Asked by Emily, Naples, FL Sat Apr 21, 2012

Hello, I asked a question about a month ago about moving to Naples. I was told that A LOT of people rent out their condos/ town homes and I should look into privately owned places and people who are willing to do so. I am asking on this site because everyone knows someone. I want to be in North Naples. I will be a teacher and by no means can afford 1,000 a month. I am a quiet, young professional who wants to be in a SAFE location with easy access to everything. I would make a great tenant. I would want to lease for approx. a year and move in in July. Please understand that I can afford 900 a month tops. I will keep a place EXTREMELY clean!! I am coming down in 3 weeks. I can meet up with anyone then. Any suggestions you can make or if you have a place/ know someone who has a place please let me know. I really would be an ideal tenant. Please be respectful that I can't afford $1,000 a month unless you are willing to go lower on the rent in exchange for a great tenant. Thank you !!

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John Caponet…, Agent, Naples, FL
Sat Apr 21, 2012
Hi Emily;
The banks would rather have someone in the unit maintaining the premises instead of letting it go into disrepair. And the banks will gladly assume a lease on a unit that is foreclosed upon if you ask them. Also, the new law is that the bank must give the tenant 90 DAYS to find a new place to live. So there is an extra added cushion of safety that I believe the Obama administration put into law not long ago to prevent a lender or servicer of the loan to just put someone out on the street over night. Now having said that; a tenant may also be in the unique situation to buy such a unit at 1/4 the market value of when the unit owner purchased the unit. That is 75% OFF!!!!! with rates that are also 1/2 of what they were in 2005 and 2006. So far, that is 2 extraordinary circumstances that a lessee can put themselves into a win-win situation!! And the third peice of the pie is that all the mortgage interest is tax deductible and there will be equity building every year into the unit. If I were a potential tenant with a good credit score; I would want to align myself with a realtor who owns the property and who can also negotiate a possible sale down the road with the tenant and for the tenant. Instead of being afraid of a potential foreclosure or pending short sale that may come up on the unit; you the potential tenant should embrace the situation and position yourself with the unit owner who may or may NOT be a realtor and discuss the logistics and negotiation skills needed to speak with the bank for the short sale. If the unit owner is a realtor; he/she can recommend avenues to take for finding lending intstitutions to help obtain financing for the short sale. If the unit owner is not a realtor, find one that can help put you into a good position and have you prequalified for a mortgage and ready to purchase when the time comes. It takes a while; but it can be done with persistance, determination and patience. Along with a good dose of due diligence should secure a good purchase of real estate.
And please do not believe those that say a lender will not fund a short sale. They will if you have knowledgeable people who can call the correct agencies to spur them along. There is no reason why a bank can not fund a short sale. They just DO NOT want to. There are laws in place and ways to make things happen if one knows the correct people to call.
If you are a first time home buyer for example; there is an ammendment coming into tax law that will give a first time home buyer in the state of Florida 50% off the property tax rate in addition to the homesteaded tax break of $50,000 dollars on city and county taxes and the $25,000 homesteaded tax break for school taxes. So the tax breaks for a first time home buyer are huge!! On a $100,000 short sale the $50,000 dollar homestead tax break brings your taxable value to $50,000 and the $50,000 first time tax break for first time home buyers brings your effective taxable rate to $0.!!!! Yes that is a ZERO.
In effect the bank you would hold a mortgage with would NOT collect escrow taxes at all in your first year. The best part of the law is yet to come. The second year of your home ownership is going to be taxed at 80% of the 50% off which is 40%; then the third year is 60% of the 50% which is 30% and so on until you reach 0 in the fith year!! Is Florida not the best place to buy a home??? This is the 4th way in which a first time home buyer can save themselves a ton of money and build equity at the same time. Five years from now; that same $100K unit can fetch $200K to $300K for the right unit, location and buyer.
Emily, I may have wrote a lot. It is because I am passionate about what I learn on a daily basis. And what I learn I can pass along my knowledge to people to help them. Knowledge is power. The power to change one's circumstances for the better. I am in the process of also becoming a mortgage loan originator and this information was just made know to me today. Passed onto to us as just something that is really good to know and not "needed to know" for the state and national tests. So I am hoping that this has helped you in some ways formulate what your concerns may be in leasing a unit in North Naples.
I also know other realtors who are short sale specialists within the brokerage company I am affiliated.
Please feel free to contact me if you have any further questions.
Best Regards;
John Caponetto
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Emily, , Naples, FL
Sat Apr 21, 2012
Kathy I will give you a call? When is good for you?? Unfinished is perfectly fine. I have furniture.
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I am available to chat all day tomorrow... short reply!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Flag Sat Apr 21, 2012
any time Emily....
Flag Sat Apr 21, 2012
Peggy Wagner-…, Agent, Bonita Springs, FL
Sat Apr 21, 2012
Are you looking for furnished or unfurnished?
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Kathleen Hol…, Agent, Naples, FL
Sat Apr 21, 2012
I have an alternative to rentals... Please call me at 239-898-3327.. I am a professional home stager and can help you with affordable, safe living arrangements. I am a Realtor as well...
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Maurice Mcla…, , Naples, FL
Sat Apr 21, 2012
Hi Emily,

I have been helping people achieve their Real Estate Goals since 1977...

WORD of Caution!..If you are looking "privately" beware that some owners may be leasing their properties that may be in a foreclosure action...meaning they may lease with you... but an eviction notice may be possible from the bank.

I would suggest you investigate purchasing as an alternative to these are the LOWEST interest rates in 50+ years..where your mortgage payment after deductions [ i.e. interest & taxes] may be substantially less than rent...Food for thought!

Christine O'Shea a Broker Associate I work with can assist you either renting or purchasing.
visit: 239-682-7000 She has assisted other Teachers in finding housing.
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