Owner Investor Frequently Asked Questions:

BUILD TO RENT:

How much was my property during pre-development or was is the same price as it is now?

There is no price difference during any stage of development.

Do you know the taxes of my properties?

Typically, the first year the property is built the taxes will be really low, give or take $400.  After that, they typically bump up to around 1.6% of the purchase price, but we won’t know the exact amount until the tax bill comes out from the county.

Is there anything I need to purchase for my tenant?

 Appliances either have been or will be installed at the time the tenant moves in.  There isn’t anything you need to buy for the house.

Do I pay lawn maintenance or tenant?

The tenant is responsible for lawn care while occupied.

Who pays the utilities?

The tenant is responsible for the utilities while occupied.

What will my closing costs be?

That depends. If it is a cash closing, the costs typically run around 1.25%.  If you are getting a loan, that varies depending on the type of loan and the lender.

What happens with my deposit, does it sit in escrow or are those funds used toward development?

The funds are released to us (the Seller) to use in constructing the property. They are used towards the construction of your new investment property or future investment properties.

Who is building my property?

Southern Impression Homes has vetted Home Building General Contractors that are managed daily.

Do you have any formal comps on some properties that I can review?

SI Homes has a deep understanding in all market that we build in. All of our homes have appraised in many cases, above the sale price. For reference, Zillow is a great tool that will drill down to homes sold in the last 6 months in the area(s) that you are considering.

Is there a buyer’s and/or property management agreement I will need to sign to work with Southern Impression Homes as an investor?

Yes, with every purchase of our Build to Rent product, a SunCoast Property Management Agreement accompanying the PASA. For more information about our services, contact our Investor Relations Manager, Becky House.

If I’m interested in a specific property, do I wait until completion, or are you reserving lots now? How does the financing work with a pre-construction property?

Its best to reserve now otherwise the property may be sold.   Once you pick the property you want to buy, we will send you a contract and a property management agreement.

Is there a price discount for buying multiple properties?

All Southern Impression Homes are built with the investor in mind. We sell all of our properties at the lowest price possible. We recognize that this purchase is an investment purchase and it is our goal to bring you the highest yield possible.

Why is SunCoast Property Management the right management company for my properties?

SunCoast Property Management is a reliable, full-service Property Management Company. We are staffed to effectively and efficiently manage your properties. SunCoast can on-board vacant or occupied properties, whether they are currently rent ready or in need of repairs. We can manage properties that require renovations scaling from minor to major. SunCoast Property Management is not a licensed contractor. However, we do manage projects by overseeing the turn or renovation process with one of our SunCoast approved, qualified, and licensed contractors/ vendors.

Click HERE to meet our amazing office team!

VACANT PROPERTIES NEEDING REPAIRS (TURNS):

What is the charge to manage repairs to my property in order for it to be made rent ready?

SunCoast Property Management does not profit from any turn that we oversee. Owners are charged for SunCoast labor plus the cost of the actual repairs/renovations.

I live out of state. Will SunCoast inspect the property and communicate repairs needed?

Once you are on-boarded with SunCoast Property Management and you officially own the property, SunCoast can utilize our Turn Team to inspect the property and report back to you with a detailed scope and pictures. Your scope will line item the list of repairs we feel need to be made in order for the property to be made rent ready. Your scope will also include the cost of repairs, plus labor.

What type of communication should I expect while repairs are being made?

Once you have approved the turn and the turn funds have been received, the project will begin shortly thereafter. Unless there is an issue that comes up during the turn process that wasn’t previously addressed on the initial scope, you may not hear from the Turn Department until your turn is completed. However, feel free to reach out to your Turn Coordinator at any time during the turn process. At the close of the turn, you will be provided final pictures of your investment property.

Will you start marketing my vacant property for rent if it requires repairs?

Your property will be placed on the market for rent as soon as the Turn Coordinator has indicated that the home is in showable condition. If the home is in showable condition upon the most recent tenant vacancy, then our marketing team will begin marketing and showing your property immediately. However, it is important to keep in mind, that if a property requires a turn, we cannot market the home until the turn has begun.

