Navigating the 1st steps of REI

[Chris Murray]

Hello! I am excited to be part of this group. I have been looking at REI for sometime and decided to finally start researching. What I am trying to determine is the best course of action to begin with. I am located in Venice, Florida and I'm in an area where vacation rentals are a popular choice. Any recommendations on if I should look at property for vacation rental or if it makes more sense to look at a property for long-term rental? The real estate market in my area is now stagnant with a surplus of inventory. I have also been listening to podcasts that discuss seller financing. So that leads to my next question... Should I locate a mortgage broker or start with a realtor? Ideally I would like to keep my personal finances separate from my REI.

[Joshua Janus]

Quote from @Chris Murray:

Hello! I am excited to be part of this group. I have been looking at REI for sometime and decided to finally start researching. What I am trying to determine is the best course of action to begin with. I am located in Venice, Florida and I'm in an area where vacation rentals are a popular choice. Any recommendations on if I should look at property for vacation rental or if it makes more sense to look at a property for long-term rental? The real estate market in my area is now stagnant with a surplus of inventory. I have also been listening to podcasts that discuss seller financing. So that leads to my next question... Should I locate a mortgage broker or start with a realtor? Ideally I would like to keep my personal finances separate from my REI.

 Reach out to some investor friendly realtors in your area to get started. They should have some resources and referrals to use to get your feet on the ground and get your first deal done. Also search the forums here as there are thousands of helpful posts / answers to almost every topic you could think of. 

[Jonathan Greene]

Start going to local real estate investing meetups before choosing a realtor or a lender. Meet some local investors who started in your area and see what they do. Venice is nice, I lived in Sarasota for 7 years. Sarasota County has enacted regulations on STR so I have friends dumping those (you can do 30-day stay) and repurposing the money. Inventory should be higher near you with rising insurance costs and that could mean decent deals, but don't jump too quickly. I would focus on connections first, then financing, then a realtor.

[Robin Searle]

I’m a Colorado agent and have short term rentals in Colorado Springs and a vacation home in Venice that I medium term rent - love this area. Be aware Sarasota county has a 30 day minimum on rentals except some specific areas like Siesta Key. My brother and sister in law are Venice Realtors with over 30 years of experience if you want a good contact. 

[Luis Vazquez]

Hi Chris, welcome to the REI community! its great that you are taking the leap into Real Estate investment, and Venice Florida, its an interesting market with its mix of vacation and long-term rental opportunities.

Given the current market conditions you are describing - stagnant with a surplus of inventory - there might be some advantages to exploring both vacation and long term-rentals.  Vacation rentals can generate higher income during peak season, especially in a tourist-friendly are like Venice. However, with the market being saturated, there might be opportunities to negotiate better deals on properties that could be suitable for long-term rentals, which typically offer more consistent cash flow throughout the year.

As for seller financing, its a powerful tool, especially if you are looking to keep your personal finances separate. It allows you to leverage the property without affecting your credit, but its crucial to fully understand the terms and ensure it aligns with your investment strategy. 

Regarding whether to start with a mortgage broker or a realtor, I recommend connecting with a local realtor who knows the Venice Market well and can help you identify properties that meet your criteria. A good realtor can also introduce you to mortgage brokers or financing options that suit your needs. 

Feel free to reach out if you have more questions or if you want to explore some property options in the area. I'm here to help!

Best of luck with your investment journey,

Luis 

[Chris Murray]

Quote from @Joshua Janus:

Quote from @Chris Murray:

Hello! I am excited to be part of this group. I have been looking at REI for sometime and decided to finally start researching. What I am trying to determine is the best course of action to begin with. I am located in Venice, Florida and I'm in an area where vacation rentals are a popular choice. Any recommendations on if I should look at property for vacation rental or if it makes more sense to look at a property for long-term rental? The real estate market in my area is now stagnant with a surplus of inventory. I have also been listening to podcasts that discuss seller financing. So that leads to my next question... Should I locate a mortgage broker or start with a realtor? Ideally I would like to keep my personal finances separate from my REI.

 Reach out to some investor friendly realtors in your area to get started. They should have some resources and referrals to use to get your feet on the ground and get your first deal done. Also search the forums here as there are thousands of helpful posts / answers to almost every topic you could think of. 

Thank you for the valuable information. This helps at least make sense of a good starting point.

[Chris Murray]

Quote from @Jonathan Greene:

Start going to local real estate investing meetups before choosing a realtor or a lender. Meet some local investors who started in your area and see what they do. Venice is nice, I lived in Sarasota for 7 years. Sarasota County has enacted regulations on STR so I have friends dumping those (you can do 30-day stay) and repurposing the money. Inventory should be higher near you with rising insurance costs and that could mean decent deals, but don't jump too quickly. I would focus on connections first, then financing, then a realtor.

 I appreciate the information. Yeah after I read your post I was reseaching the 30-day stay currently in place in most of Sarasota county. I also have my eye on Sebring Florida which seems to be growing. 

[Chris Murray]

Quote from @Luis Vazquez:

Hi Chris, welcome to the REI community! its great that you are taking the leap into Real Estate investment, and Venice Florida, its an interesting market with its mix of vacation and long-term rental opportunities.

Given the current market conditions you are describing - stagnant with a surplus of inventory - there might be some advantages to exploring both vacation and long term-rentals.  Vacation rentals can generate higher income during peak season, especially in a tourist-friendly are like Venice. However, with the market being saturated, there might be opportunities to negotiate better deals on properties that could be suitable for long-term rentals, which typically offer more consistent cash flow throughout the year.

