All Forum Posts by: Maria M.
Maria M. has started 11 posts and replied 20 times.
Post: Tenant accustomed to current landlord picking up rent payments...
- Posts 20
- Votes 7
Quote from @Jarrett Harris:
Originally posted by @Nicole A.:
For your type of renters, PayNearMe might be a great option. All they do is bring their rent money to a nearby 7-eleven or such and pay a $3.99 fee. The clerk gives them a receipt. You instantly are notified of a payment and that payment is transferred to your bank account within a few days. My tenants seem to love it.
I don't think you should waste your time driving to pick up rent. They are adults and you are the new guy in charge so whatever the last landlord did is irrelevant.
The hardest part for me about PayNearMe was getting set up and verified to receive payments. So if you use that option, be sure you're all set up before offering the service to them.
I tried Pay near me. When calling to set it up I was told I could not do it beacause I am a sole propriter with one proeperty.
Yes, for paynearme you need a business bank account (which I don’t have). I eventually found a credit union that lets my tenants deposit cash into my account, without me having to have a business bank account
Post: Inherited tenant wants to pay cash
- Posts 20
- Votes 7
Hello everyone,
I have two inherited tenants who want to pay cash. They could do so without problems in the past, because the previous owner employed a property manager. The rent is over $1000, so I think mailing a money order is not possible. What do you think my options are if I don’t want to go pick up rent in person every month? Is my only other option to hire a property manager? Thank you!
Post: Smoke detectors in multi-family
- Posts 20
- Votes 7
Hello again,
I hope someone can answer my question about smoke detectors in multi families in Florida. My question is: do you have tenants sign something stating that smoke detectors work? Do you put that in the lease? Are battery operated smoke detectors allowed? I wonder if doing any of these wrong could allow insurance to deny a claim for fire. Thank you.
Quote from @Mason Liu:
Hey Maria! I personally have Universal as my insurance carrier in Palm Beach County. Lately though, it's been hard to get reasonable insurance quotes. I'd get a quote from Citizens, and then also talk to an insurance broker.
If you are doing an STR, I think that changes things as well.
Thank you very much, Mason. May I ask you how much you think I could expect to pay for a Fourplex of about 2400 sq feet? Did you insure for the whole cost to rebuild the building?
I know this is a difficult question, but what insurance would you recommend in South Florida (Lake Worth Beach)? What about self insuring? It’s for a Fourplex built in 1977. Thank you
Hello,
I would like to know how most landlords act regarding late rent fee vs eviction. In the specific, do you allow a grace period? Let’s say rent is due the first day of the month, what day of the month you start charging a late rent fee? After how long you give eviction notice? Your answers would help me act in line with other landlords. Thank you
Post: Do you Ever Feel “ Landlords guilt “ Evicting Someone?
- Posts 20
- Votes 7
I feel bad every time I have to raise rent, especially if they have children and you know they are in need. But then I think: is the city going to give me a break with quickly raising property taxes? Is insurance going to give me a break? Is the bank going to give me a break with a mortgage at 7% interest rate? Is the water utility company going to give me a break? Are maintenance companies (landscaping, pest, air conditioning) going to give me a break? Are all the repairmen going to give me a break? Since the answer is a resounding “no”, I can’t afford to feel bad for my tenants, as they do not feel bad for me.
Hello, I found a conforming multifamily near where I live in south Florida, priced as a triplex. So at first I thought it was great. Only, I noticed that it was built in 1946 and it’s a wood home (not just wood frame).
I have not done an inspection, so I don’t know if it has termites or electrical or plumbing problems, but I wanted to ask you if you would think it’s a good deal. I plan to hold it long term, so I wander what kind of repairs it will likely need in the next 2-3 decades. I am not an expert in repairs, so I would need to hire plumbers, contractors, etc. to do all the work. What do you think? Thank you.
Post: SFR zone but multifamily Use Code
- Posts 20
- Votes 7
Hello,
I would like to buy a Fourplex in Palm Beach County, FL. It has four separate electric meters. Anyway, on the county appraisal website, I saw that this property is zoned SFR (single family residential), but use code is 0800- Multifamily<5 units. I would like to know if you think I might have any problems. I plan to hold it long term as a rental property. Thank you.
Post: Zoning SFR but use code multifamily <5
- Posts 20
- Votes 7
Hello,
I would like to buy a Fourplex in Palm Beach County. It has four separate electric meters. Anyway, on the county appraisal website, I saw this property is zoned SFR (single family residential), but use code is 0800- Multifamily<5 units. I would like to know if you think I might have any problems. I plan to hold it long term as a rental property. Thank you.