All Forum Posts by: Sam Leon

Quote from @Wayne Brooks:

@Sam Leon If you show them the access hatch under the cabinet with the brushed aluminum handle…that will get your appraisal up there where it belongs.👀

 Hi Wayne, haha you have a good memory! Definitely my brushed aluminum handle is what makes it "Elevated Living" on cloud 9 and will beat the comps!

I have a bit more information to share that may or may not help the situation.

I still believe my property will get interest because there is nothing at this price point in the neighborhood, but obviously 285K one street over is overpriced.

In speaking with the other two units, even though they both are currently pending at 220K, one is no longer in contingency period (cash deal, listed on MLS), and the other is going through mortgage approval process, and this one was never listed on the MLS, the agent was going to put it up a few days apart, but people came calling on day one and when one unit sold, he just put the second one under the contract without ever listing it.

Which means when they close next month, one will be a MLS listed sale, and the other one a private sale.

I have often heard that appraisers only use data off properties listed on MLS for their comps, but a private sale with just a recorded price and sale date are not used as comps due to insufficient information to verify the nature of the sale (arms length of not) and the conditions of the properties.  Is this true?  If so there will then be only one data point instead of two of recent, identical sales.  May help a bit, or not at all?

Finally, as I stated, there are pending repair issues in the other units which they opt not to fix and wanted fast as-is sales, obviously weighted into the price, how much I don't know.  I am aware of ceiling delaminating and a big hole formed from roof leaks (roof is fixed), and interior door broken off etc...so I am debating if the current owner will allow me to take video tours now documenting these defects and general conditions as something the eventual appraiser can use as a reference?  I can start on the outside showing building and walk to unit number on the door, open and go in with a continuous shot to prove this is indeed the place the video is recording.  Would this help or not?  Or the appraiser will not use these kinds of data, and if he/she did it will not be enough to move the needle from 220K to 250K for a lender.  If it won't move the needle then it's wasted effort and time anyway.

Try to make it short and concise if possible.

Four unit condo building, individual owners.  Units 3 & 4 owners are out of country owners, knew each other, bought units when market was low, and rented them out.  I own unit 2, also rent it out.  Unit 1 is the only owner living on the premises.

The market is still hot, and the unit FMV in my estimation is worth 250K each. There is no other units like this available in the neighborhood on the market (except one will get to later). I had a tenant just moved out and am considering selling this unit, just when I was considering, I was told units 3 & 4 are going to be placed on the market. They came n the market the same day asking 220K and were both under contract in less than 1 day. I believe they underpriced.

There is another unit one street over, 2/1, similar aged building, not as updated, smaller footprint currently asking 285K but has been sitting for 2 weeks, I believe that one is overpriced.

So the agent I have been consulting said he believes this is a 250K unit and to list it at 250K.  However when I told him two other units are under contract for 220K and is due to close in 2 weeks, he said I should list it now for 250K to get it under a contract before the other two units close.

I spoke to the two owners who are selling why they priced it at 220K?  They said they bought them at 62K each in 2012, so they already made their money, and also they want to invest in somewhere else, and there are some deferred repair issues that they didn't want to deal with being out of the country so they had to disclose some issues.  Bottom line, they were not trying to max out the price but wanted a fast hassle free sale.

Now my concern is not the demand, I believe there will be buyers at 250K.  My problem is I think the buyer will not be an investor but someone who will live there, unless a snowbird from the north looking for a winter unit to spend a few months and pay all cash.  If I am dealing with someone with a mortgage application, then a 250K offer with say a 25K down will mean a loan of 225K.  If they apply for a mortgage and an appraiser makes a report, that appraiser will use the other units most recent sale price of 220K as comps.  Same unit, same location same footprint.  May be mine is more updated and nicer appliances with crown mouldings and hurricane shutters, but those features will not move the needle much.  Then the bank will say I can loan you 176K (80% of 220K) and you have to being a down of 74K, well the buyer walks out from failing the financing contingency and I go back to "available".

This is the scenerio I am trying to avoid, and I don't see a good way out.

One option is to rent it again and wait a year or two, but I do not see the situation changes, those two comps will stick around a long time.

Ideas?

Quote from @Michael Kuznetz:

Quote from @Sam Leon:

Quote from @Michael Kuznetz:

Sink posts on either side of the driveway and run a chain between with a lock.  Use the post to put up the no trespassing sign and give neighbors the key if you trust them.  This does make the house more apparently vacant though.  If you have utilities on, may also make sense to pay for internet and have some cameras set up in and outside the house.  There are some solid options for exterior cameras that you can monitor that only need an internet connection.  You can power them via solar panels, they have alarms you can trigger and you can also speak/hear through them.  Wyze is a decent option for inexpensive cameras.

