All Forum Posts by: Cathy Svercl

Not every state has the same land trust rules.  Mark Warda is an attorney here in Florida who helped write the law for land trusts in Florida.  He wrote the book Florida Land Trusts, which is very informative.  It looks like he wrote another similar book called Land Trusts for Privacy & Profit which explains how to use land trusts in all 50 states.

thanks, no popcorn ceilings.

Hello, We have a triplex in a lower-income neighborhood in the Tampa Bay area. We have a pretty good Tenant who is moving from one apartment unit to another. The previous Tenant left the place dirty, and several rooms need new paint. Our pretty good Tenant has offered to clean the place before she moves in and to paint it, too. However, she has requested a Rent Credit.

I have no problem letting her clean since that will save us money and allow her to get in there faster. However, I am not sure what to do about the painting, especially if she doesn't do it at all. (The floors are tile and terrazzo, so it is easy to clean up spilled paint.)

We haven't gotten an estimate on the painting from a painter yet.  The Property Manager usually does light cleaning and repairs between tenants.

Recommendations or another way to think about this?  My Property Manager isn't sure how to handle this, either, so I thought I would ask the community.  Thanks!

we use Betsy Delgado at The Plexus Groupe www.plexusgroupe.com

as others have said, property insurance prices have jumped in the last few years.  our 1800 SF circa 1964 concrete block not-in-a-flood-zone triplex in Clearwater used to be around $1800 annually, but is currently $2440.  it has always been with Citizens.  note that Citizens will be requiring flood insurance in the near future, regardless of whether the property is in Flood Zones V, A, or X, or other.  we guess-timate that will be around $350 to $400.  you can check your property's flood zone at www.msc.fema.gov.

sounds like you are in the Eastlake area of Palm Harbor (east of Lake Tarpon). which uses unincorporated Pinellas County zoning. however, as already mentioned, the HOA or Condo Association Documents are likely more stringent, and they will tell you if you can rent out the condo. don't get stuck with a condo you can't rent if you don't want to live there or sell it. (first rule of buying real estate investment is to know how you can get out of it before you buy it.) you will also need to know the HOA or Condo fees, which can be quite high, to figure out if the numbers will pencil. some of these places don't post their info on any website, so you may have to contact the Neighbors and find out who sits on the Board.

Palm Harbor and Dunedin have a similar feel.  Apollo Beach is quite different.  definitely rent before you buy.

as far as insurance, after not much change in the last 20 years, it's jumped noticeably in the last couple of years. both homeowner's and flood insurance rates are posed to rise more. several insurance companies pulled out but hopefully, others will come into the state. keep up with the local/state news for that.

as far as looking at properties in flood zones, unless you are on the water or in a great location, i avoid flood zones for long term buy-and-hold.  

also, i avoid wood frame homes, preferring concrete block here in termite country.  however, St Pete and other old neighborhoods in Tampa Bay have beautiful Bungalow-style (Craftsmen, Arts & Craft) homes, many of which were built with old-growth pine, which is harder for termites to eat.  but, yes, even in concrete block houses, the termites can still have a buffet on wood rafters, interior wood walls, and cabinets.

as they say, your home doesn't have termites (yet).

the Pinellas County Property Appraiser's Office website makes it easy to check your flood zone. use the Quick Search for your property's address, click search, scroll down to Miscellaneous Parcel Info, and the Evacuation Zone is listed. next to it is the Flood Zone, with a link to the flood map. use the +/- buttons on the map to find the Flood Zones (for example, Zone X, Zone AE 11, etc). this map was updated last year with the most updated Flood Zones based on FEMA LIDAR mapping. https://www.pcpao.gov/

this only lists the Flood Zone for the property.  if you are in Flood Zone AE-11, for example, you want the lowest living level of the house to be at least 1 to 4 feet above the Flood Zone Level.  this is not the same as being 1 to 4 feet above the ground level.  an easy check is to look at new homes in the neighborhood - they would be designed to meet those levels.  

however, if you have access to the Elevation Certificate (the current owner or some Cities have them on file), you can look at the measurements listed there.  the Surveyor (in this example) would list AE-11 in Box B9, and list the lowest living level in C2 (for example, 8.5 feet).  this example means the house is 2.5 feet lower than the BFE Base Flood Elevation, even though it might be only 4 inches above the ground level.  

there are several areas in Dunedin with duplex/tri/quad, most of them concrete block, some in low-income and others along the edges of nicer neighborhoods. the Pinellas County Property Appraiser's Office website makes it easy to check your flood zone. use the Quick Search for your property's address, click search, scroll down to Miscellaneous Parcel Info, and the Evacuation Zone is listed. next to it is the Flood Zone, with a link to the flood map. use the +/- buttons on the map to find the Flood Zones (for example, Zone X, Zone AE 11, etc). this map was updated last year with the most updated Flood Zones based on FEMA LIDAR mapping. https://www.pcpao.gov/

we use The Plexus Groupe (formerly Community Insurance Group) in Tampa/Brandon, and usually work with customer rep Betsy Delgado.  http://www.plexusgroupe.com