We will start marketing your property for rent as soon as the turn has been approved and funds have been received. It is important that we communicate properly with our prospective tenants. If we don’t have an approved turn and/or funds for the turn, then we aren’t able to give the tenant an accurate expected move in date.

GENERAL MANAGEMENT:

How long before I can expect to start earning income on my property?

There are several variables at play:

      • Does your property need repairs? If so, how extensive?
      • Is your property currently occupied? If so, are the residents current on their rent?
      • If vacant, how long has your property been vacant? Two of the most common issues that come up once a property has been occupied after a long vacancy are plumbing and electrical. Have you had a plumbing and electrical inspection? If you haven’t, we highly recommend it. Not addressing these possible issues prior to occupancy can ultimately cost owners more in maintenance expenses after occupancy than had they faced the issues earlier. Thus diminishing your monthly rental profit.
      • Owners need to allow time for the SunCoast Leasing Team to find a qualified tenant. SunCoast Property Management has a dedicated Leasing Team that only leases our managed properties. Provided the home is in good condition and taking into consideration the location… it generally does not take very long to lease up a property, though we cannot guarantee the amount of time it will take to lease any property.

What do I need to do once I close on the property?

You should be under a management agreement with SunCoast Property Management prior to closing so that the management team can get started immediately. If you are purchasing an occupied property, you’ll need to send us the current lease in place, regardless if it is expired or not and the current rent roll. The security deposit should be sent to our office as well. All of these details should be worked out prior to closing in order to help alleviate any delays. Schedule an On-Boarding Call and we will walk you through all of the details of our property management and our on-boarding process.

Can I choose to not allow pets, smokers, and large families?

SunCoast Property Management 100% complies with the Fair Housing Act. For you, this means that you cannot choose to not allow someone that is a member of a protected class under this particular act. You can, however, choose to not allow pets and smokers in your home, but you cannot deny a service animal. SunCoast Property Management strongly encourages you to allow pets as we have found that most families have one or two. We charge a $350 non-refundable pet deposit to each family with up to two approved pets. We do not allow a pet that is on the Florida aggressive breed list. Click here for more details.

What if I want to cancel management with you?

SunCoast does have a cancellation policy. Details can be reviewed when you schedule a call to discuss our services.

How often should I expect communication from SunCoast?

Communication with our owners is one of our top priorities. Some of what you will receive is weekly reporting on the status of your current tenant, access to your owners portal where you’ll see open/closed work orders, all pertinent documents to your portfolio, real time accounting, and the ability to edit banking information as well as personal information. Please visit our Owner/Investor Property Management page.

How do you account for my monthly income and expenses?

You will receive a Monthly Owners Draw Statement. We post your monthly statements to your owners portal as soon as your payment has processed.

How does your staff best communicate with owners?

Our staff best communicates by email. But of course, we are always happy to schedule a call with you.

Do I get a say in who you rent my property to?

As your property management company, it is important to let us do what you hire us to do … find qualified tenants, manage the tenant and aim to protect the integrity of your investment. Though we are open to discussing future tenants with you, it is best to follow the rental requirements in place. For information on our tenant screening criteria – Click Here.

What is your protocol for evicting tenants?

Once it is time to perform the unfortunate task of evicting tenants, it generally takes about a month, once the eviction has been filed and depending upon how long the court takes. To discuss further details on when we file and the cost, please schedule a call with us to discuss in detail.

When do you send rental proceeds to owners?

Owner draws can take up to the 15th day of the month following rent collection. However, our Accounting Team works tirelessly to process all owner draws by the end of the first month following rent collection. For more details contact our Investor Relations Manager, Becky House.

What are your management fees, including the leasing fee and lease renewal fee?

Schedule an On-Boarding call and we will review the most frequent monthly expenses you should expect.

When it comes to purchasing and then managing investment properties, you’ll find that SunCoast Property Management is a well qualified property management company with a successful track record.

SunCoast Property Management was created by investors … for investors.

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