Comments on: Waverly Property Group: No Complaints here!

By: Michael C

Michael C — Thu, 16 Jul 2009 18:39:52 +0000

I am in foreclosure with several rental homes. Some tenants refuse to pay because they say that they do not have to due to my situation. I am trying to save my properties and working with my bank to re-set my payments. The problem is, the bank wants me to send some good faith money and I do not have it because the tenants are not paying. I do not want to file bankruptcy, but I see no way out here. What are my options?

By: Barbara K

Barbara K — Thu, 14 May 2009 20:35:20 +0000

Hi Ramara

Long time no see! I have been following Waverly Property Group’s numbers for a while now and they are impressive! You seem to be doing great out in Daytona Beach with all the waterfront stuff. By the looks of your advertising, it seems as if waterfront properties and rental homes are your thing. Our rental home program here in Central Florda is also going pretty good. Sales are way off though. I love your blogs also! I don’t know how you’re doing it, but girl…god bless you! I may come out to Daytona Beach soon. Can you hook us up with a vacation rental home? My email and contact info is still the same, please give me a call sometime. I look foward to speaking with you.

Barbara

By: Ralph W

Ralph W — Wed, 13 May 2009 21:50:26 +0000

Hello All!

I was sitting here reading the Waverly Property Group blog and realized that I have quite a bit in common with most of you here. I own several rental homes in the Daytona Beach-Ponce Inlet area. Last year I started to fall behind because I tried to sell and could not. My tenants are actually still paying me, but the negative cash flow is too much to handle. I’ve tried every thing under the sun to sell the rental homes. I’ve actually had 2 different realtors try with no luck. Does Waverly Property Group have any investors that are actively looking for rental homes in Daytona Beach or Ponce Inlet? I would be willing to look at any offers at this point. My foreclosures are several months along and I really do not want to lose it all. I would have no problem paying a reasonable real estate commission. Any ideas?

By: Ramara Garrett

Ramara Garrett — Sun, 10 May 2009 16:56:34 +0000

Great questions Heidi! What a great time to buy a vacation rental home! You are correct that prices have come down significantly in the Daytona Beach, Ponce Inlet and New Smyrna Beach area. A vacation rental home is a great opportunity to enjoy time with your family and earn income. Waverly Property Group specializes in vacation rental homes, and can definitely help you pick the right one. A few things to consider…first home vs. condo. A rental condo can be great because there is obviously less maintenance. A downside is the rental terms. Most vacationers are only looking for a weekly rental. Unfortunately, most condos are monthly rentals. You will constantly be at odds with your condo neighbors! Plus, you will have tenant complaints because these neighbors might be harrasing your tenants. Not fair to them while they are on vacation! We can direct you to some of the best buildings for vacation rentals in Daytona Beach, Ponce Inlet and New Smyrna Beach. If you are looking at a home, there are many options. Most vacationers ask these questions, in this order: 1) is it directly on the beach? 2) does it have a pool? 3) how many does it sleep. If you can answer these questions right, you will have a lot of vacation rental home success! If you would like more detailed information, I would be happy to spend some time explaining everything about vacation rental homes in the Daytona Beach area. Give me a call or email me directly! I look forward to helping you make great rental home decisions! Ramara Garrett, Waverly Property Group

By: Heidi C.

Heidi C. — Sun, 10 May 2009 16:44:10 +0000

I have been doing some research on the web, and I am looking for advice on vacation rental homes. I am in Connecticut, and it looks like prices in the Daytona Beach area are really low right now. I have always wanted a home that I can enjoy with my family there. What are your thoughts about prices, areas, features and the property management of a vacation rental home? Since I am far away, I am a little concerned about the maintenance, vacancies, and tenant complaints. I own other rental homes, but those are long term rentals. I have a property management company that handles those for me, and so far, it has been great. Yes, there are problem tenants some times, and tenant complaints over silly issues, but these homes are part of my retirement. I would love to have a vacation rental home as well, so that it is a property we can enjoy while earning rental income. I am curious about your thoughts. Thank you

By: Ramara Garrett

Ramara Garrett — Sun, 10 May 2009 16:35:28 +0000

Hello,
I am always sorry to hear about these situations because it seems there is no way to get ahead. That is great you are trying to modify your loan for your rental home. There is a site you might find helpful for that: http://www.mortgagereliefonline.com It is sponsored by Fair Isaac - the credit scoring system, but is part of the governments plan to help homeowners keep their homes. As far as your tenants…they must keep paying the rent, or you have the right to evict them. I assume you are managing it yourself, because a Property Management Company would have already advised you of this. Another resource for you is landlord.com. It offers the necessary forms, a resource center and useful articles about common problems. And, no surprise, this is one of the common problems! Also, you need to let your tenants know that you are not only defending the foreclosure, but trying to modify the mortgage as well. Perhaps if they know you are attempting to fix the problem, they will be willing to pay. Otherwise, you do need to begin the eviction process. Once you are working with the bank, they will need to know the income you are receiving for your rental home. I hear about this all the time, and it is a vicious cycle. Keep trying to work with the bank. I know it is difficult and frustrating, but in the end, it will be worth it. Also, don’t be afraid to evict the tenants if necessary. The only way you can make this work is if you have tenants that are abiding by the terms of their lease. Good luck, and know that many others are facing your situation…so you are not alone! Ramara Garrett, Waverly Property Group

