All Forum Posts by: Kim Meredith Hampton

Renata 

As many have said, you can’t go wrong either way. I have offices in both locations and own properties in both Orlando and St Pete/Tampa. Although, I will say I lean more towards the Tampa MSA. The unemployment is low, has the highest occupancy for office buildings across the US, which means the area is fiscally very healthy. You can enjoy both Tampa and Pinellas counties right across the bridge, lots of beaches, water activities, all kinds of events happening, pro teams like the Rays and Bucks and no state income tax.

Happy to help talk through what your buy box would look like

💯 will be National Association of Residential Property Managers 

Chris, you are probably fine if you are owner occupying one of the units, I think the problem starts if you rent Both units out. 

Right now Tampa has said that the ADU's must be separate from the main house, must have permits in place, drawings, etc…I would go down to planning and zoning and talk to someone before purchasing and getting the lay of the land. There is City of Tampa and Hillsborough County (2 different entities)

Erika 

I actually use a third party company in my property mngt co that asks for vet records, photo and also verifies those “fake” emotional support animal letters people get off line. This takes this out of our hands and has a third party make the decision. They also have them sign a document asking if their pet has every bitten someone etc…

Mike

Don’t do anything during a legal eviction, you could negate your eviction. Stay still until this process takes its course

Alecia

Trying ordering a new lock to change it out. Not sure if you have anyone that services the machines (leased) or you own them outright? You could take the manufacturer/model and call or go online and find a replacement. 

@Wesley W. thanks for mentioning that about the timing on the claim. @Ryan JudahWhether they say claim or not, you should contact and make aware to your insurance company (just in case) if it becomes a problem, they may deny later. 

I manage thousands of habits and have seen a few things, some of the advice coming your way could possibly create a big problem for you down the road. 

Hope it’s all nothing, but positive thoughts coming your way in our crazy upside down world 

 Given your answers, raise the rent to $1000 or give her a 30 day notice to vacate and do your reno

Ryan

Yep, comes with the territory unfortunately!!! We live in a litigious world and people are always out to get us. Really sucks

I’m glad that your PM takes good before photos, they will come in handy. Also a copy of new flooring invoice helps. Maintenance log etc…

You probably should open a file with your insurance company right away. We had something very similar in a property we had purchased with the tenant already in place. She claimed a piece of drywall came down and hit her kid in the head. They went to the hospital, but nothing wrong, told the mother to give him some tylenol, no cuts or bruises.

Immediately the PM went to write up an incident report, called a vendor to do any repairs etc… Our vendor said looks like someone pulled it down. We also had photos and an inspection done when we took over and there were no leaks, stains or loose drywall at that time. The insurance company still ended up paying her some nominal amount even though the adjuster thought it was bogus too

AJ, I would try the rent increase first and foremost. Bird in the hand……

I caution you on the mid terms for a couple of reasons and things to consider;

1. Is this a legal conforming studio rental?

2. STR and MT terms have slowed down significantly, so I caution you in figuring 100% occupancy in your calculations

3. Downtime for rehab should always be figured into your equation with regard to cost and vacancy during this time

4. Do you live in an HOA whom allows MT rentals?