All Forum Posts by: Patricia Andriolo-Bull

Quote from @Pierre E.:

@Patricia Andriolo-Bull

Anything specific you could share as advice from your experience?

Yes, they speak English which is one reason I was considering Grenada. The language barrier was the most difficult piece in my experience but I also ran into legal issues where the party that defaulted on their contract was connected so there wasn’t much I could do to get what I was owed. Essentially the developer / property manager didn’t pay our contractual rental income for years (a sum of nearly $30k) and I didn’t have much recourse. They still owe us money. Also, their taxing system was difficult. I couldn’t just expense expenses. I needed to provide vendors an “RNC” number that they used to provide the government with the expense. Many vendors (for obvious reasons) either wouldn’t do that or didn’t do that so I couldn’t qualify deductions from my income. Just a few examples…

Quote from @Pierre E.:

@Patricia Andriolo-Bull

Any new insights?

I would love to hear from others who have done STR in grenada as well, ( or even a similar/non bahamas-jamaica-aruba Caribbean island that isnt on the top of the list for us tourists but still worth it)

 Hi.  Nothing new from my end.  I did not move forward with Grenada, at least not yet.  I am heading there on August 8th and may change my mind.  I am in the process of selling my condo in Punta Cana and it reaffirms my issues with purchasing abroad.  Even the selling process if very difficult

Quote from @Pierre E.:

Anyone have short term rentals in Grenada? Any ideas suggestions or thoughts on the market? Or general thoughts on investing in similar islands in the Caribbean? I know some people from there living here interested in investing, me as well.

Seen some nice places there on AirBNB but feel like a… fish outta water… when it comes to carribean/international investing?

I recently looked into Grenada. My daughter is starting vet school there in August and thought it might be a good place to invest. There is an opportunity to invest around the medical / vet school. I am just divesting from the Dominican Republic. It wasn’t the best experience so I’m a bit hesitant to jump into another Caribbean island. A few points, different tax laws and language barriers made it more difficult. 

Quote from @Richard F.:

Aloha,

A spreadsheet alone does not provide much evidence on your behalf. Do you have lots of detailed photos for move in condition, and signed move in condition form? Lots of move out photos? Actual invoices for making repairs noted? If you are well documented, I would not hesitate to present to a Judge. Just remember to keep your responses to the Judge very short, concise, and without emotion or story-telling. Let the Tenant talk themselves into a losing position.

Also, are you required to use an attorney, or does your LL/Tenant Court operate more informally as many "small claims" Courts do?

 Thank you.  Helpful.  The spreadsheet has links to either repair costs or product replacements ( I would print these out if I do go in front of a judge).  I took many photos of the home the day I turned it over and the day after they left.  The challenge is we didn’t have detailed photos of every single thing (for example, pots and pans).  I have photos of how they left them.  This is a 3300 SF furnished, upscale home so it has top end finishes and items.  I did not take up close photos of my counter tops - never could I have imagined the level of destruction in that short tie.  I also don’t have receipts from the original items (e.g. vacuum and outdoor sectional), so I’m not sure if the judge would say that I’m trying to replace with something more expensive.  

I need to learn more about the court proceedings.  I have a week to respond.

Hello.  Looking for some guidance.  I have spoken with an attorney briefly but would like some thoughts from others.

Context:

I had a 9 month tenant, upper scale property and tenant, $19K security deposit.

Tenant vacated 4/29/23 (actually left 4/30/23 due to their circumstances)

The property was offered fully furnished.  They substantially damaged many items (destroyed outdoor sectional, left $700 vacuum OUTSIDE in the rain, destroyed marble countertops, scratched wood floors, and various other items including leaving various personal items randomly throughout the home (including sex toys) that I had to dispose of.

Fully documented items using an Excel spreadsheet.  Identified costs of replacement.  In some cases discounted significantly due to the fact that they weren’t “new” to begin with.

All said and done, I with held a bit more than $6K and returned the rest at 30 days (per state requirements and lease).  

Within one week I received an 8 page summons (via state Marshall no less), suing me for excess of $15K (not explanation) not inclusive of interest and legal fees!  

The property is in CT, a very tenant friendly state, which does allow them to go after twice the security deposit + fees but not sure how they came up with their number.

I have documented everything with photographs.  I took photos the day I turned the property over as well.  

My lawyer suggests settling.  I can’t imagine doing this given all of the documentation I have provided.  I also find it insulting to give them a cent more than what they gave me in security.  

Anyone have success litigating this?  Should I settle? Trying to take emotion out of this but this is ludicrous!

It’s not a door lock but a digital lockbox (I have condo restrictions on what I can use). It’s called igloo home. Pretty cool lock. Integrates with Airbnb and some other PMS. You can create random pins for each guest remotely. 

Hello. Looking to purchase either one or multiple rental properties in the Tampa area. Open to different strategies (STR, MTR) potentially longer term depending on the cash flow. Selling an investment property now and this would be a replacement 1031. Looking to move quickly. If you have experience as an agent in this area, please private message me. I understand STR constraints in certain parts of the Tampa/Clearwater area and would like best guidance and agent.

Thanks in advance!

Quote from @Dave Foster:

@Bernard Joseph S., Thanks for those kind words.  You're doing your first like it was your 100th exchange!  @Patricia Andriolo-Bull, The 1031 exchange must be US property (and a couple of US territories - Guam and the USVI primarily) for other US property.  Foreigh property must be replaced by other foreign property to qualify for a 1031 exchange.  If you're wanting to reposition your assets in the 50 states you'll need to sell the DR and pay the tax.  Then you can reinvest the rest.  And once those properties start to season you can start your path of 1031 exchanges.

 Thanks.  I’m actually okay with selling the Dominican Republic property for another foreign property and the US property for another US property.

Quote from @Patricia Andriolo-Bull:

Hi. I am listing my rental property for sale in the next week or so and would like to do a 1031 exchange. Looking to interview a couple of QIs for best fit and pricing. Anyone interested, please send me a message. It's a SFH in Fairfield County CT.

 Also looking to sell a property we own in the Dominican Republic.  Do foreign properties allow for a 1031 exchange if we purchase the new property in the US?

Hi. I am listing my rental property for sale in the next week or so and would like to do a 1031 exchange. Looking to interview a couple of QIs for best fit and pricing. Anyone interested, please send me a message. It's a SFH in Fairfield County CT.