I am buying a duplex, I negotiated the price of a new roof in my deal. Also, both A/C units are new & were replaced in 2017.
1 unit is occupied & under lease contract through the end of 2017, the other unit is empty.
I have viewed the empty unit & it was in good shape, just needs a little paint touched up. I will view the interior of the leased unit when we perform the inspection.
I am planning to replace the carpet in the empty unit with tile throughout as my 1st attempt to tenant proof the unit.
I have my financing in place as a 30 yr fixed loan requiring either 20% or 25% down (Non owner occupied). The Mtg company said I would not be able to do a deed transfer into an LLC. I have my Ins quote with business liability coverage of 300k per occurrence & 600k annual business liability coverage. Is that good enough or should I open an LLC & try to do the deed transfer & run the risk of the MTG being called to be paid in full?
I am going to self manage & I have a couple other quick questions :
I would like to set up for my tenants to only be able to pay their rent online, which website do you recommend for easy of use, efficiency for tax reporting & is the best for the cost of use?
Is there somewhere I can get a good template for a solid lease that I can modify without breaking the bank? My brother in law is an Attorney so I can have him review afterwards.
Any & all other information that you think would be helpful is greatly appreciated.
The FAR lease is quite thorough. I use that and add a couple of addendums. Make sure you know Florida landlord-tenant statutes. Part II is residential. The statute is Chapter 83. Print them out, learn them, and follow them.
As to online payments, I am not set up for that yet. I just sent my tenants banking info so they can set up direct payment from their bank each month.
Great info, thank you John. I am looking over the FAR Lease now.