Question For Someone Who Knows AL Regulations

Comments(12)

• 
  ray_higdon11th March, 2005

  You should be able to find this in your state statutes.
  [addsig]

• 
  motivated_buyer11th March, 2005

  Look here http://www.searchsystems.net/list.php?nid=13
  
  Good Rulin
  
  Joel

• 
  cbrechbill111th March, 2005

  I would fall back on the origianl binding contract. State you are compassionate but have to stay within your original agreement. If she is already out, then you dont have to worry about her tearing anything up. You will not sign a agreement, but to solidify her exit, the new landlord can contct you and you can approve that she has moved out with out incident and her deposit will be returned to her within....

• 
  Evan88711th March, 2005

  Thanks everyone for the great posts. Much appreciated!!

• 
  ray_higdon11th March, 2005

  As the population of Florida is forecast to continue growing either might be a good investment, course depends on which part of Florida too.
  [addsig]

• 
  LadyGrey11th March, 2005

  It depends on which part of FL you are looking to invest in.
  We have no trouble filling our rentals. In fact, I have an ad for a house we are selling, it is tenant-occupied and even though the ad states twice that the home is for sale and says "Rented $XXX/mo" I STILL get a call from someone EVERY DAY asking if they can rent it out. (a little frustrating I admit).
  
  Around Tampa, no problem. Plenty of people there, and I see ads for new homes to rent for $1300/month - and we are not talking about some la-ti-da neighborhood either.

• 
  bgrossnickle11th March, 2005

  Does your sister know anything about being a landlord, or are you going to get a property manager? Have you sister send you a spreadsheet with all the costs broken down (purchase costs, monthly expenses, repairs, vacancies, mortgage costs, etc) an then the projected monthly rent. It is hard to make positive income in rentals. Most people are counting on appreciation to make their money.
  
  Brenda

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  InActive_Account11th March, 2005

  I have friends that invest their...still pretty strong and good prices.
  
  You have a great oppurtunity with a sister that can be eyes on down their.

• 
  reneeschultz8th March, 2005

  Thanks for the advice. I do plan on being in this business for the long run and just needed the advice from a couple other investors to ease my mind. I am slowly but surely getting the feeling sorry for people out of my head and remembering this is a business and not here to make any friends with these tenants.

• 
  edmeyer8th March, 2005

  niravmd,
  You might be able to add some pressure by contacting the Housing Authority (or whoever is administering sec. 8 in your area). Not paying rent is likely a violation of the contract between the tenant and section 8 and may be grounds for termination of subsidy. If so, you might gently use this as additional leverage with your tenant and work out a timetable for catching up.

• 
  InActive_Account8th March, 2005

  renee,
  Didn't mean to come across too strong. I know my personnality and either I would be too easy or go the other extreme. So I went with a PM - I let him deal with all the problems. Ture I have to pay 10%, but to me worth every penny. I think you will do fine - be firm and let them know the rules up front.

• 
  InActive_Account11th March, 2005

  If and when you go to court. Judges will, at times, take into account the history of payments. This works both ways.
  
  i.e. if you let them pay late every month, why now I going pshing the point. Not to say this will happen, but I have heard of it.
  
  Your best bet it to be firm and go by the book every step of the way.