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Old 05-10-2009, 08:41 AM
 
5 posts, read 15,817 times
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I am considering a move to FL, but have heard some scares about people moving from FL in droves because of unaffordable housing. From what I see in rentals, it looks very affordable. Am I missing something?? One fear I have is to rent and then be booted out because homeowners can't afford increasing taxes - is that realistic?? I own a home now & it's a concern to give up my home for a gamble.
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Old 05-10-2009, 09:50 AM
 
25,880 posts, read 39,149,162 times
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Originally Posted by skittles33 View Post
I am considering a move to FL, but have heard some scares about people moving from FL in droves because of unaffordable housing. From what I see in rentals, it looks very affordable. Am I missing something?? One fear I have is to rent and then be booted out because homeowners can't afford increasing taxes - is that realistic?? I own a home now & it's a concern to give up my home for a gamble.
The property taxes have been way lower due to the value of the homes have dropped.
If you check the LL property and financials on the public records and no liens or judgments show up you pretty save to rent the place.
For both sides things can occur of course but if you see that a LL hase a history of judgments and liens, than move on to another property.

Most of the time the people who are in financial trouble have a pattern of being in trouble.
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Old 05-12-2009, 09:21 PM
 
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thank you bentlebee, i never would have known how to check that out!
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Old 05-13-2009, 01:57 PM
 
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hi - I'm moving to Tampa and have been screwed twice now by flaky landlords and flaky management companies. Make sure the home or condo you are going to rent is not in the middle of foreclosure. You can either consult a realtor regarding this (they have access to MLS stuff that a regular person would not) or ask the landlord for a current mortgage statement. I know this sounds extreme but in my experience (South Tampa) - it seems (i know not really) like everyone is in an upside down mortgage situation. People are just walking away and banks can come in and change the locks at anytime leaving you out your security deposit and any other monies paid.

Also be aware that it seems like the Tampa market is ticking up a bit in pockets so then the landlord may decide to sell and you are screwed...

I hate to do it but I am now looking for a condo (would prefer a sfr) owned by a large company simply because I'm sick of individual landlords in Tampa.... I've met nothing but whack jobs.
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Old 05-13-2009, 03:03 PM
 
25,880 posts, read 39,149,162 times
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Originally Posted by shackleton View Post
hi - I'm moving to Tampa and have been screwed twice now by flaky landlords and flaky management companies. Make sure the home or condo you are going to rent is not in the middle of foreclosure. You can either consult a realtor regarding this (they have access to MLS stuff that a regular person would not) or ask the landlord for a current mortgage statement. I know this sounds extreme but in my experience (South Tampa) - it seems (i know not really) like everyone is in an upside down mortgage situation. People are just walking away and banks can come in and change the locks at anytime leaving you out your security deposit and any other monies paid.

Also be aware that it seems like the Tampa market is ticking up a bit in pockets so then the landlord may decide to sell and you are screwed...

I hate to do it but I am now looking for a condo (would prefer a sfr) owned by a large company simply because I'm sick of individual landlords in Tampa.... I've met nothing but whack jobs.
Look at Chrysler, GM and other major companies who are filing for bankruptcy just as well as major owners of malls through out the country so IMO it isn't much more safe to go to a big company than through a LL.

If you follow what I stated before and check the public records you can weed out the notorious non payers and LL who have judgments and even had more than 1 lis pendens. Some names you can google and will come up in different areas of the State or other States and will show more properties in foreclosure in other States...if you already had this happen twice than you didn't check to well after your first disaster.

There are many LL who you can trust and who have no liens, etc...it is "only" like 4% -8% of the HO who are in financial trouble and only a part of them are LL so the chances are slim you will run into them....btw there are many tenants who have a very bad rental record so it goes both ways....Many times I have seen people who complained that something happened to them were not the having the best financial records them self's...I'm not accusing you since I don't you but just refering to my experience.
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Old 05-13-2009, 03:44 PM
 
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whatever! When is the last time you have tried to rent in South Tampa area? I don't know where you got your statistics but when dealing with rental properties, the odds quadruple when it comes to foreclosures... Florida has one of the highest rates in the country with 1 out off every 22 homes receiving a notice (not necessarily foreclosed on but notice of pre foreclosure) and when you consider that the owner occupied rate is at 72%, your pickings getting pretty slim on the rental market and your odds of being foreclosed on go up.

I own several properties myself in Washington DC area and Southern California - I have NEVER experienced a rental or sale market like the one going on in Tampa - just check out Westshore Yacht Club for one... That complex is 45% non owner occupied and completely upside down. People paid $700k for property that is now selling for $300k

There are two houses on W Watrous in Hyde Park where the owners are in upside down position.

