All Forum Posts by: Marelyn Valdes

http://www.naylornetwork.com/FAP-nwl/articles/?aid=39215&projid=2461   

Daniel, be sure to occupy the property by Dec. 31st so you qualify for the homestead exemption on next year's taxes and file it early in 2019.  Congrats on your purchase!

I am closing on a HUBZU house tomorrow.  When I put in my bid, I just listed my agent (as buyer's agent) and she is getting a small fee from Hubzu, while their worthless sales agent (wouldn't answer calls, emails, etc.) is getting $1,000.  Hubzu paid both agents.  They are also paying the title insurance since I am using their title company.

The tax info should be on the tax collector's online site.  As for code violations, call the county code enforcement and ask.  I also check the owner's name on the clerk of court's site under cases and also under public records.  https://www.citrusbocc.com/plandev/codecomp/code-c...

http://www.citrustc.us/

I agree with the other posters - pay to do a title search before you hand over any money and get a warranty deed.  If you buy, get title insurance, too.  Better to spend $150 now than find out your title is clouded or there are liens on the property after your cash is long gone.

The Ocala market is very good (where I live and have rentals) and also The Villages/Lake Panasoffkee area for seniors. I recently found a great SFH on 5 lots a couple of blocks from Lake Panasoffkee, which has some of the best bass fishing in the US, that I am closing on in early October. Fixer upper, but great bones and I should be able to rehab and update for about $25,000. I am still deciding whether to rent or flip. I didn't use a realtor, but bought at an online auction, in this case Hubzu.

Check the Clerk of Court in the county and look at public records.  There should be a filed will or appointment of someone to handle the estate (search the deceased's name and something after the date of death).  There could also be a mortgage on the property (look up the original purchase paperwork in public records) and the heirs can't or won't pay it off or get a new loan so are letting it just sit there running up expenses.  Hopefully you will be able to find some contact info.

I used Asset Preservation, Inc, for my 1031 exchanges and they were easy to work with and very helpful. I handle my SFH's myself and you just have to remember it's a business and not start feeling sorry for tenants (once in a while, OK) or they will start taking advantage of you. I had SFH's in Houston and Tampa, while I am in Ocala, FL, and found long distance ownership was not for me (and my Houston PM seemed to always hire a repair and cleaning company at the same exact address as his office). Now everything I currently own is a short drive from my home.

As for online auctions, I have purchased from Tranzon and just "won" a SFH through Hubzu. Tranzon was easy to work with and everything went smoothly. Hubzu - not very good customer service - buying a Fannie Mae home and Hubzu sent me an owner occupant affidavit after telling the CSR I was not planning on occupying the property. It took me 5 days and finally opening a case with Fannie Mae to straighten out the mess and get Hubzu to send an amendment to the sale contract. It's a great ROI (winning bid $40,000 and tax assessor has it at $98,000) that I should be able to rehab and flip easily.

1031's let you exchange income property for income properties, not a home.  Be sure and check the requirements.  I was able to exchange rental homes for raw land (held for investment) and you can sell several and buy one or sell one and buy several.  Be sure and check the timelines for identifying exchange properties - I screwed up on one sale and didn't find a property to exchange within the 45 days and ended up paying a lot of tax on my profit.  On another, I bought a property and they held the sales proceeds from my sale and held ownership of the new exchange property until I did all the repairs and upgrades (6 months), then transferred the property into my name at the stepped up price (so when I sell I will only owe on the profit from the stepped up value).  They send checks from the escrow money to each contractor during the rehab, so it never goes into your account.

Ron S.   https://www.jimersoncobb.com/blog/2015/08/evicting...

NOTICE TO TENANT OF TERMINATION

You are hereby notified that your rental agreement is terminated on the date of delivery of this notice, that your occupancy is terminated 30 days following the date of the delivery of this notice, and that I demand possession of the premises on (date). If you do not vacate the premises by that date, I will ask the court for an order allowing me to remove you and your belongings from the premises. You are obligated to pay rent during the 30-day period for any amount that might accrue during that period. Your rent must be delivered to (landlord’s name and address).

After the 30-day notice period expires, the lender may then move the court for a writ of possession based upon a sworn affidavit that the 30-day notice of termination was delivered to the tenant and the tenant failed to vacate the premises at the conclusion of the 30-day period. Fla. Stat. § 83.561(2). The writ of possession will then allow the lender to properly evict the tenant and take possession of the property.

Welcome, Zac.