Why You Should Buy a Rental Property…

I came across this post, Why You Should Buy a Rental Property and when I read, “The best investments we’ve made are the ones no one else would touch.” I can see why David Ackman is hot on the Single Family Home Rental Property.  “They are cheap,” he says.  “They are a buy.” All I have to say is I agree 100%, properties are cheap in many areas of Brevard County as well as the entire state of Florida.

Now is the time for investors to scoop up these properties priced drastically below market value. My long time experience as a property manager not only helps investors determine where to buy for the best rate of return, but I am also able to provide the services of managing properties and help protect their values. By conducting regular inspections, my team and I are able to determine if the property is being maintained and to check for issues tenants may not even realize are problems.

With all of the short sales and foreclosures there is a growing need for rental properties. People coming out of distressed sales need a place to live. Most of these people make excellent tenants, they’re just victims of the economic disaster.

Why should you buy a rental property? Because the time is ripe to buy not one, but maybe two or three rental properties. When the market rallies back to stability selling them should produce a very nice profit.

 

Link to the article:

http://www.noradarealestate.com/blog/why-you-should-buy-a-rental-property/

 


MILITARY PERSONNEL AND LEASES

     What do you do when you have military personnel as tenants?  You’re thinking, ‘I collect the rent and wish them well.’  That’s good and what do you do when they have to suddenly deploy in the middle of their lease?  Not so cut and dried, is it? 

     With so many men and women in the Military these days, it’s difficult to know what to do when a lease holder comes to you and requests to break their lease without owing any balance, fees, losing deposits or last month’s rent. All you can think about is all the money you’ll be out if you give them what they want.  What does Federal Law say?  What does Florida Law say?

     The short answer is, ‘it depends’.  Without sounding hard-nosed about keeping a tenant to their lease or maybe citing ‘if I let them out of their lease, everyone will want to break theirs and not pay a penalty’.  That may be true, but the law is on the sides of Military Personnel.  Anyone else is SOL [so outta luck].

     If a Military Personnel comes to you (or sends certified documentation) with their orders to deploy or move, by law, you have to let them out of their lease, with no penalty and give them back all deposits (provided there was no damage).  Oral notification does not work, either by the servicemember, recruiter or base.  It must be official documentation.

     For the full wording of the laws, see Releasing Servicemembers from their Leases

by Brian P. Wolk, Attorney at Law.