All Forum Posts by: Patricia Steiner
Patricia Steiner has started 11 posts and replied 2421 times.
Post: tenant wants to add mother on the lease?

- Real Estate Broker
- Hyde Park Tampa, FL
- Posts 2,465
- Votes 3,863
Let's start with the "month-to-month lease in perpetuity." Here is the California Law: "Under California state law, a landlord can terminate a month-to-month tenancy by serving a 30-day written notice if the tenancy has lasted less than one year, or a 60-day notice if the tenancy has lasted more than one year." (End)
What you will want to do is prepare a written notice to the tenant that the lease will be terminated on (give 60 days notice) and that she will need to depart the premises on or before that date. Since she is challenging, I would also note that she has been provided the 60-day notice to terminate under California State Law. Ask her to schedule a final walk of the unit on or before (the departure date) with you so that you can arrange for any return of security deposit provided the unit is in satisfactory condition and all contents/trash are removed from the premises. You do not need to give a reason nor get in a debate over it. Be sure to either post it on the door of her unit in a sealed envelope with her name and Confidential noted on the envelope face (after posting it, take a photo as your proof) AND/OR send it by certified mail or Overnight Delivery (which is preferable of the two).
And, you can't be a rookie and take over management of a property. This is nothing less than running a business so you have to know the laws inside and out. Get the letter out first (there are templetts available online for your state) and then start educationing yourself. Start with the California Court's Guide on Tenant-Landlord Laws: https://www.courts.ca.gov/docu...
Read this on California's Notice Requirements: https://www.nolo.com/legal-enc...
Property Management is a profession and business. You can't wing it. Here's your chance to rid yourself of a problem tenant and start your learning process. And, by the way, no mother...crazy is crazy enough without adding more.
Best...
Post: Got a letter from office of the assessor due to a recent remodel

- Real Estate Broker
- Hyde Park Tampa, FL
- Posts 2,465
- Votes 3,863
If you don't respond, a whole lot of not so fun can come your way to include sending out a code enforcement officer/building inspector to view the project -who will determine the value for you. Soooo do respond...the $30k remodel could increase the value of your property more than that value (or even less that the investment); here's a blog from a Sacramento Appraisal Service on this topic: https://sacramentoappraisalblo...
And, yes, your taxes will go up but it won't be significant if you respond; you might offer that the remodel wasn't an option as what was there was obsolete/inoperable/whatever. Tell your story - or someone else will tell a whopper of a tale on your behalf.
Hope this helps.
Post: Helping buying my first STR

- Real Estate Broker
- Hyde Park Tampa, FL
- Posts 2,465
- Votes 3,863
I recommend that you start out by understanding the zoning restrictions in Orlando. Our hotel industry/lobby in Florida is a force and they are known for putting desk clerks on duty of searching for illegally operated vacation rentals listed online. Here's the city's guidelines: https://www.orlando.gov/files/...
Solara Resort will be a tough gig as there are a ton of vacation rentals operating within it. You may want to consider if you could qualify for a second home loan since you intend to use it periodically yourself should you choose that location. What makes for a great vacation rental business is not only the location but how you differentiate yourself from all the other properties. As a new owner, you won't have the reviews from past guests which can really propel reservations so you'll need to find the right property and market it the right way to get traction.
Hope this helps...
Post: Questions about investing in an occupied multifamily

- Real Estate Broker
- Hyde Park Tampa, FL
- Posts 2,465
- Votes 3,863
All offered above - and this one: make the offer contingent upon "vacant possession" at closing. That puts the burden of negotiating early termination of the leases on the seller as well as the seller ensuring the property is empty of all contents and trash by the time of closing. Let's face it - the seller selected the tenants and if you buy the property with the existing tenants, you're stuck on doing anything until lease end as the tenants have an enforceable lease. If there are short-term leases and/or none, let the seller provide the 30-day notice and deal with security deposit issues and more.
Hope this helps...
Post: Listing Agent Offer Disclosure Requirements: Missouri