Due to the corner lot situation and having a driveway on each side, one being semi circular, that's quite a bit of posts to sink.  My other concern as you said is it advertises the house is vacant.  I will definitely look into cameras.  I know some video door bells are battery operated so I don't have to do electrical wiring just to install them.

Make sure you figure out how to recharge whatever you buy or get solar connections.  Cameras wont be valuable if they run out of juice when you aren't around to replace/recharge.  Make sure you have recording capability, preferably cloud, so you can have video to show if you run into any issues where you need to provide evidence of anything.  

I am trying to decide if I need cameras or video door bells.

It seems with cameras I can mount them higher up on the eaves out of reach and have a wider view.

if I do video door bells I can mount one on the front door and one on the garage side.  The view will not be good as a 270 or 180 camera mounted high.  But a video door bell has sound capabilities and I can say "hey buddy this is a private property and the police has been alerted please move along..." but then again, a battery operated video door bell can be easily removed and taken.

Quote from @Michael Kuznetz:

Sink posts on either side of the driveway and run a chain between with a lock.  Use the post to put up the no trespassing sign and give neighbors the key if you trust them.  This does make the house more apparently vacant though.  If you have utilities on, may also make sense to pay for internet and have some cameras set up in and outside the house.  There are some solid options for exterior cameras that you can monitor that only need an internet connection.  You can power them via solar panels, they have alarms you can trigger and you can also speak/hear through them.  Wyze is a decent option for inexpensive cameras.

Due to the corner lot situation and having a driveway on each side, one being semi circular, that's quite a bit of posts to sink.  My other concern as you said is it advertises the house is vacant.  I will definitely look into cameras.  I know some video door bells are battery operated so I don't have to do electrical wiring just to install them.

Quote from @Scott Mac:

Maybe ask (pay) the neighbor to park just inside the sidewalk (block the driveway), and put some timer lights inside the house--up on the second floor.

The economy is weakening, it might just be a homeless family sleeping in their car (until the car gets repo-ed).

Good Luck!

 I actually do have a neighbor park there for 3 months now because he needed an extra space, and I thought at the time it would be neighborly to have a car there (and not look like a vacant property).  However that doesn't work to deter the trespassing because my house it at the corner of a block and I have a semi circular driveway on one side, and a 20' wide driveway on the other side in front of a 2 door garage.  So even with my neighbor's car there it doesn't completely block off others from parking.

As a matter of fact, the fact that my neighbor parking there makes it more complicated in that I cannot tell the police there should be no car parked on the driveway.

Quote from @Jared Trindade:

Quote from @Sam Leon:

OK may be I do not understand how calling the police works.  I was under the impression that when you call the police to report a situation (burglary, trespassing, theft whatever), you need to be physically present to meet them when they come by later to show them the problem and they will take down your information in the police report.  I cannot just call and say there is a car parked in my driveway please go check it out right?  Or can I?  Note that I am overseas so I will be calling them long distance and they most likely won't be able to call me back.

I have given the neighbors a green light to call the police but they are reluctant to do so because they do not want to get involved because they do not want the occupants of the car to know who tipped the police off for fear that they may come back later to retaliate.  Again, I am assuming if as a neighbor if you call and said someone is parked in a driveway at a house across from me, the police will ask you for your information, and when they come out to check on it, they may go to up to the neighbors house, knock and ask "mam are you so and so and did you call us to report on a car parked across there and can you point out to me which car it is before we approach?"

I have personally called the police, and witnessed others calling the police, especially about public disturbances and no report was needed to be filed. A request for a patrol is not the same as calling in regards to filing a report for a crime committed. A patrol is going to drive through, look for suspicious activity and do their jobs to deter it, and handle issues in an area, just the same as if they were driving down your road randomly and you got pulled over speeding. It's just asking them to be cognizant of the area, and make sure to come by and check it. 

If you called and said three guys just broke into my house, and you met a cop out there to file a report of the crime committed- that's totally different. If your neighbors were to call they can quite literally say they wish it to be an anonymous tip. The cops I personally know have never mentioned being mad someone gave them a tip and didn't introduce themselves haha. 



Q. I'm going on vacation. Will the police watch my house?A. Yes. If you are a resident of Fort Lauderdale, all you have to do is call us at 828-5700. Tell the call-taker your address and ask to speak to the patrol supervisor that is responsible for your area. The supervisor will prepare a Zone Alert and the information will be given to the patrol officers that patrol your neighborhood. Be prepared to tell the supervisor who will have your keys (if anyone) and who to contact in the event of an emergency.

https://www.flpd.org/frequentl...

