All Forum Posts by: Marelyn Valdes

In Florida, you have no liability with a living tree or it's branches falling on your tenant's or the neighbor's vehicles or house.  I would get good insurance that covers a tree falling on your own rental (including loss of rental income) and not worry about the tree.  It shades in the summer and leaves fall off in the winter, making it warmer.  If the tree dies then you have liability, otherwise, any damage from falling trees or branches is considered an Act of God.  I had a neighbor's tree fall and crush a carport and my tenant's van.  I got a new carport and the tenant, who didn't carry comprehensive insurance, got a totaled van with no compensation.

Did you draw up your own contract or use the one from the Board of Realtors?  I just made an "as is " offer (all cash) on a place and it was the standard contract - just fill in the blanks.

Ocala has recently added several large warehouse/distribution centers - Auto Zone, Chewy's, Fed Ex, and is building another one along the interstate at the same exit.  Lockheed Martin is on the eastern side of Ocala. Currently the new World Equestrian Center is being built and will have lots of construction jobs as well as all the services connected with their shows and housing.  There is a 6 month waiting list for homes in On Top of The World (55+) to be built.   Employees are always looking for rentals and the market is very hot.  If you check Facebook sites - Ocala Rentals Available or Houses and Apartments for Rent in Ocala, you will find numerous people begging for rental properties and the amount they expect to pay per month.  

@Patricia Steiner  You can accept partial rent payments in Florida, but must give a 3 day notice after the partial payment for the amount or rent still owing.     

Under F.S. 83.56(5))a), it states a landlord does not waive the right to terminate the rental agreement or to bring a civil action for that noncompliance by accepting partial rent for the period

Be sure to check with the county to see if you can build on it again.  Marion county has changed some of their rules on flag lots, so if you are grandfathered in to build or put another mobile on it, don't let it expire.

Attorneys that represent criminal clients often end up with real estate since the criminal gets his or her family members to put a lien on their property as collateral for their fees.  When they can't pay, the property goes to the attorney.  You might want to check on buying directly from the attorney.

I had First American Home warranties on a couple of my rentals (I usually put a 1 year warranty when I buy a house that comes with appliances and has an older central AC unit).  When the AC went out at a rental MH (think metal box in the sun all day), I was able to talk the warranty company into buying a small window unit (I bought a cheap one at Home Depot and they reimbursed me), since it was going to take a couple of weeks to get the parts and my tenant had a handicapped child.  I then had a unit to loan out to other tenants if their AC's went out.  You just have to be persistent with warranty companies and you always have the choice of just taking the cash they offer and using your own contractors.  It might be better for you to take the cost of the compressor replacement and use the money to buy a new unit.

Have you considered Section 8 tenants?  

I had a tenant for over 5 years who had a couple of "dogs" and  I only saw a few chihuahuas when I met repair people on the farm.  Turns out he had pens for his pit bulls so they were out of sight when repairmen came and he always kept the front gate chained and locked.  Travelers Insurance asked for exterior pictures of houses on my commercial policy with them and allowed him to submit pictures of the structures....which were approved and then he added it was a good thing they didn't come out because his pit bulls might bite them.  Next morning my agent said evict him or my policy would be cancelled.  Travelers would not allow any renters insurance policy because they had paid out over $3 million in Marion County on a pit bull bite lawsuit.  Tenant refused to move (he was on a month to month) and I had to evict.  This was a tenant who paid his rent early every month and rarely complained about anything unless it was a major repair.  Later I found out the pits had escaped and threatened the neighboring business, so I was lucky they never bit anyone and now he's gone along with his liability.

Is there something about the current tenant you have that turns potential tenants off?  Are you there to show the property yourself or are you sending people there so your current tenant shows them around?  If I were the only tenant in a large property, it would be to my advantage to make it unappealing so I had the whole place to myself.