We buy houses for cash in Pensacola Fl _ Quality properties of Northwest Florida LLC _ Call 850-346-4995. Three situations You could have a property that could become a headache down the road, and the frustration really comes when you’re in the minus for cash flow specially guys specially! in the single family residential type, why?? I will tell you in this post in a second. Just remember, we buy houses for cash in Pensacola Fl Quality properties of Northwest Florida LLC _ just call 850-346-4995.
Ok. What’s the three ways that your house can become a headache, Well.. The house in itself is not the headache, is the people that you associate with regards the house become a headache, contractors, tenants, tax collectors, Banks, code enforcement etc.. but I pick those three ones because you deal with them in a daily basis if the contractors and tenants running short on ethics and morals.
Number one : Contractors gone wild, Who never finish or complete a job. If you have a property and you hire someone to do a job for a house that you have, whether you live in it, rental property, or even vacant house, you’re going to chase the heck out of him to finish, and that could be a waste of your time and money, because A) you’re paying someone to do the job for you because you didn’t want to do it yourself, which is totally fine. heck, I never do the work myself either, but you likely to pay more now because contractors are busy an their prices went up along with the inflation, but the worst part is, you’re not saving time either, because the time you suppose to save to do other things you either love or utilizing your time wisely and leverage the time to get more things done with less time.
Number two: Liability tenants, The one who don’t pay rent or you waste you time chasing them to pay the rent. Worst case scenario is when they don’t pay rent and damaging your property at the same time, which I had bad experience myself with that type. Guys, please screen your tenants before you have someone occupy your property, pay $40 for tenant screening that you charge it to the applicate before you even do the screening which it cost you nothing, and it takes only 5 minutes to put their information to find out if they’re asset or liability. don’t skip that important step.
Number three: House needs repairs: Now you have good tenants who pay rent on time but the property in a bad condition, which you receive calls from the tenants frequently for repairs, this one is no one fault, don’t listen to someone who try to put you down by saying you should maintain you property, look, if the money from the rent not creating enough cash flow to maintain the property, and the property is old it’s not your fault, nor is the tenants, not even the house, it’s just a bad situation period.
But some will say Probate, divorce, vacant, Foreclosure properties can be a headache, of course! BUT you don’t deal with them on a daily basis, if a couple going through divorce they probably not speaking to each other for weeks lol. if a divorce can result of me getting a house for dirt cheap, I rather give it back and have the two cancel the divorce, if I see siblings and heirs fighting over who gets what for a property, I rather see them work it out between them and me not getting any property. If I see someone his property going on foreclosure, I rather see him catching up on the payments and keep his/her property. My favorite situation is to see other people succeeding and I want to be a part of that if possible. The only way I’m going to be involve is for homeowners to benefit from me being involve. I don’t want to benefit from someone else misfortune, I hope god never sees that in my heart. But I have bought properties in all situations, but I can assure you guys, that all of them without exception were satisfied and happy that I bought their properties because they benefited from the sale as much as I did, this is what you call a win/win situation.
Solutions for Contractors going wild and liability tenants, 1) For tenants again screen them, I use https://www.tenantbackgroundsearch.com/ it’s accurate and simple to use, also you get the report instantly, I have been using them for years. 2) For contractors, Never pay deposit before they finish the job, but if you must, make sure to have a contract with them to state the details of the contract and what you’re paying them for the deposit, also make sure the contractor is license and insured, make sure that they pull any permits necessary if needed, pulling the permit is a small amount of money compare to the fine you will get if you didn’t pull a permit.