On 9/16/2022 10:15 AM, skyz wrote:
Hello all,
It appears that Florida has changed the paperwork merry-go-round to do
an eviction in the last few years. The paperwork back and forth has
reached the absurd.
I recall reading contracts where I agreed to arbitration in the event of
a dispute. Could I use this same technique in an eviction? Could I specify and implement a rapid (say ... 2 week) no-nonsense procedure if tenant agreed by contract?
If I can't find some relief, I'll simply have to raise deposits and
rents to deal with what is clearly unnecessary government intrusion.
Depending on state and local laws, you may be stuck "between a rock and
a hard place."
Most places have a limit on deposits. For example, in most California
cities the maximum deposit allowed is "last month's rent" plus an
additional month of rent to cover possible damage/lack of cleaning.
And your ability to raise rents can be limited by rent control (e.g., in
Los Angeles and Santa Monica) and by the market -- if you charge more
than other landlords you will have a hard time getting tenants.
And come to think of it, the same thing will limit your ability to ask
for larger deposits, even if local law allows it. This is due to what economists call "the time value of money": $100 today is worth more than
$100 a year from now.
One idea that comes to mind if you think you need a higher deposit (and
if state/local laws allow it): offer to pay interest on the deposit at
the same rate that you are paying your lender (or, if you own the
property free and clear, at the rate you would pay if you took out a
loan on the property). When they move out, assuming they pay the rent
and leave the place clean and undamaged, they get their initial deposit
plus accumulated compound interest. This might get you more tenants with
a long-term viewpoint. And those are the most likely to pay the rent and
leave the place clean.
--
I do so have a memory. It's backed up on DVD... somewhere...
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