All Forum Posts by: Eric Odum

MLS is dominated by residential "owner occupied" agents who really don't understand investment property. The agent probably never even ran the numbers....maybe ran the numbers and doesn't care. Who knows.

In any regard, trying to find MF on Loopnet or MLS is a tough road. Most deals are done "off market." Keep looking....I have clients looking for a year before they find the deal they want and the market for MF has become considerably more competitive in the last 2 years.

@Brandon Hall Excellent post!  I have used services from "expert" posters on here.  I was not offended by their signature lines (or anyone else's, for that matter), nor did it disrupt the experience....to the contrary, actually.  One of my objectives posting here is to meet new attorneys, contractors, investors, CPA's etc who have something unique to offer.   If guys like that leave the site b/c potential clients can no longer find them easily, we all suffer, imo.  And, I do believe they will either leave or post significantly less.  It is a pretty big hit to us and the BP experience, imo

Theme parks and beaches...that is what vacation rentals are all about in Florida.  Sarasota, Naples and St Pete to Clearwater (beaches) are great vacation rental markets.  Though, there is some noise in the more affluent parts to limit or ban vacation rentals from certain submarkets/townships, etc.  Neighbors complain about noise and turnover....government complains about a avoiding hotel tax.  It is worth checking with the local realtor you are working with to see if the neighborhood is hostile to vacation rentals.  

Thanks Dan!

@Dan Bosak Is it an issue of collecting it though?  It is money that would be held against the deposit if the property didn't sell.   The tenant is month to month.  It is money the tenant would not get back when they moved anyway.  

 I am in Florida, so I am sure there are specific laws for the State.  

Here is the scenario....tenant owes a small balance. They shorted  their rent payment $50 here...$75 there.  The total they owe is $400, now.  The apartment building is under contract and will close at the end of the month.  

The tenant acknowledges they owe the money and is willing to sign an estoppel to memorialize.  They plan to pay an additional $200 at the beginning of the month and another $200 the following month  (obviously, these payments will occur after the closing).  The way I have seen this handled in the past is, if the tenant fails to pay off the outstanding balance before closing, they sign the estoppel and their deposit, minus the balance owed is transferred to the buyer.  Buyer now has the remainder of the deposit and  the balance due.  Tenant owes the new owner money to bring their account current.  Tenant is on a month to month lease

Clearly, the seller should have nipped the situation with the tenant in the bud long ago, but this is what we are dealing with now

Curious how others have handled.  The buyer is complaining.  

I am curious what area of Miami you are considering @Jose Gonzalez

It happens, but I would not call it common. All of our sales materials disclaim saying "we believe info to be from accurate sources, but do not warranty accuracy. Buyer is responsible for due diligence." We do the best we can to get data from actual surveys and check against recorded data. We have never been sued, but I am aware of those who have been.

@AUDREY DESOUZA finding investment deals is like fishing.  Sometimes the fish like live bait, some times they take artificial, sometimes they bite on in coming tide, sometimes outgoing...{translation} there is no one way to find deals.  We have found properties through referrals, direct mail, probate attorneys, foreclosure, etc.  We have never found a silver bullet, so we have to put a lot of lines in the water to attract deals.  Good luck on your move to Florida! BP is great for networking and info.  

 It is probably the most disparate zip in the county....It has probably the highest income area (Harbour Island) and the lowest income area.  I guess it depends on what you are trying to accomplish to determine if it is a good area or not.  

and what areas of Pinellas?  Just St Pete or are you looking all over the area?