I am about to start a lease for my first out-of-state investment property. It is in Florida. From what I understand, the security deposit needs to be held in some Florida bank. Is that right? Is it possible to hold it in some online bank like Ally? Are there any other gotchas that I should be aware of for security deposit?

I'm in the process of closing my first rental property. Both water heater and heat pump are around 18 years old though are functioning normally right now. It appears that they are going to break down in next couple years (but I may be wrong). Seller recently did a professional tune-up to AC and has made it clear that they are not going to make any more repairs (they repaired a bunch of things very recently). So I'm considering three choices: 

1) just let it be for now and replace it when it finally breaks down 

2) replace it now but request seller to include this in closing costs so that I can finance the cost. 

3) just replace it after closing myself (or maybe in fall when prices are a bit cheaper)

Little bit about my situation - I'm not tight on cash so can fully pay it out of my pocket now or later. Also, this property is outside state and I'd prefer to keep ongoing maintenance after getting tenants to be as little as possible. 

Any advice?