All Forum Posts by: Shaun Patterson

@Alexis Guini  Will do look out for it now. 

@Matt Malone Shoot me a pm and I'll see if we can help out. 

We are looking to buy multi family properties in Florida. The main areas of investment would be in South Florida markets (Palm Beach, Broward, Miami Dade)  and the South West counties (Lee County and Naples).  We may look at other areas in Florida depending on the property and the location. 

The type of properties would be Multi family properties and Office building only. 

Let me know what you have available 

Thanks!

Im not an accountant or Tax guy, but from my experience I would say If you are self managing then I wouldn't have an account for each property. Get a software program that is able to manage the finances for each property that you own. Now if you have a different llc or entity ownership for each property then yes you have different accounts but still have the software program that manages each property and entity that owns them for taxes and so forth. 

We are looking for value add properties in Florida. The main areas of interest would be the South Florida Counties,the West Coast of Florida (Lee County and Naples area).  We may look at other areas based on the deal (numbers have to work). 

The Type of Properties would be Multi Family Properties Only.

We are looking for Properties that have one or all of these issues 

1. Vacant. 
2. Have High vacancy
3. Deferred Maintenance 
4. Major repairs needed
5. Code Violations 
6. Can't get Bank Financing to close
7. Crime issues  

Let me know what you have. 

Thanks!

@Account Closed   Most renters insurance policies only cover personal liability and personal property for renters.  The limits we set are what the average amount of personal property a renter would normally carry. Most will try and have less coverage to save money. So this is more of a security feature for the landlord and tenant in the event the tenant has damage done to property that they own. For example its raining and the roof leaks and shorts the tenants TV. If the landlord didn't have a good lease or the tenant not have renters insurance the landlord could be held liable since the tenants belonging aren't usually covered under a landlords policy. The other part would be the personal liability in the event a tenant's friend twist his ankle while at the property , depending on the policy set up would cover the tenant liability for damage.  Alot of people mistake that renters insurance is mostly to protect the landlords and be in place of their building owners policy.  For our properties that we manage we add our company as additional insured due to the fact that we need to be aware if there happens to be a change or lapse in insurance on both the renters insurance (if they dont use our blanket policy) and the landlords insurance policy. But I wouldn't put a tenant on a landlord's policy. 

I would add another comment that it sounded like they didn't have any inspections done on this property. We usually have a the move in and move out and the biannual inspections to get a good idea of what status the property is in. If the schedule these inspections close to the end of the lease they would have a good idea of what would need to be done. Minus the hole in the wall covered by a painting.

We haven't received any pushback on this yet. We give them two options: one they use the renters insurance company that we have, or two they get their own with the specific limits we need and the insurance company adds us as additional insured. We explain the reason why and let them make the choice.

I would agree. You should have started the eviction proceedings as soon as that 30 timeframe ran out. This looks like it may be a loss on your end for rent, water, and legal fees 

I would add one more point. Don't bend the rules for this tenant. If you charge fees for making payments and he refuses to pay them that's on him. That fee is the charge associated with your cost for the software and his ease of access.