All Forum Posts by: Shahid Iqbal

Gail or someone can point standard denial letter?

His deposit and application is with me, I told him to come pickup. He is still keep calling me. If not picked up by Sun, I'll return this through postal service.

Thanks Gail, does adverse action notice apply here as I asked him to have two months deposit (vs. one month notice in rental criteria with note that; bad credit may require additional deposit).

Also fact that I sent him lease contract (with condition that he will furnish missing information / and application correction) to expedite Lease / HOA approval ) can cause any trouble for me?

Bye the way once I sent him e-mail that I am considering other application, he sent full lease contract completely signed same evening (realizing that he needs to get serious). But at that point to many negatives have caused me to not consider him any more.

I want to make sure that I end his application properly, so furnishing this additional information for guidance in this situation. 

Please bear with my scenario here as I need some guidance on this specific issue. I am new landlord; and can use your guidance for a rental transaction in Florida.

I have a tenant for my property marketing myself and one applicant submitted application through Cozy; it also required paper application and signature to rental criteria + HOA application. So this is summary of events...

- primary applicant submitted paper application (several fields not filled). Employer contact information incomplete/incorrect. He indicated that there will be other applicant (friend/cousin) as well. No supporting documents are provided (DL, Registration, etc.) and SSN is missing as well.

- friend submits application after a days online after a day.

Several back and and forth for corrections and then based on his checks, income vs. spending more than earning (has traffic / DUI related misdemeanor and criminal tickets; several traffic citation; spending more than it's earning;  has considerable debt) , I informed him that I cannot rent him based on what income information and reports I see (this is prior to employment check).

He then decides that his mother will also live with me and then started submitting his application. That again takes more time to apply on Cozy and I find out she has foreclosure on her few years ago on her. 

He was saying that his cousin and mother will contribute to rent; so I will be able to afford. While talking to Mom she was I am helping my son get home and then will buy 55+ old house and move out. 

During all this, while information was coming in pieces; We verbally agreed security deposit will be two months deposit and he agreed one weekly rent on condition of rest of documentation and application correction to come through and conditional HOA application approval and I will start Lease contract in parallel to expedite remaining process .

Two days passed and he kept sending missing pages on lease, or pages with no signatures ; and even in one attempt sent digital signatures where he signed on his mother behalf by himself.  I gave him deadline that I need application corrected/completed (now with three tenants) and sent and lease document signed by 5:00 PM on Thursday. Still did not send application and signed lease. All this took about 2 weeks and still things were not final.

At then end of deadline, thinking if this is causing so much trouble for simple application and with red flags in application he may cause more trouble when he will be in lease,  and told him that I cannot wait further go with his application and look for other candidate via e-mail and told him to pick up his initial deposit of $500 along with his application / documentation from my friend agent (where he dropped). 

Learning from this self marketing experience, I've listed property with an real estate agent for rental now. 

Question is:

Now what kind of written notice of denial I should be sending him in context above to make sure I am legally covered in scenario above? Should I quote his credit report results or incomplete / incorrect information as reason for denial? Or slow response / missing deadline for denial?

Please guide.

@Brooklyn... I did not use tenant funds; it was that my account had my other funds that I used at times.

Here is some more information to answer questions:

1. Deposit was FL institution. It was personal checking account, but not a dedicated account for security/rental matters (so was co-mingled).

2. I'm in 15 days window, so will be sending notices per laws.

3. I was at property around 7 months ago and there was no sign of leak. Also house was over stuffed. Even according to them, due to lot of items in sink cabinets, they did not notice mold / damage until they removed items from cabinets for moving out.

One additional claim item... ; House is now infested with roaches and I will have to call in Truly Nolen for treatment. Is this cost claimable? We never had this issue before.

Hello, 

Can I ask for expert advice on this security claim that I'm considering.

I had a property in S. Florida that came out of rental after 3 years. The house had brand new paint and every thing was functional and very clean at the time of rental. As tenant moved out, I noticed following issue for which I am planning for claim. However, I am not sure how much claim will be reasonable for both me and tenant.

-Tenant left a big fish pond, big garden pavers,  and some personal belongings, old vacuum cleaners, cloth baskets, etc.      Claim Estimate: $100 for haul away / cleanup.

- Found Kitchen faucet leaking (looks like it's been leaking for several months; and tenant never informed me) and kitchen was dropping by about inch down from granite and water leaking. Water leak had caused the bad mold under sink and couple of base cabinets and doors needs to be changed as well as mold treatment is needed. Mold guy alone gave me estimate for about $1500+ and I am expecting about $800 to $1000 for new faucet, cabinet base and cabinets replacement / paint. If I work with Handyman, I might be able to get this done in about $1200 to $1500 fixed with new faucet.        Claim Estimate: $1500

- One closet shelf broken from wall, one shelf missing from a closet and one sliding screen door net torn and out of window sitting in the garage.   Claim Estimate:   $100

- Left pictures, nails, curtain rods and some areas very bad paint. Also fans were full of dirt (looks like they did not really changed AC filters much).  And  master shower was full of bad grime.  I had to re-paint and get professionally clean.        Claim Estimate: $200 (about10% of paint + cleaning estimated charges)

- Few light bulbs missing, one fire alarm not functional (battery popped out), no AC filter at move out.    Claim Estimate:$30

I had old carpet that is totally gutted and messed up with dogs hair. But I'm not charging as carpet was old. I am replacing a new carpet.

I do not have whole lot of pictures from Move-In; but I do have pictures of damages or issues listed above after Move out. In Move-In form none of above issues were reported or listed. Overall I don't have any complain from tenants except that they miss reported number of adults and pets in their application + they did not return the property in condition they were given or as they were asked ( via Move out checklist guidelines). I might be doing some of fixes myself so actual cost may be less for some of the claims.

Would you consider above reasonable? Or should I adjust up / down?

TIA.

If I have to sell, would you recommend to sell AS-IS or sell after roof replacement and baths / flooring upgrades? House is in Coral Springs where I hear is somewhat sellers market.

Would I be able to get my capital investment back + some returns if I make these fixes / upgrades?

Thanks.

To moderators..... is it possible to move this thread to Florida / Ft. Lauderdale discussion forum for better response?

Hello,

Can I get experts advice in my situation below?

1. Purchased SFH for personal living in 2005; bubble burst; went through hardship / loan modification and currently on 40 year; 2% for 5 year (3 years into mod); 3% for 6th; 4% for 7th; and 4.375 for remaining period. Also getting $1000 credit for next two years as part of mod. Also about 30k is non interest bearing loan.

2. In 2014, had to move out of state due to job change; and leased out property with positive cash flow of $250 per month; and about $500 going in principal due to low interest rate. Property is still about 50 to 60k less than my purchase price; but not under water anymore if I have to sell it now.

3. House condition: NEEDS new roof at minimum; and to get good sale price, need to change floor / carpets; and touch baths.

4. HOA has recently introduced rules to discourage rentals; e.g. need application for occupancy, 3000$ deposit, background/employment check, and interview of tenants. .... :-(       I'm hopeful, however, that I will still be able to rent it out as area  / location is good. 

5. My 3 year tenant is moving out now; and now, while out of state, I'm considering should I do minimum repairs; and continue to look out for next tenant or sell the property and move on? 

Now I'm debating....

A: should I be leasing out; and let property further appreciate and build equity while property has low interest rate; e.g. at least for next 3 years and put more savings into payments when possible to build equity. 

B: Try to sell it now and just move on?

So Pros, can you please guide me on this ? If it will be you, what you will do and why?

Many thanks.