Anyone who has to deal with them on a regular basis, knows that some Orlando condo associations are getting out of control these days. They've gone from letting their communities go to ruin after the real estate crash, to implementing draconian measures to try and reverse the rot.
We get it, things need to be kept under control. And the truth is, some do-it-yourself landlords haven't been screening properly, unwittingly allowing felons and the like to gain residency. This has caused condo owners associations to start screening tenants themselves. Unfortunately, this means that many tenants [...]
In our previous article, What to Look for in a Property Manager - Part I, we looked at some of the ways investors can compare apples with apples to discover what the true cost of a given property management company is - versus just looking at the stated monthly percentage charge.
But that's just one side of the coin. With all services, there is more to consider than price, since the commodity on offer is not always the same. A seat on a plane is a seat on a plane. We all end up at the same destination. Yet when I fly to Europe, I usually fly Virgin Airlines if possible. I pay a little extra [...]
Property managers are usually paid by earning a percentage of the gross monthly rent. So at a typical rate of 10% of the rent, a condo that rents for $900 a month, would earn the property manager $90 per month. Simple enough. Or so it seems.
One of the first questions I usually get from a prospective Orlando property management client is "How much do you charge?"
That's understandable. Nothing wrong with asking. However, basing your final decision solely on the percentage charge would be a mistake, and it could turn out to be an expensive one. That's because even at 10% property managers [...]
For some years now, our Orlando real estate division and our Orlando property management division have been sharing the same online space. And so we decided that after some growth, it was time to launch a dedicated property management site.
This new site offers a more detailed introduction to our property management division for new investors, and it gives a more streamlined experience for renters. With one click, renters can now submit their rent payments online, and also make maintenance requests by using the hot buttons on the home page. There also many articles for both renters and [...]
Not to be confused with your property taxes, are your annual individual income tax returns, payable to the IRS. This is for the tax paid on your rental income.
Each year we have to submit returns to the U.S. government for any owner making more than $600. In order for us to do this, and in order for you to submit your return, you will need a tax identification number. For those of you in the U.S. this may be your SSN or LLC/INC. number and you probably know what to do. Otherwise, your accountant will be a huge help here.
For overseas owners, unless you are a U.S. citizen you must obtain [...]
The answer is that it all depends. It depends on whether you need the cash for something urgent that came up, or if you simply timing the market to make your best return.
In most cases, it's the latter. In which case, you'll need to keep an eye on the market. And for many of you, the exchange rate could be just as important, or more important. We've seen cases in which the exchange rate alone, was a good enough reason to buy. Or sell.
It also depends on what you paid. For those that were lucky enough to enter the market at rock bottom, it might make sense to exit earlier, while those who paid[...]
This usually means a flat, white paint - which usually marks up the minute you rub up against it. By the time the tenant's have finished moving in, there are already black marks and scuffs on the walls. And when they move out again... more marks. Not to mention the wear and tear while they are actually in residence.
Ditto with the carpet. Buy the $1 per foot carpet and you could find yourself having to change it after every tenancy. Tile is much better, but it's about 4-5 times the price. So, as the saying goes, "You pays your money, and you takes your choice." Get a slightly better grade of[...]
When a tenant is late with rent, we will typically serve them a 3-Day Notice To Pay or Quit. This usually gets their attention. If not, and it's clear that they have no intention of paying, we will call you and present you with options.
Evictions, while fairly quick and relatively inexpensive in Florida, are nevertheless a pain we can all do without. If we can work things out with a tenant, it may work our cheaper in the long run to do just that. In other cases, we may be left with no choice and we will usually seek redress from the court in the form of an eviction.
In Florida, if the tenant[...]
Orlando: Muy Caliente!
In Florida, it's not unusual to see 90+ degree days for months at a time. When the air conditioning unit fails, tenants get very upset, very quickly, and understandably so.
So how much does it cost to replace an AC unit? It's not cheap. About $3000 on an average sized condo. That includes the handler inside the unit and the condenser outside as well as labor. These units, like tires, are usually replaced simultaneously since they are usually of the same age.
We know it's exasperating when you find your profit for the year disappear before your eyes, but unfortunately, [...]
How long will it take for someone to visit me?
Once your maintenance request is received we will submit it to our maintenance techs. They will call you directly and arrange a time that is mutually convenient to visit. This could happen the same day in the case of an emergency, but in most cases it will be within 48 to 72 hours. Please remember, a condo is not an apartment complex where handymen drive around on golf carts fixing things. Each issue must be reported to the owner and the repair must be approved by them, and paid for by them."
What kinds of things will you repair for free?