As for seller financing, its a powerful tool, especially if you are looking to keep your personal finances separate. It allows you to leverage the property without affecting your credit, but its crucial to fully understand the terms and ensure it aligns with your investment strategy. 

Regarding whether to start with a mortgage broker or a realtor, I recommend connecting with a local realtor who knows the Venice Market well and can help you identify properties that meet your criteria. A good realtor can also introduce you to mortgage brokers or financing options that suit your needs. 

Feel free to reach out if you have more questions or if you want to explore some property options in the area. I'm here to help!

Best of luck with your investment journey,

Luis 

 Thank you for the reply! It looks like for the most part, Sarasota County has a 30-day stay requirement for rentals. With that being said it probably makes the most sense to look at long term rental options. Another area that has peaked my interest is the Sebring area which seems to be experiencing growth. 

[Chris Murray]

Quote from @Robin Searle:

I’m a Colorado agent and have short term rentals in Colorado Springs and a vacation home in Venice that I medium term rent - love this area. Be aware Sarasota county has a 30 day minimum on rentals except some specific areas like Siesta Key. My brother and sister in law are Venice Realtors with over 30 years of experience if you want a good contact. 

 Thank you for the message and the insight! Yes, I would appreciate their contact information. 

[Luis Vazquez]

Quote from @Chris Murray:

Quote from @Luis Vazquez:

Hi Chris, welcome to the REI community! its great that you are taking the leap into Real Estate investment, and Venice Florida, its an interesting market with its mix of vacation and long-term rental opportunities.

Given the current market conditions you are describing - stagnant with a surplus of inventory - there might be some advantages to exploring both vacation and long term-rentals.  Vacation rentals can generate higher income during peak season, especially in a tourist-friendly are like Venice. However, with the market being saturated, there might be opportunities to negotiate better deals on properties that could be suitable for long-term rentals, which typically offer more consistent cash flow throughout the year.

As for seller financing, its a powerful tool, especially if you are looking to keep your personal finances separate. It allows you to leverage the property without affecting your credit, but its crucial to fully understand the terms and ensure it aligns with your investment strategy. 

Regarding whether to start with a mortgage broker or a realtor, I recommend connecting with a local realtor who knows the Venice Market well and can help you identify properties that meet your criteria. A good realtor can also introduce you to mortgage brokers or financing options that suit your needs. 

Feel free to reach out if you have more questions or if you want to explore some property options in the area. I'm here to help!

Best of luck with your investment journey,

Luis 

 Thank you for the reply! It looks like for the most part, Sarasota County has a 30-day stay requirement for rentals. With that being said it probably makes the most sense to look at long term rental options. Another area that has peaked my interest is the Sebring area which seems to be experiencing growth. 

 You are welcome! You are right - given the 30 day stay requirement in Sarasota County, long-term rentals might be your best bet. Sebring is an interesting area to consider as well, especially with the growth its experiencing. It could offer some solid opportunities for long-term investments. 

As a wholesaler, based in St. Petersburg, I occasionally come across deals in Sebring and other growing areas. Id love to connect and keep you in the loop on any properties that fit your investment criteria. Feel free to reach out anytime. I'm here to help with anything you need on your real estate journey.

Looking forward to connecting!

[Alan Asriants]

There are a ton of strategies to get started in real estate. 

The most common in simplest form that has been deemed as most passive is a simple, long-term rental.

If you have not purchased a property for yourself, yet, I would highly recommend getting started with house hack, and learning that way. This will give you the ability to put a little money down learn how to manage property in your own backyard and see if Real Estate investing is the path you really want to take. 

If you already own your own primary residence, then I would suggest going into a long-term rental. If short term rental is the way to go in your market, then connect with someone who has plenty of experience doing so and get their honest take. 

Short term rental is not as passive and it's run more like a business. Find the pros and cons of short-term versus long-term and see where you lie.

[Chris Murray]

Quote from @Alan Asriants:

There are a ton of strategies to get started in real estate. 

The most common in simplest form that has been deemed as most passive is a simple, long-term rental.

If you have not purchased a property for yourself, yet, I would highly recommend getting started with house hack, and learning that way. This will give you the ability to put a little money down learn how to manage property in your own backyard and see if Real Estate investing is the path you really want to take. 

If you already own your own primary residence, then I would suggest going into a long-term rental. If short term rental is the way to go in your market, then connect with someone who has plenty of experience doing so and get their honest take. 

Short term rental is not as passive and it's run more like a business. Find the pros and cons of short-term versus long-term and see where you lie.

Thank you for the feedback. Greatly appreciated! 

[Jeremy Holden]

Hey Chris, im an investor and agent over in Phoenix who helps alot of folks think through making your first investment. Feel free to shoot me a dm if you'd like an outside perspective

[Wale Lawal]

@Chris Murray

When deciding between vacation and long-term rentals, consider revenue, flexibility, management intensity, and local rules. Vacation rentals earn more money but require more hands-on management. Long-term rentals provide a steady income, fewer management expenses, and market stability. Contact a realtor or mortgage broker to find properties, negotiate conditions, and investigate financing alternatives. Choose according to your preferences and active property management.

Good luck!

[Chris Murray]

Thank you for the feedback! Much appreciated.