All Forum Posts by: Patrick L.

Welcome aboard, there are definitely a lot of Tampa Bay people on this forum.  

Your best bet is to let the tenants know your plans and offer them an incentive if they want to move out early and terminate the lease.    Some sort of cash for keys agreement is going to be your best option, you can't just throw people out when they have a valid lease, are paying the rent, and aren't violating terms of the lease.   If you're worried about market timing in Florida the non-summer months are still fine to sell properties unlike the other states that actually have winter.  The last one I listed was a month ago and I had 12 offers over asking the first weekend (listed it Friday, signed a contract Monday).  

With that much money I'd be buying class A multifamily and office space in major metros for cash flow and large tracts of raw land for long term growth.  

I imagine most on here aren't regular lottery players but when the jackpot is nearly a billion dollars (I only count the cash option as the value) it's worth a shot for the entertainment factor. 

I would suggest starting with the lease provided by the Florida Bar association.   

Florida Bar Lease Docs

It's not the windows that are expensive, it's the labor.   Those $400 windows are probably $100-150 each for the materials.   In NYC expect to pay A LOT more for labor than people in the midwest are quoting.  

Sure, I'll take a payment plan on the security deposit.   

Here's my phone number

I'll waive the late fee

 If you only have a handful of rentals it's worth the cost to have a property manager take care of it.  I have around 60 rentals at the moment so it's easier to do it in house but I have a full time maintenance guy who handles all incoming calls.  I just take care of paperwork, screen tenants, find the deals, oversee the rehabs, and most importantly....write the checks.  

Drain line cost is going to vary considerably depending on how the house is built and where you're moving things.  Big difference between changing out or moving something with access from a crawl space/basement  vs jack hammering up a slab (which is how most homes here are built)

The problem with a grace period is then that becomes the new due date in their head, there's no reason to pay prior to that.   That being said I offer a grace period through the 5th so I don't have to hear about any complaints about when they get paid, when they get their disability check, a holiday, a weekend, etc.   My tenants absolutely do not have my home address, they can pay electronically or mail/drop off at my box.  I keep a box at a pack and ship store (like a UPS store) that is centrally located near my rentals and open 9am-7pm Monday-Saturday.   Many mail it but others would rather drop it off because either they don't trust the mail or they waited until the last minute. 

 I provide all of my tenants with a stack of printed addressed envelopes  (I bought 1k of them for under $100 ) so all they have to do is put a stamp on it an mail it or hand it to the person at the counter at the pack and ship store and they know where it goes. 

It's just a lot of work, I probably look at 100 properties for every 1 I buy at foreclosure auction. I bid on 40 for every 1 I win. Too many 3rd party bidders driving up the price on the ones that bank does let go for a reasonable price. There are lots of people that are apparently ok with making $5k on a $150k house. There isn't a shortcut, the more properties you research the more opportunity you have to find a deal. In my county there's one 3rd party bidder that will often win 3 in the same auction. It's hard and it's a lot of research, but there aren't any deals on MLS so your only other option is to invest in your own marketing or find a decent wholesaler that actually has off market deals (which I have yet to find around here).