- Real Estate Broker
- Hyde Park Tampa, FL
- Posts 2,465
- Votes 3,863
The answer is no and it's because what is "best" is subjective and determined at the sole discretion of the seller. The best offer may be one that is lower than another but waives all contingencies and closes in 3 days. And, I've won deals by doing it just that way. A property is only worth it's value and "highest and best" often bring out a bidding war based on ego - not valuation. My recommendation is to streamline your offer to what is really important to you in terms of contingencies and closing date; sometimes even more escrow proves to be a good play.
Fingers crossed on your offer being the "highest and best" of the lot.
Post: Opportunity - first buy

- Real Estate Broker
- Hyde Park Tampa, FL
- Posts 2,465
- Votes 3,863
Nooooo. Do the math - always do the math first. A mortgage on $108k is $765 monthly; even at 20% down, the payment would be $643 - and this does not include taxes, insurance, and maintenance/repairs. You would be buying a property that won't cash flow. It may be a good home for a first time homebuyer - but it's not a good buy for investment purposes.
Always know what the carry would be first - the hard dollar amount which includes your mortgage, insurance, and taxes. Start there. Then decide what profit/cash flow you want from it each month. Check rental rates in the area for comparable properties and determine if it's realistic. This is a quick and dirty analysis to determine if a property is worth learning more or if it's a "why bother." This is the later.
Keep looking...
Post: Mechanic's Lien on Property After Closing

- Real Estate Broker
- Hyde Park Tampa, FL
- Posts 2,465
- Votes 3,863
Call the Title Company immediately; ask them to provide proof of settlement from the seller for the roof and the affavidat stating that all work performed in the past 90 days was settled. The mechanic's lien may be due to a timing issue. Either way, get the title closer involved in resolving this. Also, was a permit pulled and a Notice of Commencement signed? Those should have shown up in a lien search performed by the title company.
In Florida, a Mechanic's Lien has a life of one year and it cannot be extended. A property owner can file a Notice of Contest of Lien and the "deadline to initiate an enforcement action is shortened to 60 days after the notice. If the claimant is served with a 20-day notice to show cause, the enforcement deadline is 20 days after the notice." If the roofer has not been paid, the fastest remedy is to file a lien against the property. An enforcement action must still be taken or the lien just falls off after a year.
Start with the Title Agent. Hopefully that's where it will end.
Best...
Post: Buying a rental across from elementary school

- Real Estate Broker
- Hyde Park Tampa, FL
- Posts 2,465
- Votes 3,863
There are a lot of issues with being located next/near a school or church.
Valuation: Negative impact on property value due to increased traffic on the roadway.
Resale: Can be difficult due to increased traffic, noise, and more. A school can also be a draw for "other activity" during evening hours.
Rental: Positive for those who have children attending that particular school - BUT a negative for those who do not have children or those with children attending elsewhere.
My recommendation would be to thoroughly know the market and the prospective tenant pool. Being even a few streets away from a quality school can be valued added - but too close is definitely a negative.
Hope this helps...
Post: When to be flexible with a tenant, when to be rigid

- Real Estate Broker
- Hyde Park Tampa, FL
- Posts 2,465
- Votes 3,863
You're running a business and a 6-month lease is limiting in many ways - including financing where annual leases can be used to support repayment. I recommend a compromise of sorts:
Do a one-year lease at market rent pricing - and offer early release from the lease after (# of months - maybe 8) with 60 days notice - so at 6 months, they could give 60 days notice and be released from the remaining term.
There is no business that operates successfully based on having different operating models for each client. I recommend advising the tenant that a one-year lease term is required but that you will work with them on an early release to accommodate their concerns. That's more than fair - AND it puts you in the driver seat, not the tenant.
Hope this helps...
Post: STR slowing down/crash or ramping up?

- Real Estate Broker
- Hyde Park Tampa, FL
- Posts 2,465
- Votes 3,863
Tampa Bay remains hot...the industry results show over 30% increase in revenue from previous year and bookings are up 10% year-over-year. Our hotel industry is a real force and zoning for vacation rentals is limited as a result - but where it is legally available, it is thriving. There's just one problem: inventory. It's very limited to non-existent but it's worth stalking and buying right.