By: Anonymous

Anonymous — Sun, 10 May 2009 16:12:29 +0000

Oh my god! These stories must have been written about me. I have 2 rental homes, one in Port Orange and one in Daytona Beach. I am currently in foreclosure on one and am certain the Lis Pendis on the other is forthcoming. I have struggled to make the payments because of the negative cash flow. My tenant in the Port Orange rental has ceased making their rent payments because of the foreclosure. As they see it, if I’m not making my mortgage payment, they don’t have to pay me. What they don’t know is that I’ve hired an attorney to defend the foreclosure and I have to pay him on a monthly basis. I am also working with my lender to modify my loan, but in order to do so, I will have to come up with at least a few months worth of payments. What do I do now? I have to have rental income on the house in order to make the modified payments. I am trying to fix my situation and get my life back, but every time I make progress, there is another setback. I need to have a tenant that pays, but these people seem to be taking advantage of me. Is there anything I can do? I am willing to let them stay, but they have to pay the rent or I will lose the home to foreclosure! My attorney says there are rules, and that they can’t do this. I am tired of attorneys, but I don’t know what else to do.

By: Ramara Garrett

Ramara Garrett — Sun, 10 May 2009 15:29:38 +0000

Dear Mr./Mrs. Hightower:

Your situation is quite common. As a property management company, we here at Waverly Property Group are seeing this exact set of circumstances quite often. Foreclosures are at an all time high and everyone wants somebody to blame. Government blames banks, banks blame borrowers, borrowers blame banks and yes, tenants blame property owners. Truth is, we all share a bit of the responsibility. No one single group could have caused the current conditions without the help of the other. On to your problem! Again, what you are facing is quite typical. A tenant struggling to pay his rent already, receives a notice of Lis Pendis and will quite often attempt to use this information as some type of leverage. Sometimes they will request a rent reduction and in cases like yours they refuse to pay period. What they fail to realize is that, the property owners legal issues in no way affect them. They are still liable for their lease. In some instances, we attempt to negotiate with the tenant to sell them the home via short sale. Due to your tenants prior foreclosure history though, I do not think that this would be an option as they are probably credit challenged as well. Have you attempted to explain the fact to them that you need their rent in order to modify? Many times tenants mistakenly also believe that they will be thrown out on the street because they do not understand the process or its timelines. It is imperative that you communicate this to them. A foreclosure suit is like any other and the defendant has the legal right to defend it. In many cases, foreclosure litigation can last years. Since most rental home leases are for 1 year, proper communication with the tenant would prevent any impact to them. Finally, if your intent is to modify your loan and you do not get anywhere with your current tenant, you have the right to evict them and impose a claim on their security deposit. Once you have an agreement in place with your lender for modification, find another tenant and re-lease your rental. One more note, next time…..screen your tenant a little better. Best of luck.

Ramara Garrett
Waverly Property Group

By: R Hightower

R Hightower — Sun, 10 May 2009 14:56:10 +0000

It sounds as if this Waverly Property Group article was written specifically for me. A little advice here please. I purchased a rental home in Ponce Inlet for investment in the latter part of 2007. The market had been slowing for a little while, but I thought that I was getting a great deal. The market had other ideas and continued to further decline. My mortgage payment is about $2,600.00 and the most that I could rent the property for was $1,500.00. I struggled with the negative cash flow for a while and eventually slipped into foreclosure. Once the tenant was served, they immediately quit paying the rent and I became a con man, scammer and thief in their eyes. They do not realize how difficult this has been on me and the toll that it has taken on my credit report. The irony here is that these same tenants, were foreclosed on themselves in Indiana prior to relocating to Florida. How crazy is that? You would think that these folks would understand. My belief is that they are simply taking advantage of the situation. Since the original foreclosure filing, I have attempted to negotiate with my mortgage company to modify my loan. I figure if they were to drop the interest rate a bit, It would be closer to what the tenants were paying and I would be able to afford the mortgage. The problem that I am facing now is, the tenants are not paying and I need those funds in order to modify my loan. What are my options here? Please help.