All Forum Posts by: Marelyn Valdes

From the other side of the equation...I am selling and listed the property at $5,000 over what I wanted (listed $129,900 wanted $125,000).  It appraised at $126,000 for buyers who couldn't qualify for their $134,500 offer where they wanted me to pay 6% of their prepaids.  We lowered the price to $125,900.  Just got another offer for $105,000 conventional financing....I wasn't insulted but countered at $120,000 (no contribution on my part).  They offered $115,000 and tried citing the really ugly house across the street that sold for $117,000.  Told their agent they should have been shopping earlier so they could buy that house, but my final offer was still $120,000.  We are now under contract.   

Lowballing on your first offer may not be bad but be prepared to come back with a higher offer if you really want to make the deal.

I can't afford to buy in The Villages proper with all the HOA fees and strict requirements on almost everything (you can rack up HOA fines for any non-compliance by your tenants). I bought a house to rehab and flip or rent just a few minutes outside the Villages (Lake Panasoffkee), but haven't had the time to get to it so it's on the market. I think you would get a much better ROI outside the Villages.

@Wendy Gomez so far I have rentals and a flip in 34482 and 34479 areas.    I have had a couple of real horrible ones and just said screw it and listed one for sale (under contract) and am waiting to rehab the farm I evicted a long term tenant for his pit bulls (he kept them in the guest house, so all new drywall and insides).  I will be selling the farm in the winter when HITS is in town and the new World Equestrian Center opens.

I moved to Ocala from Tampa in 2003 and the rental market is great here, although I don't invest in the Shores or Marion Oaks.  The cost of living is fairly low here and we don't have a state income tax.  It's a little over an hour's drive to Orlando, Tampa, or the beaches.

If you let them get behind then it's cheaper for them to just keep stalling you and save up to move when you finally do start the eviction.  I let tenants give me one sob story and pay late and after that I give a 3 day notice after 5 days (Florida).  Every time I have felt sorry and tried to work with tenants over several rental periods I ended up screwed over - and they didn't leave the house clean and ready for the next tenant.  

i agree with @John Thedford in getting an attorney ASAP.  If you let the buyer slide it may set a precedent and you need to enforce every part of the mortgage.  

I have ceiling fans in all the bedrooms in my rentals and also the living or family rooms.  In Florida, AC is not required by statute, so if your tenant is unhappy let them out of their lease and move on.  I had one tenant run the CHA so low there was condensation on the windows.  When one complains they had the electric company run an audit and say more attic insulation was needed I say if you plan to stay it might pay for you to install it at your own expense to save on your electric bill.  I install energy efficient windows and doors when I buy a house and most of my AC units are newer and under warranty, so if it's not cool enough for the tenant they can move on to another place.

I don't prorate the rent, so if they hold over why wouldn't they owe for the whole month?  The last tenant that tried the "use my deposit for the last month's rent" got a 3 day notice on the 2nd day of the month and I went to court to evict them.  They ended up moving a little over half way through the month (before the sheriff came to evict) and I kept the security deposit and have a money judgement against them.  They never bothered to answer any of the court paperwork and didn't leave a forwarding address, so they moved and cleaned the place somewhat and don't even know they have a judgement collecting interest. 

I prefer CB or frame homes, but found a MH on 1/4 acre of land that just needs cosmetic work.  It's a huge 3/2 and needs flooring, kitchen cabinets, some holes in the walls patched and replace glass in about 6 windows, paint, and appliances.  Paying $34,000 and it will take me about 3 weeks to get it ready to rent.  Rent will be $900 - 950 a month and estimated repairs are $10,000 max.  If I want to flip it rehab would be closer to $20,000 and it would easily sell for $75,000 - 80,000.   The Ocala, FL rental market is very hot with few units available.  I recently sold another MH I had paid $28,000 for 4 years ago, which I rehabbed and rented for 3 years and sold for $70,000 cash "as is" - it would have needed a new roof due to age (no leaks) to finance.  I am closing on it Friday and have already had a possible tenant check it out and is waiting to see if after rehab.

I have never boarded up windows (Tampa or Ocala, FL) - that's what insurance is for....and most of my damage has been from falling trees not flying debris.