All Forum Posts by: Andrew Ashby

One low-key method I like to use is to schedule a visit to change the batteries in the smoke detectors. This gives you a legitimate excuse to tour every room in the property during the lease without being too intrusive. Just order the Amazon Basics batteries in bulk. As for damages, I wouldn't worry too much about drywall, paint, or carpet. To calm your fears a bit, I'd say you can ask for some additional deposit funds as a condition of renewing their lease if you're concerned that their damages will eventually overrun the security deposit. The bottom line is that nobody likes to feel that they're living under a microscope. You want them to stay put and decrease your long term holding costs with regard to vacancy and turnover expenses.

@Alyssa K., in that case, hit them as hard you can by showing the evidence of their fraud to their commanding officer who will deal with it swiftly. Military service comes with great respect but also a responsibility not to betray the public trust, and there's no room for those who do. Please reach out to me if you have any difficulty reaching the powers that be or if they don't handle it satisfactorily. 

I'd say it's time to jump ship, especially with no agreement already in place. They obviously don't have the time, care, and/or resources to devote to your investment. Communication is key in this business and it looks like it's not happening. It's one of the key reasons I fired my own property manager.

You're fortunate to have a plan so far in advance for that vacancy. As others have said, it's going to depend a great deal on your local market conditions as to how well such stringent deposit requirements are tolerated. Many of my own investments are in low income areas and I usually can't get away with more than first month's rent and 75% to 100% full month rent as security deposit.

@Alyssa K., I really hope you're not even considering trying to charge the early termination fee. The entire purpose of the military clause is to allow our service members to exit for reasons beyond their control. Like others have mentioned, just ask to see their orders for verification. As a military reservist, I wouldn't mind taking a look at them to check their legitimacy if you want another set of eyes. 

I agree with the comments @Andrew Davis made about the frenzied pace of class A new construction apartment complexes. Anything listed publicly will be at market rate in the 5-7 CAP range. I would look toward the more rural areas of Orlando Metro about 30 minutes to 1 hr from downtown Orlando.

@Ryan Judah, yes send me a private message and we’ll go from there 

@Ryan Judah. Hello. You'll find 1% deals on the fringes of Orlando Metro. You might see 1.5% in some of the rougher areas, but you're generally not going to see anything under-priced here anymore. 

@Renee Ren, I consider Central Florida to be the counties of Polk, Osceola, Orange, Lake, Seminole, Sumter, and Marion. Notable cities include Lakeland, Orlando, Ocala, and their surrounding areas.

@Nancy Luxama, I assure you that 1% (or slightly better) deals can be had on the fringes of Orlando Metro, within a 1-hr drive.