All Forum Posts by: Daria B.
Daria B. has started 151 posts and replied 1921 times.
Post: Inherited Tenants: paying/paid on the 10th.
- Rental Property Investor
- Gainesville, FL
- Posts 1,962
- Votes 431
I read your post twice to let it sink in, in addition to the other posts and what comes to mind is: Is your tenant stuck on this 10th pay date just because he gets paid on this date or is there more to the story?.
I like the idea of moving the due date to when your tenant is able to pay - but that doesn’t work for every landlord. And as you mentioned it doesn’t fit your business model.
I’ve never thought of doing that myself (I don’t self manage as I have very good PMs) and I had a tenant that once she began being late, it remained that way until it was corrected. An outgoing PM ( she was getting out of the PM business ) allowed this to happen with the tenant and didn’t correct it so when the in-coming PM took over I found out it was common business. While the tenant paid the late fee, it was still unnecessary to do so. The in-coming PM worked with the tenant to get her on a budget that allowed her to learn how to manage her money for bills and living. In a few months she was paying on time. She was also able to save money to buy her own place. The in-coming PM went beyond what I imagined and created a win-win solution for everyone.
Have you discussed with your tenant why he just has to pay on the 10th. I know he said that’s when he gets paid but if he’s eating through his funds that have him always paying late then perhaps helping him ( if he’s amenable ) get to the 1st in paying by understanding why he’s dead set on the 10th. I’ve found that it’s never just one thing.
Just a suggestion based on what I experienced.
Post: Where to dispose of full Refrigerator and Freezer in N/Cent FL
- Rental Property Investor
- Gainesville, FL
- Posts 1,962
- Votes 431
Originally posted by @Susan K.:
Originally posted by @Daria B.:
Originally posted by @Susan K.:
Hi,
We are rehabbing and need to get rid of a few disgusting refrigerators and a freezer. There is some food (or what was food a few years ago) in them and we do not want to attempt to empty them out. We just want to drop them off with the doors taped shut. So far having a problem finding a facility that does not require them to be "empty." We are in Gainesville, FL and willing to drive them anywhere in North/Central Florida. Any suggestions appreciated.
Call GRU they will direct you to their department that picks up appliances.
The problem with GRU is they have to be "empty". We do not want to open and empty, too toxic!
Oh ok!
Post: Note business accounting question
- Rental Property Investor
- Gainesville, FL
- Posts 1,962
- Votes 431
@Brandon Hall can you connect with @John Newsom. In search of a CPA.
Post: Where to dispose of full Refrigerator and Freezer in N/Cent FL
- Rental Property Investor
- Gainesville, FL
- Posts 1,962
- Votes 431
Originally posted by @Susan K.:
Hi,
We are rehabbing and need to get rid of a few disgusting refrigerators and a freezer. There is some food (or what was food a few years ago) in them and we do not want to attempt to empty them out. We just want to drop them off with the doors taped shut. So far having a problem finding a facility that does not require them to be "empty." We are in Gainesville, FL and willing to drive them anywhere in North/Central Florida. Any suggestions appreciated.
Call GRU they will direct you to their department that picks up appliances.
Post: Note business accounting question
- Rental Property Investor
- Gainesville, FL
- Posts 1,962
- Votes 431
@John Newsom Are you going to explain this to our group?
Post: What do u think of these terms for a HELOC
- Rental Property Investor
- Gainesville, FL
- Posts 1,962
- Votes 431
Originally posted by @Nicholas Weckstein:
I've been shopping around for a cash out refinance loan. One local bank I spoke with told me they would do a HELOC on an investment property.
The terms are as follows
80% LTV
5.29 % fixed rate
15 years
50% DTI
No fees and no seasoning period.
It’s not exactly what I was looking for but I found It worth looking at.
I'm using It for the BRRRR method
I was initially looking for a 30 year cash out refinance. I also expected the interest rate to be a bit lower than that. In the 4.5% range. I’m still shopping around but wanted to see what the community thinks as this would be my first Refinance. What else Can I expect ?
Thanks
That seems like a good deal considering it’s fixed rather than variable. Mine is a variable.
Post: Responsibility after property management agreement has ended
- Rental Property Investor
- Gainesville, FL
- Posts 1,962
- Votes 431
I can speak from the perspective as an owner who switched PMs mid-lease.
The previous PM was no longer in force after the official switch to the new PM.
I had some issues with a tenant that began with PM1 and overlapped to PM2 and PM2 rightly took on their role as new management. I had all documentation sent to PM2 and I had my own meticulous records that I shared with PM2.
As you are in the role of what my PM1 was, you have no other obligations unless there is some written contract that says otherwise.
Post: Lumber Liquidators new store
- Rental Property Investor
- Gainesville, FL
- Posts 1,962
- Votes 431
@Sam Shueh I drove to Jacksonville to Floor and Decor and it was worth it since Lowes and other stores in my area didn't have anything in the price point I wanted. It was a rental I was having 2 bedrooms refloored. It sounds like having LL in my town is good on in that if the price is good and there are defects, I can easily return them.
Post: Selling FSBO - buyer's agent now wants to be transaction agent
- Rental Property Investor
- Gainesville, FL
- Posts 1,962
- Votes 431
Post: FHA appraisal - house doesn't meet minimum requirements
- Rental Property Investor
- Gainesville, FL
- Posts 1,962
- Votes 431
Originally posted by @Gustavo Panosso:
Originally posted by @Daria B.:
Originally posted by @Gustavo Panosso:
Looking for some guidance -- I'm selling a house that I rehabbed. It has a detached garage and workshop that has some peeling paint. The first FHA inspector/appraiser did not make an issue of it. The second appraiser is now saying that the paint is an issue and needs to be fixed before the buyer can move forward with the loan. They house is build pre-1978. Any thoughts on how to handle this? Is the only solution to scrape and repaint?
I’m curious how two inspectors who are supposed to know the rules, regs, guidelines (what ever they go by) , came up with differing inspection results. Whether it needs to be addressed or not I’m just wondering when they send the 3rd person will they find something else.
Thank you for the reply. I had the same question and contacted the lender. He said that the second inspector will be going out to verify that the repairs are done correctly. He also mentioned that they will be having a conversation with the first appraiser to see why he missed the items that the second appraiser found.
Good that there may be some consensus on the matter.