All Forum Posts by: Peter Davis

@Cj Powderhorn

Hi CJ, 

Regarding your Cape Coral experience, the median time on market for duplex rentals for the April to present time period was 37 days, so yes, your vacancy period for that unit was excessive. I'm not sure what you meant about the PM's explanation about the tenant moving out of their last place but if they were delayed moving into your unit, I don't see that as your problem and they should've still been paying rent, or your PM should've been continuing to market it. Regarding the $1,275 placement fee, I don't think that's too unusual but read your PM agreement and dispute it if it's not included therein, or if it is, challenge it since it took them so long to place a tenant.  

Good luck!

@Will H.

Hi Andy, PM me and I can share a couple local builders that are working with other investors in the same situation as you. I'd love to say I can personally vouch for them but time will tell if they perform as agreed. 

@Jonathan Kurtz

I'll PM you both with the information. Good luck!

@Shiva Parast

Hi Shiva, I'm sorry to hear you're having problems with your builder. You're not alone. PM me and I'll send you a Cape Coral attorney referral. 

@Stephen Smith Thanks for sharing this information. 

Some more options for investors facing similar problems with Beattie, Blacktip, or other builders:

1) Contact a real estate attorney to advise you on your options.

2) File a complaint with the Florida Department of Business and Professional Regulation (DBPR) (more info: https://www2.myfloridalicense.com/file-a-complaint/)

3) File a complaint with the Attorney General for the State of Florida (more info: https://www.myfloridalegal.com/how-to-contact-us/file-a-complaint)

4) For filing a small claim (under $8,000) in Lee County Civil Court (more info: https://www.leeclerk.org/departments/courts/small-claims)

5) Contact WINK News with your story. (They broke the story on Beattie Development and they've asked other clients to contact them with your issues/complaints.) 

@Michael Simmonds

I've spoken to many investors in the same predicament; I'm sorry you're having to deal with this. I'm in the process of meeting and vetting two (for now) Cape Coral builders who might have the expertise and bandwidth to take over partially built projects like yours. I should know more later this week. 

I've spoken to countless investors facing this same problem and I can feel the sense of frustration and helplessness, especially when your builder goes dark. This problem has been building for a while now and appears to be coming to a head, not just with Blacktip, but with other Cape Coral area builders as well. They took on more projects than they can handle just as a number of market variables turned against them: materials costs and availability and staffing, both back office and subs, just to name a couple. They're pressuring their investor-clients to pay for their sins with change orders and/or escalations, or escalations disguised as change orders. Re-read your contracts, document your correspondence (and attempts) with your builder and demand documentation to match up any payments/draws with what's actually been competed on your build. PM me if you need progress photos, and hang in there.

You're spot on @Joe R. And the housing stock in Miami is older and so much more expensive for what you get in comparison to new construction in Cape Coral. I think a lot of the buyers see the value and appreciate the slower/quieter pace of life in our area, especially young families. I'm doing a lot of promotion in the Miami area of my listings so I'm compiling a list of buyers. Keep me posted on your progress and I might have someone for you when it's complete. 

@Don M. and @Joe R. I'm glad to see you're both nearing the finish line. The last lap can be frustratingly long I'm finding, but you'll get there. On the sell-side, I'm seeing a big influx of buyers coming from Miami to buy new construction in Cape Coral. Three of my pending contracts right now are buyers from there. 

@Corazon B. The home you sent in your original post is in North Cape Coral, where there are areas in flood zones and others outside of flood zones. What I meant was if you're focusing on that area you might as well look for a home that's not in a flood zone to save on that expense. Makes sense to me. 

And @Adam Bartomeo, don't be rude.