Check out Fort Lauderdale PD's website, you can also contact them directly from there and get set-up to have a police patrol.

 Thank you,  I will call the PD and explain the situation and see what they suggest.  See if they can send a patrol to investigate.  May be I will get some cameras installed so I can see them there then call to alert them.

OK may be I do not understand how calling the police works.  I was under the impression that when you call the police to report a situation (burglary, trespassing, theft whatever), you need to be physically present to meet them when they come by later to show them the problem and they will take down your information in the police report.  I cannot just call and say there is a car parked in my driveway please go check it out right?  Or can I?  Note that I am overseas so I will be calling them long distance and they most likely won't be able to call me back.

I have given the neighbors a green light to call the police but they are reluctant to do so because they do not want to get involved because they do not want the occupants of the car to know who tipped the police off for fear that they may come back later to retaliate.  Again, I am assuming if as a neighbor if you call and said someone is parked in a driveway at a house across from me, the police will ask you for your information, and when they come out to check on it, they may go to up to the neighbors house, knock and ask "mam are you so and so and did you call us to report on a car parked across there and can you point out to me which car it is before we approach?"

I have a unique situation where I have a property (SFR) that I am in the middle of rehabbing, and got called away on a family emergency overseas and need to be away for a while (probably till May 2023) before I can get back to working on it. Meanwhile the property is locked up.

The property has been vacant for a bit after the bank foreclosed on it, so the neighbors all know it's vacant.

While rehabbing I started talking to the neighbors and had their contact information to contact me in case of emergency.

I was told that for over a week now a vehicle would come and park on my driveway.  This is not a case of someone parked there and leave the car.  There are several people in the car, they come and stay inside the car and sleep in the car overnight, then drive away in the morning.  So far one neighbor told me they did that 5 nights in a row.  They always throw trash out and leave a mess and another neighbor would go over and clean up the trash.  The neighbors are not comfortable with going over to ask them to leave because there are multiple adults in the car.

What would be the best way to navigate this issue to stop it from getting worse...they may try breaking in and turn into squatters next.

If I was there I could call the police...but I am not.  My guess is even if the police get involved it is not a one off thing, they may leave and come back two days later.

Would appreciate ideas...are there security patrol I can pay for that can say make ten trips over ten evenings to get rid of them, if they get told to leave multiple times it may deter them from coming back?

I already have signs at the property - NO PARKING signs, THIS PROPERTY IS UNDER 24 HOUR SURVEILLANCE signs, BEWARE OF BAD DOGS signs, so those are not doing anything.

Quote from @Bob Stevens:

Quote from @Sam Leon:

Do you have a rule in your lease to allow/disallow certain things to be hung outside your rental properties?

I know this is a vague question, so here are some specific examples:

(1) After washing clothes, tenant hangs clothes out to dry, so you have towels, panties, colored bras flapping in the wind.  Would you allow this in the front yard where people walking by or driving by can see?  If not would you allow it to in a fenced back yard?

(2) What about meat?  Yes I have a friend who rented to someone who has a rack outside on a sunny day hanging meat, apparently to make jerky.  He said it smell "funky", and had flies buzzing around the meat.  I have heard of folks doing the same to make preserved fish.

(3) How about a string light?  You know the ones with a cord  and a bulb every 12" or so.  If tenants were to hang one in the yard from one side of the house to a fence, and during a storm or hurricane can easily get shattered glass when these bulbs are slammed against the structures.

Does this depend on property's class?  That this is more common in a class D than a class A?

Do you have any language in your lease agreement or tenant rule book to address this?  If so please do share.

 You need to do a better job at screening. This is obviously a bad area, so now you have to deal with it, screening is very important 

This is not happening with my tenants.  However, this is something I saw, not a bad neighborhood, actually a very high end neighborhood with 1M+ waterfront homes along a river with ocean access.  I was eating at a waterfront restaurant across the river.  What was odd to me is most these homes have a yacht docked on the water.  Out of ten yachts, that afternoon I saw three of them have a clothes lines ON THE YACHTS.  Hanging on them are beach towels, bikinis, shorts etc...that's what kind of triggered the thought of what if my tenants were to do this in my multi-unit buildings, whether it's hanging in a corner in a common area, or draped on railings of stairs or balconies...I do not have anything in my lease or rule book addressing this.  The other case of meat drying was something a friend ran into, that I think can be an issue if there is an offending odor (to some) and if that attracts animals like possums, raccoons etc...