All Forum Posts by: Ray Hage

Well if you really want to do it right, you should speak to a local PM or lawyer who has done it before. You do need to follow the process perfectly and specific to your city and county. Usually, you should be able to find the steps on a local gov website. I have only done one eviction with a tenant that I inherited and he basically stalled out till the sheriff came to remove him so just be prepared for that if it goes down all the way to end. 

Another option is cash for keys but I have never done this but others on this forum have and can probably advise further.

 Most people don't keep good books anyway. You need to assume the worst case scenarion on things and go from there. Things they should be able to provide you would be a bank statements, leases, utility bills and if they had any major work done. If they won't provide you that, just assume very high on everything and lower your buying price. It does seem pretty shady though so it might just be worth passing on it anyway. Make sure it's worth the potential headache if you go through with it.

Hi Federico, it won't matter if it is owned by a person or LLC. Assuming it is a residential property, it will be roughly 3.64% per year of the actual house/condo/townhouse/etc value (not land)

Hi Yesenia, how are you? I am an investor here in Fort Lauderdale....also a realtor and lender! Welcome to Miami in advance. I'd be interested in meeting fellow investors as well. 

Congrats on continual success! I am also an investor and realtor in FTL. Welcome to BP!

Demand is pretty high still but slower than before. The really question: what is the demand for that type of place within that neighborhood? You could see what similar rents are for a 4/2,4/3 and gauge it from there. It is not an exact science but you should be able to in the right range

Hi Mary, you wouldn't need to worry about that if it occurs within the same calendar year. People do it all the time actually.

 No problem. I am betting they looked around and found that they are still well below market!

Hi there, you'll need a Spanish speaking friend to help you translate and have a phone call with them. Just let them know if they are not willing to sign the lease with the increase that they will need to leave by X date. 

It sounds like they're just playing around and ignoring you. Maybe they are looking for another place as well? But from what you're saying, they won't find a cheaper place because they are so far below market with that increase. Sometimes, you need to be really firm. If after the call, they don't sign the lease within a week, I would probably just tell them, they will need to move out.

@Bryce Jamison I'll agree with you on all of this especially if I had to start over as well. 

However, it is possible to still find a MF at a decent price though not often! I recently had a client purchase a quad in Jacksonville, Florida with 3.5% down. It's still worth a try if you can find it.

Also, I love househacking too. I am currently doing it with SFH and it has been wonderful for the most part. Great way to lower the expenses of the primary