All Forum Posts by: Wes Eaves

In FL, it is generally difficult to evict a tenant unless they are not paying their rent. Also, LLs don't have to provide a reason for not renewing a lease, just provide them with the proper notice.

I would check the laws in your area that apply to your property or consult with a PM in the same area.

Best of luck with this tenant!

Very good point!

@Brad Hickory Welcome to BP…Tampa here too!

@Zach Rosen Personally, I would include an 8% vacancy rate and 10% repairs in my analysis…just my $.02.

@Richard Vang there are specific state laws however why would you wait on making legitimate repairs? You'll do nothing but make your tenants angry and will get a reputation of a slumlord by avoiding or delaying repairs. Also, tenants can't withhold rent in some instances.

If you're strategy is to use it as a rental, I would find out the cost to resolve the foundation and termite issues, as well as how much it will cost to bring payments current. Once you have all that information, you just need to see if the numbers make sense and there is a positive cash flow. You'll have to decide whether you want to pay out of pocket for repairs and back payments or find someone willing to take a 2nd position mortgage.

I think the equity is important mainly if you're trying to sell it as opposed to making sure there is cash flow from renting it (my opinion).

@Angie W. Times have definitely changed as most of the applicants I've run across have lower credit scores or little rental history. I've used a co-signor for tenants before and has worked out well. As @Karen Margrave stated, make sure you are consistent with your criteria (which it appears as you are).

Just make sure to do the due diligence (speaking with previous landlords, verify employment and background checks, etc...)

Best of luck!

@Joe Butcher It would make sense to take over existing financing if you wanted to use it as a rental and the TRUE cash flow calculation is positive.

You can see if any of them are willing to seller finance. That way you can turn them into a rental with little cash out of pocket.

Welcome and glad you found BP. This site is a great resource and full of useful information. Make sure to ask a lot of questions as people on here are very knowledgable and helpful.

Best of luck with your journey!

@John Thies I would recommend casting a smaller net. Start with one thing and get good at it...once you feel comfortable start branching out. I think most people think they need to have all their ducks in a row and know how to do everything in the beginning. You can read books, listen to podcasts and get advice, but the best teacher is experience.

Best of luck with your investing!