Owners occasionally tell me that they are thinking about getting a home warranty. I tell them that's fine if they want to self-manage their condo, but if we are going to manage the condo / town-home / villa for them, then we have our own maintenance crew. If a management company is managing, then a home warranty is redundant. Not only is it redundant, but it can really mess with the ability of the management company to keep operations streamlined. Why? Here's what one property manager has to say about his experience - and it sums up perfectly why most property managers are not home warranty[...]
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 [...]
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, [...]
The realm of property management is fraught with legal liabilities. There are more lawsuits in this area of real estate than any other. Select a partner that is committed to property management, rather than a Realtor who is doing property management "on the side." Check out some of our designations and memberships!~ NARPM® = National Association of Residential Property Managers REPM = Real Estate Property Manager ACRE® = Accredited Consultant in Real Estate NAR® = National Association of Realtors GRI® = Graduate, REALTOR® Institute Advertising, marketing and conducting rental [...]
Thank you for being one of our owners. While we hope we are taking 90% of your headache away from you, there are unfortunately some things about owning a property that will remain your responsibility. Among these are paying your property taxes at the end of each year, and also declaring your income to the U.S. government. We hope you will find the following resources useful.Log in here to view statements etc.Many condos have AC units that have been poorly maintained long before you purchased the condo. Many still have the original units, which may be well past their natural life-span. If you[...]
Licensed Florida Real Estate Brokerage Address: 2510 Robert Trent Jones Drive, Orlando, FL 32835 Call: +1 (407) 901-5161 Fax: +1 (407) 901-5157 Email: info@CondoMetropolis.com Our branch office at the Madison clubhouse is usually staffed Monday to Friday from 1pm to 5pm. It is closed weekends. The best way to meet with us at that specific location is by appointment.
