All Forum Posts by: Ray Hage

Hello, my husband and I are interested in renting out a guest bedroom and bathroom on the side of our home. We have four small children. Rules would need to be established. The guests we would be renting to would be medical students. My husband was a medical student before becoming a physician and feels he has More knowledge with this guest basis. What are some things that we should know? Month-to-month contracts? Damage deposits? Common space?

does the unit have its own entrance? If not, it would be a bit weird. You could do a M2M contract with a security deposit equal to one month's rent. For common space, do you mean outside or inside? I think it would be a bit tough if they will be using your kitchen, living room etc. Need some more details to advise

0 Votes

Miami, Florida

Quote from @Zachary Wolz:

We are thinking about moving out of our triplex in FL and that would mean loosing our homestead exemption. It isn’t clear to us what will happen to our tax liability and that makes the numbers impossible to calculate.
I see many websites stating the property valuation “could”(?) convert to the full valuation but I know their is language in the law that states that a non owner occupied property has a max adjustment of 10% per year. So, are our taxes going up by 10% or are they quadrupling?

If you are keeping it in your own personal name (assuming that is what you're doing now), yes it will go up by roughly around 10%, especially if you are well below the market value. If you transfer it into a LLC, then you can expect the assessed value to go up to market (probably will be much bigger than 10% if you have had it for a long time). Either way, ensure what it will most likely be by contact BCPA as @Lateefah Mathews suggested

0 Votes

Fort Lauderdale, Florida

It might have some legs to it. Well it sounds like they converted a garage or carport into another bedroom so that could be a major issue. You will want to know before buying if they will make you convert it back to whatever it was. If the house in extreme disrepair, the city may force you to demo it so you better find out for sure what the correct solution is before buying it any price. I don't think you can post links, but if you want to send me a private message, i could look at it.

0 Votes

Miami, Florida

Just be sure the house is ok. 275K is crazy cheap in south FL, even for a terrible neighborhood. Does the house have potential to have an addition? That might be worth pursuing if you can expand it and make a big pay day or house hack it in the mean time.

1 Vote

Miami, Florida

I should be able to join!

0 Votes

Fort Lauderdale, Florida

Quote from @Theresa Harris:

Try to raise the rent every year, even if it is $25 a month. Tenants get used to it and most aren't willing to move over a small amount.

my exact thought. I think the best answer is $25....unless the tenant is absolutely amazing, then maybe zero. No one is going to move over a $25 increase unless they were planning to move already.

1 Vote

Miami, Florida

great meet up. looking forward to Wednesday

0 Votes

Fort Lauderdale, Florida

Quote from @Agustin Conti:

Being consistent and applying the late fee did the trick. He has paid on time since then and has not mentioned any delays or BS about when is he paying rent. Unbelievable that people needs to get "punished" to do what they supposed to do. Problem solved.

Some people respond to positive consequences and some don't. This guy only learns the hard way and that's fine. It is a little more money for you despite a little bit of a headache.

1 Vote

Fort Lauderdale, Florida

Quote from @Magellan Kiari:

Hi, my name is Magellan, and I live in Fort Lauderdale I am a new in real estate investing and willing to connect with any local investor.

Welcome to BP. I am an investor and realtor here in Fort Laud. Let's connect

0 Votes

Fort Lauderdale, Florida

Hi @Danilo Perea, these forums are some of the best places to look for agents that specialize in investments. I am both an agent and investor so I know the south FL market quite well. There are still some investments out there but not a ton of great ones to be honest. I'll pm you to see what your friends may specifically be looking for.

0 Votes

Miami, Florida

All Forum Posts by: Ray Hage

Ray Hage has started 1 posts and replied 1073 times.

Post: Advice and experience wanted!

Post: Has anyone dropped your FL homestead exemption? What happened?

Post: Does it make sense to buy this flip as a rental property?

Post: Does it make sense to buy this flip as a rental property?

Post: Palm Beach Real Estate Meetup

Post: Raising rental prices

Post: South Florida Multifamily and More Meetup! - May 21st - 7pm

Post: Dealing with LATE fees

Post: new member from Fort Lauderdale

Post: Where to look for an friendly investor agent