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Old 01-04-2011, 06:54 PM
 
477 posts, read 681,223 times
Reputation: 67

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Can anyone suggest me a good rental/property management companies in Tampa area

I have googled few, some take 1 st month rent and 10% etc

I want to make sure I hire someone reliable and reputable. I would prefer the ones referred by CD members

My house is on short sale (but we will have to start all over due to buyers/bank gymnastics and I am not having good feeling about it)

Any help is appreciated
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Old 01-04-2011, 07:49 PM
 
26,835 posts, read 41,669,742 times
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I own a property management company in the Tampa Bay area.

First in case you are unaware....you are not allowed by law to rent out your property if there are liens on the property and since you are trying to do a short sale you already stopped paying your mortgage, otherwise no lender will consider a short sale.

If you go ahead with a company that doesn't check this out, I can assure you they are not doing their job right and you and the property management company are legally liable for entering into a contract while by law it isn't allowed.

In case you haven't stopped paying your mortgage, than you can hire a property management company and I understand why a short sale won't work since lenders won't consider a short sale if the owner is current on their mortgage.

If you want more info you can sent me a DM. We have approx. 60 properties we manage and we also help owners to get a tenant and manage the property themself.

The Tampa Bay area is big so you have to be more specific before posters can advise you. You probably need a company that is in the area where your rental is located, although we have a few that are more than 30 miles away and even further but that is more an exception...
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Old 01-04-2011, 07:58 PM
 
477 posts, read 681,223 times
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Quote:
Originally Posted by bentlebee View Post
I own a property management company in the Tampa Bay area.

First in case you are unaware....you are not allowed by law to rent out your property if there are liens on the property and since you are trying to do a short sale you already stopped paying your mortgage, otherwise no lender will consider a short sale.

If you go ahead with a company that doesn't check this out, I can assure you they are not doing their job right and you and the property management company are legally liable for entering into a contract while by law it isn't allowed.

In case you haven't stopped paying your mortgage, than you can hire a property management company and I understand why a short sale won't work since lenders won't consider a short sale if the owner is current on their mortgage.

If you want more info you can sent me a DM. We have approx. 60 properties we manage and we also help owners to get a tenant and manage the property themself.

The Tampa Bay area is big so you have to be more specific before posters can advise you. You probably need a company that is in the area where your rental is located, although we have a few that are more than 30 miles away and even further but that is more an exception...
That is true..I have not payed last two mortg. payments.
I am getting ready to prepare myself to rent out the property in case short sale falls flat. In which case, I am hoping to pay the pending installments and bring the mortgage to current. (I just missed 2 payments so I guess I can manage them)

I will send you a DM with additional details..Thanks
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Old 01-05-2011, 08:45 AM
 
Location: East Tennessee
3,928 posts, read 10,663,053 times
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Though I haven't been involved with this (yet, lol), I have seen property for sale that allows the buyer to lease the property while the short sale is negotiated. I thought that sounded pretty good but also risky. Just another option to consider.
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Old 01-05-2011, 09:39 AM
 
5,453 posts, read 8,213,337 times
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we got screwed like this by the owners of a property that was in default...and lost security deposit...and had to move again! not cool.......

1st figure out the short sale....if it doesn't work, then forget short sale and rent it out but please DO NOTIFY your potential tenants of this as it is only fair. People can't afford to keep moving around like this especially if they have kids.

Also, remember that short sales last LONGER because your lender will have to AGREE to take less form whatever buyer, this can take up to 6 months or more.........count that in since you stopped the payments, it might seem easier to loose 2 months, but 6+ it will be hard to recover from......unless you have savings you want to dip in and bring it current again and have a free and clear rental instead.
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Old 01-05-2011, 03:18 PM
 
477 posts, read 681,223 times
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Quote:
Originally Posted by TampaKaren View Post
Though I haven't been involved with this (yet, lol), I have seen property for sale that allows the buyer to lease the property while the short sale is negotiated. I thought that sounded pretty good but also risky. Just another option to consider.
Quote:
Originally Posted by algia View Post
we got screwed like this by the owners of a property that was in default...and lost security deposit...and had to move again! not cool.......

1st figure out the short sale....if it doesn't work, then forget short sale and rent it out but please DO NOTIFY your potential tenants of this as it is only fair. People can't afford to keep moving around like this especially if they have kids.

Also, remember that short sales last LONGER because your lender will have to AGREE to take less form whatever buyer, this can take up to 6 months or more.........count that in since you stopped the payments, it might seem easier to loose 2 months, but 6+ it will be hard to recover from......unless you have savings you want to dip in and bring it current again and have a free and clear rental instead.

Yes..totally agree..right now I am just making my ground work.
I will know in next couple of days, if buyer will be responding if not short sale is off..I will go ahead with rental.

If buyer responds, we will submit short sale and wait for few weeks. Since bank already completed BPO in dec, I don’t think they will do another BPO again. In any case, rental is just another option I am considering.

Thanks for all opinions !!
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Old 01-05-2011, 04:01 PM
 
26,835 posts, read 41,669,742 times
Reputation: 15035
Quote:
Originally Posted by TampaKaren View Post
Though I haven't been involved with this (yet, lol), I have seen property for sale that allows the buyer to lease the property while the short sale is negotiated. I thought that sounded pretty good but also risky. Just another option to consider.
TampaKaren...the law has changed and it is not allowed to rent it when a lien is placed against the property.

Even a personal lien can become a reason for lis pendens if the property is rented out since homestead can't be kept if the owner doesn't live at the property.

We check every property we manage on a regular base to be sure there are no liens. Even a HOA lien can mean that the HOA can demand the tenant to pay the HOA directly and the remainder goes tothe owner/property management.

We never had this happen so far but we are close with a lawyers office and get all new updates as they come out.

If a homeowner wants to do a short sale while the property is rented the tenants are by law allowed to stay until the end of the lease and if they willingly sign a new lease than it is the tenants risk. But by law the owner can't do this without disclosing this to the tenant.

I was recently called by a tenant who inquired about our property due to having signed an lease extension and now had to leave due to the home being foreclosed on.

A month to month rental has no rights other than staying for the month and than moving out in case of a foreclosure.

So tenants who are in a lease and the owner fells on hard time can be assured to stay until the lease ends and better ge the heck out of it.
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