All Forum Posts by: Patricia Steiner

My recommendation is to shop the heck out of it.  My clients and I have had the same experience but, in every case, we found resonable insurers did exist.  I also recommend raising your deduction as much as you can and ensuring you have a clean 4-point as all insurers are requiring a new one.  Hang in there.

And, here's the ordinance on rent increases in St. Pete: "The ordinance that takes effect on Jan. 1, 2023, says if landlords raise the rent by more than 5 percent, they have to give 60 days' notice for a year lease, 30 days' notice for a 3-month rental and three weeks' notice for month to month renters."

It's a notice game but it doesn't keep you from doing what you need to do to cover rising insurance costs and taxes.  

We actually found that a furnished unit - in the Tampa Bay market - was less attractive to tenants than an unfurnished one with the following exceptions:

vacation rental and visting nurses which you would then price to those specific markets (use sites that are specific to those renters).  

Best and highest use for a property is a key success driver.  Hope this helps.

Let's think this through:  who would like to live in a house surrounded by a working farm?  Who would be a respected tenant by the owners - a former farmer (may try to "help"), a family on an experiential vacation (may prove to be more of a nuisance), visiting nurse/a Veterinarian/ rotating physician?  I would start with who would be a respected and appropriate tenant for the property and then market directly to that population.  Just my two cents...hope it helps.

You manage to the lease.  Based on what you shared, I recommend:

1.  Sending another notice that the lease will not be renewed on 3/31/23 and that they will need to schedule a final walk with you on or before that date when the unit is completely empty of posessions, trash - and is cleaned so that any security deposit can be processed.  I would state something to the effect of "as a follow-up to the notice of four months ago, your lease will not be renewed..."  It's always good to remind them that they're not staying and that the end lease day is the last day.  I would also include that their March payment in the amount of $... will be due on or before March 1st.

2.  No payment on March 1st:  Send a Notice of Quit for the failure to pay rent. Depending on your state's law, this gives 3-days (in my state/I don't know where your property is located) to pay or eviction will begin.  If they're not going to pay, they don't get to stay - so you might as well speed up the eviction filing.  Again, manage to your lease.  And, don't accept a partial payment because that has been viewed by the court of acceptance and negates the eviction filing.

3.  There will not be two eviction cases. Failure to pay will be the eviction action and you will also provide your written notice of non-renewal with it.

If you have a security deposit that will cover the rent, check your state law to see if you can offset it to pay what is due to you in March - and avoid the eviction filing while setting up a date for their departure and final walk. I find when you keep the focus on departure, tenants tend to see that you're not dropping the ball.  Know your state law, manage to the lease, and act on the first default.

Hope this helps...

You wouldn't be just buying a property -but starting a business.  And, neither one of you are experienced (yet).  Before you do anything, I recommend that you KNOW the business better - the business of real estate and of running a business enterprise.  For example, there are no boring properties...that's not the mindset of a business owner.  Buying within valuation and within your budget is the stuff of success.  You should never buy a property that you can't imagine taking to the next level.  If you can't get there, don't do it.  Again, learn more and go it alone so that it is YOUR business, YOUR operating model, YOUR vision, YOUR wealth builder.  

Hope this helps...

Bloomberg Wealth reports that Institutional Buyers have taken a bath in the Phoenix housing market by  "paying far more than they needed to on the way up and getting far less than they should on the way down."  OpenDoor alone lost money on 89% of the homes they sold in the fourth quarter - average a loss of $58k per property.  On the other side, Amateur Buyers (a term that Bloomberg obviously misused) were the real financial winners:  "local flippers sold homes for 20% above their purchase price. They tended to buy distressed properties, though they also generally put more into renovations" - and there's nothing amateurish about buying right and renovating to market standards.  Rents in that market are also declining so those I-Buyers who decided to play the rent game instead are faring no better.  It's an article worth reading - but more than that:  Congrats on showing Wall Street how real estate investment is done by the real experts!  

It's a bigger process than you think. Depending on the market, it can be a real headache. Having said that, there are some great designs being offered that make an ADU less ADU-ish and an attractive dwelling option. And, "container housing" is being launched by many municipalities in order to provide affordable and subsidized housing. St. Petersburg, Florida is taking refurbished shipping containers and creating stylish (never a word I thought I would use with the word shipping container) two story apartments; take a look:

https://ilovetheburg.com/shipp...

What strikes me as an opportunity for investors is this:  "A pre-fabricated shipping container house in Saint Petersburg is estimated to be around $15,000 to $50,000. The price may vary or change depending on the size of the house and the design. Some big Saint Petersburg shipping container houses produced by manufacturers can go as high as $250,000."  

The interest in these 'unique' houses has extended to college students, young professionals, and even retirees.  

Kind of shocked and awed by it...

What a great way to waste everyone's time while getting yourself blocked by every seller, realtor, and broker you contact.  First, an email is not an offer.  Real investors make a real offer based on valuation.  Proposing a new price?  Did you ever consider that pricing is based on analytical factors that are customary in the industry?  What you are proposing is amateurish, unprofessional, and unwelcomed.  I offer this as not only a broker but as an investor as well.  Learn the business and do business in a way that will earn you a reputation as a serious investor.  

Please keep one thing in mind:  Florida isn't Texas...while Alaska is the largest state, Texas takes second place. In Florida, our land prices reflect the scarcity of available land and in comparison to Texas (and many more) is extremely high.  As far as 'is it a good time to buy,' much of Florida is in a housing crisis.  In terms of specifics:  "The Census Bureau's latest estimates show that a net total of about 320,000 Americans moved into Florida between 2021 and 2022, the largest number among the 49 states and Washington, DC."  So, if you find a property that works for you and your budget, BUY IT IMMEDIATELY.  Waiting will only cost you more.  And, unlike other states that are experiencing a 'buyer's market,' that won't be the case here where inventory remains tight (that old supply and demand thing) - while people keep moving here.  Rental prices are increasing year-over-year by more than 20% and inventory is limited as well.  Fun, huh?  

Congrats on your job relo - that usually is reserved for the best!  And, you're going to love it here.  

Please do some online research on this; from Intuit:

"If you are receiving the promissory interest, enter it as if you received form 1099-INT. In the Received from box, you may enter Promissory Note Interest Income and the name and any tax ID, if you have it."

So you would report the total interest received and then take your deductions separately.  There's a lot on this topic out there so I recommend checking online for tax prep experts.

Best.