Investing in rental property in Florida (feedback, renting, company, purchasing)
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Looking from overseas, Florida property seems to be attractive at current market prices. With the housing market picking up capital appreciation in the medium term looks attractive but is there a good demand for rentals? We are also looking at Atlanta which seems to have attractively priced 3 / 4 bed homes from $75K with monthly rental incomes in excess of $1000.
Looking from overseas, Florida property seems to be attractive at current market prices. With the housing market picking up capital appreciation in the medium term looks attractive but is there a good demand for rentals? We are also looking at Atlanta which seems to have attractively priced 3 / 4 bed homes from $75K with monthly rental incomes in excess of $1000.
Are you sure you will be able to rent out $75K house and have excess of $1K on rental income?
Why do you think people are not buying these houses and prefer to rent with paying extra $1K?
vivre- if you're overseas, please don't get sucked into some sight unseen investment properties here in the U.S. unless you're really familiar with the areas you're looking to buy in.
In Detroit, for instance, I've heard of some property 'scams' which have sucked in overseas investors to purchase cheap properties with the promise of huge rental returns. Oftentimes, what isn't factored in, is the amount of work (therefore money) that needs to be spent on the property to bring it up to code for rental. In other circumstances, the properties were not able to be rented out for nearly the amount claimed, if at all.
I realize that Detroit is a whole different ballgame to Atlanta- but Detroit is definitely a market which has been attracting the more gullible overseas investors with the ridiculously low prices. I'm not all that familiar with the current market in Atlanta, but seriously, if it sounds too good to be true, it probably is!
Think about it- if Americans aren't snapping up the houses and seeing the opportunity to make some quick bang for their buck rental return, there's probably a reason for it!
The same could be said for my area- in St. Louis you can buy houses for $30,000 or less. However, it would either be in 'the hood' (where you aren't exactly going to get people queuing up to rent) or it needs a lot of work to make it habitable.
We bought a house in Florida last summer and had renters sign a lease for a year, with a deposit. Their lease was up in the summer and they still haven't signed a new lease, do we as landlords have a right to keep their deposit since I can't get them to sign new lease?
It is scary that as an investor and a landlord, you don't know such a fundamental question. As long as they fulfilled the terms and obligations of their lease, and did not damage the home, you do not have the right to keep the deposit. Why would anyone pay a deposit where the return was contingent on someone else's actions?
Quote:
Originally Posted by lindalee10
We bought a house in Florida last summer and had renters sign a lease for a year, with a deposit. Their lease was up in the summer and they still haven't signed a new lease, do we as landlords have a right to keep their deposit since I can't get them to sign new lease?
We bought a house in Florida last summer and had renters sign a lease for a year, with a deposit. Their lease was up in the summer and they still haven't signed a new lease, do we as landlords have a right to keep their deposit since I can't get them to sign new lease?
Normally it defaults to month-to-month lease when the prior lease expires, by default (unless your lease says different).
I guess they are still paying rent each month, right? Why do you need them to sign a new lease? The details of the prior lease are still in effect with only exception being that either party can give 30 day notice to end the lease. Also the landlord can send 30 day notice to change any lease terms such as raise the rent. You still don't need a new one year lease for this.
No,you don't have the right to keep deposit just because they aren't signing a new lease. But you keep deposit for any damages which includes unpaid rent, physical damage to propery, unpaid utility bill,etc. But in FL you must send written notice within 30 days after tenant move out of an accounting of any deductions from security deposit. If you don't do this according to state law, (specific words need to be in this notice), then you forfeit right to keep security deposit money. If you are to return entire deposit you have 15 days.
If you want them to sign a new lease (why?) and they refuse, then give them 30 day notice to move out. Then evict if they don't move out.
What's wrong with the current month-to-month lease?
Last edited by sware2cod; 11-19-2013 at 12:09 PM..
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I highly recommend that out of the area owners hire a property manager (from the same area of the home) so that there is less chance of unknown issues occurring or items not getting fixed in a timely fashion. Yes, there is a cost involved, but saves the owner a lot of potential headaches.
Most people thinking of buying in Florida and renting for some income and using the property themselves occasionally would be better off just forgetting a purchase. The majority of people that I see wanting to do this want to use the property themselves during the very season when there is the most demand and wanting to rent it when there is the least demand. Doesn't work well that way folks.
Thing is we have a property manager, n we pay her 100 a month to collect rent. She did it free for first year since we bought house from her, she is a realty agent, n now she charges us which is fine. But since we started paying her 4 out of 5 months so far rent has been late, we told her in August we wanted year lease no month to month tennants. We didn't know until November she has not had them sign a lease, n said since holidays she will give them until first of year. She tells us one thing n does whatever she want without telling us. Prob is her hubby is my hubby's buddy!! Just frustrated , in our lease that was up in August they have. 5 day grace period n if past that an extra fee which she hasn't collected either.
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Rental Property in Florida
