Money Judgement From Tenants After Final Judgement For Possession Florida
I am a property manager in Tampa, trying to get a Judgement against tenants that I have evicted, I received a judgement for possession but would like to have a judgement for lost rent recorded against them in public records, does anyone know how I go about obtaining this??
It also depends on your objectives. Most investors are all about cash flow but in some areas appreciation is so lucrative we hang on to negative properties for the pure appreciation ... or thinking it is going to be our retirement home eventually.
Another is to find someone that wants to do a lease option. They maintain the property so you can eliminate your manager (just make sure either you or someone else visits the area once in a while to make sure everything is ok).
But it sounds like this property has become a burden and challenge for you ... therefore, selling sounds like the right avenue.
neg cash flow = death in the REI business.
The only way I would hold onto this property is 1) It was appreciateing ver rapidly AND 2) I have several other properties that were positive cash flowing enought to cover the loss.
However, 1) would have to be big gain!
Just my view
Where is the propertty located? Your responses might improve a little more if someone with a first hand knowledge of the current market in that location gave you some feedback.
What loss? I showed him how to make a healthy profit.
Wiz
[addsig]
Greetings Wiz,
I think I’m missing something in your formula. At one spot you suggest he get an Option ARM at 80%. But then later you tell him to REFI for 150K, which is100%.
The problem I see is that you can’t get an Option ARM at 100%, and at 80% it isn’t enough to pay off his existing loans. Which means he would need a 2nd or HELOC. But, trying to find someone to do a 2nd behind an Option ARM 1st is virtually impossible these days.
So, I don’t know that an Option ARM would work in this case – which means he still wouldn’t cash flow.
And actually, with a 1.25 % start rate, his neg-am would be a lot more than $400 per month. It could easily be over $600 per month. Not to mention, it’s compounding over the 3 years as well.
What am I missing here?
Thanks!
Thanks again for the responses. I guess I might be getting a little bit emotionally involved in this one since it was my first home. But nonetheless it is costing me nearly $11k per year just to keep it right now.
Refinancing cuts that loss down to $3500 yearly but it is still a loss and will probably continue to be at least for the foreseeable future.
The home is located in the Mount Pocono, PA region. It is an area that is being populated by people who are being priced out of New York City and Northern New Jersey. If and when the commuter rail arrives there is a likelihood it could become a hot spot since it is in theory closer to NYC than some parts of Long Island and Southern New Jersey are.
Appreciation rates are not exceptional yet - but they have the potential to be.
IF YOU WERE to get a pay option arm, get the new, fixed for 5 year fully indexed rate. the min is 1.9% but your fully index rate will not vary. That is esentail in this market, mta has been climbing.
butfor this property and market i would sell sell sell[ Edited by loandudefromsac on Date 07/17/2006 ]
Quote:
On 2006-07-06 18:40, JamesStreet wrote:
When did our society hit the point that people believe they are intitled to everything at others expence.
My guess would be it was whenever the first welfare program came into existence. Or, it may have been when the first union was started.
: )
Intresting......... I will have to look into that..... Thanks for the smile....
That is a great quote. Just wish I got paid as good as my plumber on these days.....
Sue the parent and the daughter.
Sue for damages, back rent and whatever else you can.
When I say sue I mean at a minimum go to small claims as soon as the eviction is complete and seek a judgement against them.
This is usually less than $100 in most states
I have paid many judegments like these against property owners. That is why I know you can collect (in time). Additionally you are standing up for higher principles.
[addsig]
I will check on that. Can you post the info so that I can pass it on to other landlords as well. Thanks
Quote:
On 2006-07-06 19:17, mcole wrote:
My guess would be it was whenever the first welfare program came into existence. Or, it may have been when the first union was started.
: )
I may be missing the corrolation between the first unions and people believing they are intitled to things at others expense. Unions were established to protect workers from unsatisfactory conditions and guarantee a proper wage for their work.
Before belittling unions in the future, consider your 40 hour work week and how it came about. Also consider the the thoughts of the founding fathers of our union before we became a country.