All Forum Posts by: Shalom Benton

@Andrew B.

I’ll keep the deposit. It was only $400. But at least I’m not wasting my time in court.

@Jaron Walling

You’re right. It’s a waste of my time. I just hate getting done over! I’ll keep the deposit. I’m not losing much, it’s the idea that gets me. I guess I should be asking for last months rent up front lol. I’ve avoided doing that in the past and never had a problem until now.

Tenant moved without paying their last month rent. It’s $795. They only paid $318.

How can I proceed to get this on their credit record?

I came across a deal that I think could be sweet but I just want to hear your thoughts.

75k, 10% down, owner financing with a 5 year balloon.

The property is a single-family home, 4/1, it is on the rougher side of town (C/D type) where some development as likely to happen (it is nearby universities)… The home already has a tenant, and central AC which is a plus… I like the idea of avoiding the bank, and this has been my preference for my other properties...it’s about $100 a square foot.

But my real question is the five-year balloon, at 75K, I wonder will it appraise for a refinance in four years.

TIA! 

Would anyone recommend a law firm that is familiar with Florida and Texas law? I would like to create a series LLC that has several series, each owning its own rental property. Thanks!

@Johnny McKeon

Just went through a similar deal. If there are tenants, make sure you request all the deposits and any future rents if it’s during the time of your ownership (last months rent etc.).

Read the contract well. We had to change some things that we disagreed with.

Blessings.

After purchasing a multi family, I have come to find out that a few of the tenants have back rents owed. Do I have rights to pursue the back rent? My thoughts are that I have purchased the tenant debt along with the property ownership, since I’m honoring their leases.

Can I pursue back rents since the old leases are still active?

I haven’t started new leases with the tenants yet.

Per Florida tenant landlord law.

Thanks !

Hello everyone,

I own a duplex that is in major need of rehab… I recently put a new roof and new doors and windows on it… However, the interior has been completely gutted so it still needs about $40,000 worth of work…

I would like to finance this, but because this is not a first purchase, I am in new territory with regards to loan options… I wonder if someone could help advise me on the options that are available for financing this rehab? Include strategy for extra kudos!! :-) thanks!!

Note: It was owner financed, and is basically free and clear (no mortgage). I don’t want to put up my own cash. I plan to rent it out ASAP.



Wish I could tell you more! Driving around is what works best, it’s true. Are you looking for a multi that is turn key? 

I have 7 doors in Tallahassee. Cant complain. Cash flow is strong, and we’re local so we manage and do any fixes ourselves. 

Tallahassee is expanding tremendously. So it’s a good market to get into, but retail properties are still pricey. Jacksonville has better prices for retail.