Looking into STR in the Largo Area

[Heather De La Cruz]

I'm thinking about getting a condo in the Largo area. Somewhere to stay and visit my brother and also rent as a STR in the meantime. How are the restrictions in the area concerning Airbnb or VRBO generally? I know some associations have their own rules but I'm not sure if there are local restrictions based on certain zoning and whatnot.

[Dan Maciejewski]

Most condos don't allow short term rentals unless they are purpose built.  There are a few (like 2) that do really well in Largo, close to the beach.

The beach condos that are short term rentals are a little pricey!

And keep in mind that anything that allows STR will need 20% down.  They will not qualify for a conforming second-home loan (I've had people try for this but it won't work!).

As far as your zoning, Largo allows STR -- it;s the condo itself that you will have to worry about!

[Cole Britting]

I can second what Dan said above. Largo has no STR restrictions right now, but your problems will be with the specific condos that you choose. Definitely make sure to check in with them and see if they allow renting short term. There are also a lot of unincorporated areas around Largo that follow Pinellas County laws, which also allows STRs.

[Brooks Becker]

Heather - I have seen and heard a lot of people buying STR single-family homes. They are bigger and cheaper than some nice amenity condos (granted you find the right one down here). The clientele are groups of couples vacationing together or larger groups all chipping in for a more affordable Florida vacation.

Dan - Great information! There are a few lenders out there doing 15% down on investment properties. Rate is adjusted for the added risk but if it gets you in the door for investing it's better than sitting on the sidelines. Right?!

[David Ramirez]

Hey Heather, 

Pinellas county has a lot of restrictions when it comes to STR. With that said, you are looking in the right direction. The City of Largo is one of the few cities that allow short-term rentals. In the link below you will find the rules for STR of Largo.

https://www.largo.com/connect/living_in_largo/permits_and_planning/short_term_rentals.php

Good Luck! 

Regards, 

David 

[Raymond J. Rodrigues]

If you’re looking into investing in the Largo and Tampa Bay Area, definitely reach out to @Nicole Shaw. She’s a wealth of knowledge. 

[Paul Cataldo]

Brooks! Any advice on finding investor loans at 15% in Pinellas?? Would love to take advantage.  Just bought a condo on the Safety Harbor line with an investor loan (20% down)  Thing is cashflowing $900 a month two weeks after closing.   Closing costs were astronomical, interest is up around 5%.  Still a great deal! 

[Raymond J. Rodrigues]

@Paul Cataldo are you looking to go conventional with 15% down payment or a loan that requires no income documentation? 

Quote from @Paul Cataldo:

Brooks! Any advice on finding investor loans at 15% in Pinellas?? Would love to take advantage.  Just bought a condo on the Safety Harbor line with an investor loan (20% down)  Thing is cashflowing $900 a month two weeks after closing.   Closing costs were astronomical, interest is up around 5%.  Still a great deal! 

[Thomas Geary]

Hi Heather,

No ordinance restrictions regarding STR in Largo, just comes down to the specific HOA. Although I will say, I think you will have much more success with a single family home as an STR rather than a condo. In my experience, most guests come down to visit family for at least a week at a time and are looking for something more homey than a beachy vacation rental unless it is right on the beach.

Have you find something yet?

[Brent T Galbreath]

@Heather De La Cruz I just bought a home as a STR in Largo a few weeks ago. It is legal to str there unlike many of the other areas near it. After two weeks of trying to get my property ready for inspections in Largo, I found out that I'm in the unincorporated part of Largo which falls under Pinellas County. The good news is they are much less stringent apparently. My property is actually about 18 minutes away from the beach which is a little further away but also picks up many of the visitors to the Tampa Bay area that comfort air shows, etc. Just make sure you know what part of Largo you ware in because the laws will change quite a bit.

[Brent T Galbreath]

@Brooks Becker I used The Mortgage Shop and they gave me a 15% down loan at 4.75% about a month ago. Things have continued to climb but it was still a decent deal. They specialize in short term rentals. I’m sure there are other companies as well but this company worked for me.

[Paul Cataldo]

@Raymond J. Rodrigues: I'm looking to get an investor loan with 15% without showing documentation if at all possible

@Paul Cataldo are you looking to go conventional with 15% down payment or a loan that requires no income documentation? 

Quote from @Paul Cataldo:

Brooks! Any advice on finding investor loans at 15% in Pinellas?? Would love to take advantage.  Just bought a condo on the Safety Harbor line with an investor loan (20% down)  Thing is cashflowing $900 a month two weeks after closing.   Closing costs were astronomical, interest is up around 5%.  Still a great deal! 

[Bryan S.]

@Brent T Galbreath - @David Ramirez - @Dan Maciejewski Great posts Gents!

I'm in the Largo area looking for a GC / Engineer that has worked with 'As-Is' / 'As-Built' permitting. Would you guys happen to know any companies / people that could help?