As for me, I said I've been screwed twice (and I'm not even in your city yet) but not the same issue both times. I learned from my first lesson and have since engaged a professional realtor who knows her trade. I would recommend this to anyone because it can take months before anything shows up on liens. The 2nd issue was not her fault but that of a flaky homeowner who decided to rent to a family member but never told the listing realtor and my money was refunded.

As for your comment regarding "notorious non payers" - apparently all 37% of the foreclosure rates in Riverside County are people that never pay their bills. It shows how uninformed you are. In my case, the doctor that had one of the properties on Watrous also owned other properties, had no liens listed and would have seemed a good bet - only it wasn't. The only thing that saved me was that my realtor pulled the mls history and saw the original listing and notes from the bank stating property was in the beginnings of foreclosure. So, your advice, while solid and good (check liens) - would not capture anything recent and your comment about notorious non payers does not work in todays market.

The original poster was looking for advice regarding the rental market in Tampa and I was offering first hand RECENT advice. I've been looking in Hyde Park, Palma Ceia and Westshore Yacht Club. The best advice I've received when it comes to Tampa is to work with a licensed realtor (yes, they deal with leases as well as sales), preferably one that has been referred to you.
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Old 05-13-2009, 07:07 PM
 
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Shakleton, Landlords in foreclsoure are one of my major concerns. I can't imagine going thru that twice--ouch! I have just started to consider renting a townhome/apt, which sickens me, especially after seeing so many beautiful, affordable rental homes with caged pools!...but I can see your scenerio happenning. Thank you for the advice of asking for the mortgage statement...and whey not, I am screening them, just as they are screening me!
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Old 05-13-2009, 09:47 PM
 
Location: Cali to Ft Lauderdale
28 posts, read 71,379 times
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Default how to check LL financials

So how exactly would I go about checking to make sure the LL for the condo I'll be leasing is legit and the property isn't about to be forclosed?

If there is a realtor leasing the unit I don't need to worry?

Just trying to prepare for our move next month!

Cheryl
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Old 05-14-2009, 04:43 AM
 
25,880 posts, read 39,149,162 times
Reputation: 13870
Quote:
Originally Posted by shackleton View Post
whatever! When is the last time you have tried to rent in South Tampa area? I don't know where you got your statistics but when dealing with rental properties, the odds quadruple when it comes to foreclosures... Florida has one of the highest rates in the country with 1 out off every 22 homes receiving a notice (not necessarily foreclosed on but notice of pre foreclosure) and when you consider that the owner occupied rate is at 72%, your pickings getting pretty slim on the rental market and your odds of being foreclosed on go up.

I own several properties myself in Washington DC area and Southern California - I have NEVER experienced a rental or sale market like the one going on in Tampa - just check out Westshore Yacht Club for one... That complex is 45% non owner occupied and completely upside down. People paid $700k for property that is now selling for $300k

There are two houses on W Watrous in Hyde Park where the owners are in upside down position.

As for me, I said I've been screwed twice (and I'm not even in your city yet) but not the same issue both times. I learned from my first lesson and have since engaged a professional realtor who knows her trade. I would recommend this to anyone because it can take months before anything shows up on liens. The 2nd issue was not her fault but that of a flaky homeowner who decided to rent to a family member but never told the listing realtor and my money was refunded.

As for your comment regarding "notorious non payers" - apparently all 37% of the foreclosure rates in Riverside County are people that never pay their bills. It shows how uninformed you are. In my case, the doctor that had one of the properties on Watrous also owned other properties, had no liens listed and would have seemed a good bet - only it wasn't. The only thing that saved me was that my realtor pulled the mls history and saw the original listing and notes from the bank stating property was in the beginnings of foreclosure. So, your advice, while solid and good (check liens) - would not capture anything recent and your comment about notorious non payers does not work in todays market.

The original poster was looking for advice regarding the rental market in Tampa and I was offering first hand RECENT advice. I've been looking in Hyde Park, Palma Ceia and Westshore Yacht Club. The best advice I've received when it comes to Tampa is to work with a licensed realtor (yes, they deal with leases as well as sales), preferably one that has been referred to you.
It could only have come up on the MLS if a lis pendens was filled and that had to show up in the public records...! Did you ever see some one listing a pre foreclosure while all bills are paid...your story doesn't add up....
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Old 05-14-2009, 05:07 AM
 
Location: Tampa Bay`. ><((((>.`><((((>
4,503 posts, read 6,577,179 times
Reputation: 13475
The best advice I've received when it comes to Tampa is to work with a licensed realtor (yes, they deal with leases as well as sales), preferably one that has been referred to you.

This is the BEST advice given by Shacke re renting an unit.
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