All Forum Posts by: Martha Daisley

Hello!

Theres a duplex im considering buying(both sides) thats in pretty good condition but looks like it needs some cosmetic work and general cleanup(maybe 10k reno) . My dilemma is how I would deal with the tenants that come with the property. Both sides are rented out to tenants that are currently paying about 30 to 35% below market rent. They are both on month to month leases.  From the pictures i saw, they seem to have alot of stuff in there(borderline hoarders )and the units look filthy. One of them smokes.   On the one hand, its nice that the unit is already cashflowing(though not as much as id like at those rent amounts), but on the other hand, id rather get new tenants that are cleaner and can pay market rent. Then the cashflow would be much better.  I dont think the tenants that are currently there could pay for a 30 to 35% rent increase so the choice would be to let them stay and raise the rent bit by bit or non-renew and have them move out so i can renovate, clean up and get market rent with new tenants.  What would you do?

I had another idea that even though they are on a month to month, I was thinking I could give them maybe 4 or 5 months notice that im non-renewing the lease. That would give them enough time to find another place and would give me a few months of rental income that i could use toward the reno and cleanup.  I was even thinking of maybe staggering it...maybe have one tenant move out first, reno that side, then once its rented, have the other tenant move out and reno the other side.  What do you think?

Thanks for your answers! Yes Lauren, i am suspicious too. I dont think ill end up renting to him but i think this is a good question to know the answer to. If anyone can recommend an attorney, ill follow up with them.

Hello 

 I am trying to find an answer to a short term rental question i have. I am a condo owner over at Daytona Beach in Florida. I had a situation come up where a potential guest wants to rent my unit for 4 months. Ive only ever rented my units for 30 days or less. I was reading chapter 509 of the Florida Statutes in regards to short term rentals and im trying to find out what the situation would be if the guest were to refuse to leave. Would it be a matter of calling the police or would a full blown eviction process be required because the guest was there more than 30 days?
There is no way to receive mail at the condo unit I own and it is used for short term rentals. The reason why this situation is sticky is that i know that this particular guest does not actually have a permanent resident elsewhere. He was renting another condo in the same building long term and it was sold so now hes looking for another one to rent long term. I told him I could only do 4 months and he says he's ok with that. I have a short term rental agreement i use which would stipulate that the agreed time is only 4 months, but my concern is, what happens if he doesn't leave after 4 months? Would he be considered a tenant where an eviction would be required or would he be considered a short term guest that can just be removed by the police?
Thanks , any input is appreciated!

Martha

Hello everyone!

I need suggestions and recommendations on how to structure a possible deal.  Theres a property that im working on doing a short sale with. If the bank accepts my offer, then i would need to get financing for around 50k.  The property needs work and so i dont think that a conventional bank would do the loan. I am approved with a hard money lender that will finance the deal and even finance repairs, however the loan is too expensive to keep longer than a couple months. I would have to refi out of it quickly. However potential refi lender only accepts minimum loan amounts of 75k and above. I need to refi into a 50 to 65k loan with 30 year fixed.

The problem i run into is that , i know some banks like Bank of America will finance low loan amounts but not on a property that needs work (it will need like 10 to 15k of work, needs a new roof etc).  And then the investor friendly lenders have high min loan amounts.  So i cant seem to find a long term lender that will finance a property that needs work but has a low loan amount .

Can anyone recommend a lender that will finance a property that needs work for a low loan amount of 50 to 60k and that can finance it with a 30 year fixed?

thanks!

Martha

hi @scott smith. Thanks for your reply! i have a call with an attorney from your office in 5 min :)

Hi everyone

Can anyone recommend a good hurricane and flood /windstorm insurance company?  I have two beachfront condos and im looking to supplement my current insurance with better hurricane insurance and add flood insurance.  My current insurance excludes wind driven rain, i dont know if theres any insurance out there that covers that.

thanks!

Martha

thanks for your input everyone!

Hello

I was wondering how much is enough liability coverage for a short term vacation rental. On the short term rental I currently own i have a commercial liability umbrella policy with coverage of 1 million/2 million aggregate. I manage my own rental but i talked to this property manager that said their company offers 25 million of liability coverage if I use them. They said 1 or 2 million of liability coverage is not enough. I dont know if he was just pulling my leg trying to scare me into hiring them or if theres any truth to this. Can anyone comment on this?

thanks!

Martha

Hi Everyone , im looking for a private lender or hard money lender with nice terms for a quick closing on an investment property.  I basically need funds to close quick because im getting it from a wholesaler who wants to close asap.  The property price is 145K.  If interested please let me know. I currently own three buy and holds and am doing a flip now. This would be my fourth property. thanks!

@Mindy. Thanks for the tip! Doesnt look like Solera is in central Florida though. I did end up finding someone at wells fargo