It entirely depends on how you structure it. Are you paying cash or need a mortgage on them? There are many solutions such as placing some properties in a trust or corporation which would enable you to receive more mortgages on them. Get into touch with me, I am pretty good at achieving what you are trying to accomplish. P: 888-320-7888 - www.MortgagesforAmerica.org or e-mail me with any questions - Ken@MortgagesforAmerica.org... more
Hi Collins, you may need to give a higher deposit if you are going to rent from a private owner, but your best bet will be an apartment complex until you are able to improve your credit. Good luck!... more
Cathy, I think I had the possible tenant. I will call Autumn tomorrow and give her info on community. I just sold a unit last week and have another one closing next week, in that community.
I'm not sure if an attorney can help, but I will pass along info of a real estate attorney to her. I would think it would help if you had anything from RealManage in writing with rental approval.... more
I made the move down from NY some years ago and I am certain you will enjoy the Florida lifestyle. With credit that is not the best, you should plan on paying first, last and security. There is also an application fee averaging $50 per person, and a pet fee (when applicable) of about $300 per pet. Please feel free to search for rental properties at www.DanTurnerRentals.com and let me know if you find properties you would like to view.... more
To make sure you're dealing with the REAL owner - ask for ID and make sure they are the owner of record (you can check public/tax records).
Also, NEVER send money via Western Unon.......if the person says they can't meet you in person, or it sounds fishy...........it probably IS fishy.
Make sure you meet any potential landlord in person.....another tip off that it is a scam is when the rent sounds too good (too low) to be true!... more
In Tampa Bay we have many preforeclosure properties so it's crucial for a tenant to verify the Seller is current on his mortgage or the tenant could end up having to allow "showings" to prospective buyers on a short sale. Also if the landlord is insolvent it may be difficult if repairs are needed, too. Also the deposit is supposed to be held in a separate account but some landlords may not and it could be difficult to get the deposit back.
We have a shortage of rentals in Tampa Bay so the best properties get grabbed up within days of being listed so you need to act quickly. There is not much room for negotiation, unless the property is overpriced. To capture a good price, you also need to start the lease as soon as it becomes available so don't waste time looking sooner than about 30 days before you will sign the lease.
All the best,
Check Craigslist and just be sure to verify the landlord is paying the mortgage or you may get evicted or have to allow "showings" of the property by Realtors and their buyers. Not fun having people traipsing through with minimal notice. For this reason, it may be wiser to live in an apartment "complex".... more
I have rented to several Section 8 tenants and have had generally positive experiences. The biggest advantage of a Section 8 tenant is that you are practically guaranteed to receive your rent on time (at least the Section 8 portion of the rent as the program may not cover the entire amount). The biggest disadvantage is that if you have an older property you may be required to make improvements in order to meet newer building codes and/or improve accessibility and other issues to accommodate the elderly and disabled.... more
The answer boils down to the value of your time. As a manager, you'll have to deal with a variety of calls that aren't truly the responsibility of the landlord. You will be the responsible for the accounting and budgeting for the property as well as the maintenance and vendor supervision. This may seem simple as you are the principle in the deal but it can easily consume too much of your time if you have a career to attend. Some managers will advertise low rates and you'll typically get what you pay for. In our current state of affairs you'll see managers popping up everywhere because a somewhat stable income is more attractive than a commission based income. New property managers may beat current rates but may not provide the necessary experience or attention to properly manage your asset.
If you have the time, do it and save the money. If you don't, be diligent and choose a manager that is well respected in your area and will manage your asset as opposed to your physical property.... more
As a real estate investor in the past, I did sell all my rentals prior to the drop in values but plan to buy again actually looking now due to pricing. One of the things that you need to consider when determning if you are comfortable managing the homes yourself is do you have reliable people that can handle issues with the homes should they come up? If the answer is yes, I would certainly try managing them on your own at first. If this does not appeal to you after a few months then hire someone to manage them for you. I personally managed 6 homes with little issues, but I had reliable plumbers, electricians, ac people etc. Managing the homes on your own will save you a significant amount of money especially if you live near them. If you are an out of state investor then I would suggest hiring someone to manage the homes for you. Absenty owners can have difficulty managing from long distances. Managing rentals is not as hard as everyone thinks it is, just have a good team of people that can help you should issues come up. Also consult an attorney should you have tenant issues and need to evict someone.
I hope this helps best of luck to you... more
You locked in a $480 savings by signing early [($50-$40) x 12 months] and now the current offer is better and you expect to get it?
Now if the offer was worse and there was a $1,000 penalty do you think it would be fair (although you had a contractual agreement to get a $480 annual savings) that you should now forfeit your savings and pay the $1,000 penalty?
I rest my case...... more
Confer with attorney however you are governed by lease terms and statues of state of Florida, if you are resolving issues with lender while tenant residing in property many propertiy owners are doing this across the country then move forward tenant is not aware of issues.
If you notify tenant tell them you are working on these issues they could pack up and leave .
However if home does go to foreclosure best notify tenant therefore they can make arrangements
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