Investment properties with multiple tenants is not for the wimpy! IMPORTANT Tips below

This was a hard and heart wrenching transaction.
One of the sellers died during the transaction. He was such a truly wonderful human that I’m so grateful to have gotten to know.

👉Thank goodness they had the property in a TRUST so it didn’t have to go through probate and we could complete the sale for the family. There was enough heartache without having this property being tied up and selling it dragged out.

⚡️1st PSA TIP: So many people are under the misguided notion that a Will is enough to protect their family. It is NOT! In Florida we have what is called a Ladie Bird Deed, which will keep you out of probate but doesn’t necessarily protect your assets. A Trust will keep the property out of Probate and protect your assets! I’m not a lawyer, just been learning to get my own affairs in order. Please reach out to your trusted lawyer TODAY. If you need a recommendation, feel free to reach out to me.

⚡️2nd PSA TIP: Having multiple tenants adds a whole new level of challenge. Today I want to remind anyone BUYING a property that already has tenants, please get an Estoppel Letter from each named tenant. That will inform you as to what “agreements” formal or informal the tenants had with the previous owner. If it’s not in writing before closing, you could be on the hook for deals you never agreed to.

To make this easier for you:
👉 DOWNLOAD my free Estoppel Letter Template today.
yourhomesoldfl.com/estoppel-letter

Get this letter at least 5 days before closing, signed by the tenant & current landlord. No surprises. No headaches. Just smooth investing.

🙏Thank goodness the Buyer was extremely gracious and understanding throughout this transaction as we hit many bumps along the way. He definitely embodied “Giving Grace”.

If you’ve read this far, please send out a prayer to the family that was selling. He and his wife had been married over 40 years and was deeply loved by his 6 children.

🔸Laura Marie, REALTOR®
Helping you Sell, Buy & Invest
Creative Real Estate Deals
Laura Marie Group @ eXp Realty
YourHomeSoldFL.com