I've recently (in the last year or two) come into a multi-family unit out of state. As you can imagine, getting up and running as been a challenge. At this point we've got our heads around the expenses and incomes, however, I have a number of questions about doing business in South Florida.
- Are there reliable contractors down there? Our experiences have been... lackluster.
- What are the landlord / tenant rules?
- If there is no written copy of the lease, how does one handle pre-existing tenants?
- What is generally included in a lease? That is, we are currently paying the water bill for the tenant, however, we are metered separately.
Additionally, we're looking for a property manager. We use Birdy in San Antonio, and would like someone just as professional in S. Florida.
Thanks in advance!
I would recommend getting a property manager first and foremost. They should be able to cover all of those basis for you. Self managing a multi family property out of state is not something you want to be doing.
South west or south east Florida and what county?
Best bet off the top of my head, link with one of our many Real Estate Investors Associations... that's always your family out of state, think of the members as your cousins out of state.
East coast. Palm Beach County.
Any contacts or names of some local associations down there?
South florida is being massively over built with condo's right now. I'd be weary of that market
@Vincent Crane Well, Miami's skyline is full of cranes again, but not so much here. Also, new condos are at a price point that doesn't compete with the typical multi family rental market.
@Cody Bunch ...answering your questions:
-There are reliable contractors everywhere. I would gather you can look up reviews online if you had to, however I would think you should gauge the opinions of local investors and individuals on BP local to the areas you want to be in.
-Landlord Tenant rules...per the FL Landlord/Tenant Act: http://www.leg.state.fl.us/Statutes/index.cfm?App_...
- If there is no written lease, and they pay you monthly, it reverts to a month-to-month lease
- Generally, if it is a single family home, then the tenant usually pays for all utilities. However, in the case of a multi-unit for instance, where there is only one water meter, then landlord would pay for water, but you'd obviously build it into the rent.