New Anti-Squatter Law Helps Protect Private Property Rights On July 1, 2024, new legislation will take effect to help homeowners remove illegal squatters from their property. It is intended to help owners reclaim their property quickly as long as certain conditions apply. The requirements for requesting the immediate removal of a squatter from a home in Florida are as follows:1) The requester must be the property owner or an authorized agent of the property owner.2) The property being occupied includes a residential dwelling.3) Squatter(s) have unlawfully entered, remain or continue to reside on the property.4) The property was not open to the public when the squatter(s) entered.5) The owner has directed the squatter(s) to leave.6) The squatter(s) are not current or former tenants under a rental agreement authorized by the owner.7) The squatter(s) are not immediate family members of the owner.8) There is no pending litigation related to the property between the owner and any known squatter(s).Meeting all of these conditions allows the property owner or authorized agent to ask the county sheriff for the immediate removal of the squatter(s) from the premises. Moreover, the legislation incorporates punitive measures aimed at deterring unlawful squatting activities. Individuals who, while squatting, inflict intentional damages exceeding $1,000 upon a residence commit a second-degree felony. Similarly, any squatter who knowingly furnishes falsified lease agreements, deeds, or other documents purporting their entitlement to occupy the property commits a first-degree misdemeanor. Additionally, anyone advertising a property for sale despite lacking legal title or authority to do so faces charges of first-degree felony. Similarly, individuals leasing or renting out property without lawful ownership or leasehold interest are liable for first-degree felony charges. Source:Florida Realtors New Florida Squatter Law Infographic  

During the weekend of November 18, 2023, (FNMA) Fannie Mae will be making some changes to the way their loans are underwritten. One major change pertaining to multi-family homes, is the (loan-to-value) LTV ratio, which limits the maximum amount to be financed. Currently, the LTV on a duplex is 85%, meaning the maximum mortgage amount is 85% of the value of the property with a 15% downpayment. The LTV for 3-4 units is 75%.   After the changes, the new LTV ratio will be 95% on multi-family, up to 4 units, making multi-family ownership possible with as little as 5% down when the property is a principal residence. This makes affordable rental housing more accessible and multi-family investments more attainable for beginner investors or those without extra cash for downpayments.   Whether you're a seasoned investor with an extensive portfolio, or a beginner just getting started, look no further, I'm here to help. Feel free to reach out.

Managing a short-term rental (STR) property, like an Airbnb or Vrbo, can require a lot of knowledge and preparation. Luckily, we pride ourselves on the extensive knowledge and experience it takes to successfully manage a STR. Let's break down the basics; Legal and Financial Setup:Firstly, you'll want to consult with a good attorney who can advise you on the best legal entity to help shield you from liability, while simultaneously structuring a tax strategy to plan for the future. For example, owning several properties under a single LLC could expose all properties to risk if there is a lawsuit, so they should each be kept separate to reduce liability. Also, for tax purposes, different types of entities may be more advantageuos than others when it comes to selling the property after it's value has appreciated. Familiarize yourself with local regulations and tax requirements to ensure your property complies with safety and accessibility standards. Obtain insurance coverage specifically designed for short-term rentals, as a regular landlord policy may not be sufficient. You should also come up with a budget and financial plan in this stage to avoid any difficulties down the road.  Property Preparation:With your ideal guest in mind, choose a theme and decorate the property attractively. Install security features like locks, alarms, and outdoor lighting. Opt for sturdy furniture pieces that will hold up to wear and tear while matching your themed ambiance. While it may be tempting to cut costs on furnishing and decorating, keep in mind that you are aiming for exceptional guest experiences that will garner positive reviews and ultimately keep people coming back. You can consider security deposits or damage protection options in case of mishaps.  Ensure the property is clean, well-maintained, and fully equipped with things like toiletries, Wi-Fi, and kitchen essentials. Little things like a coffee maker, crockpot and light snacks go a long way in showing hospitality and improving the satisfaction of your guests.  Pricing Strategy & Marketing:Research the local market and competitors to set competitive prices. Use sources like airdna.com and adjust pricing based on demand, seasonality, and special events. Create an appealing and accurate listing on the rental platform and include high-quality photos and a detailed description. Go the extra mile to highlight amenities or local attractions that your guests may be interested in. Promote the property through social media and online channels. Booking:Respond promptly to guest inquiries and messages and vet potential guests by reviewing their profiles and reviews, or use instant booking settings if desired. Establish a fair and consistent cancellation policy and communicate it clearly to guests during the booking process. Provide clear instructions to ensure a seamless check-in and check-out process and provide guests with emergency contact information in case issues arise. You can also provide a welcome guide with house rules and local recommendations.   Continuous Improvement: Arrange for regular cleaning and maintenance between guest stays and address any repairs or issues promptly. You can solicit feedback from guests to identify areas for improvement and use feedback to enhance the guest experience. Regularly assess your property's performance and make adjustments as needed. Keep detailed records of income and expenses and set aside funds for taxes and property maintenance. Stay informed about changing local laws and regulations regarding short-term rentals to ensure compliance.       Managing a short-term rental property requires active involvement and attention to detail. The goal is to provide a comfortable and enjoyable experience for guests while maintaining the property's profitability and compliance with regulations.   Reach out today and ask us about our property management services...     Contact Us

On July 1, 2023 Florida Senate Bill 264 goes into effect, prohibiting Chinese citizens, along with foreign nationals of Russia, Cuba, Venezuela, Iran, Syria and North Korea, from owning or acquiring agricultural land, or any interest in real property within 10 miles of a military installation or critical infrastructure in the state. Critical infrastructure includes facilities with fences or barriers to exclude unauthorized persons, such as airports, seaports, electrical power plants or water treatment facilities. Additionally, Chinese individuals who do not have U.S citizenship or lawful permanent resident status are prohibited from owning Florida property altogether. Chinese visa holders are allowed to own one home that is not within 5 miles of any military installation, but must complete a special registration with the state government.       Sign up for emails for updates on this and more Florida real estate news...