All Forum Posts by: Bob Ebaugh

I've never been able to make condos cash flow here unfurnished on an annual basis.   As a vacation rental, we just had friends spend around $300K on one and rent it for the season at around $4500 a month furnished.   I'm really not an expert yet on vacation rentals here, but Dec-Mar are peak months for longish term vacation rentals.   Do you want to use it then?   There is some demand year round, hopefully someone else can help more.

That's almost 8000 per year on an unknown investment amount, but probably not a big number.  If you sell at 190K, how much do you have to invest?

Have to be more descriptive on location to apply my thoughts to the location and its future potential, not a small part of the equation.

If not in a flood zone, why worry about flood insurance?   If mandated by your mortgage, you are in a flood zone, even if improbable.

My gut reaction is to stay put.   But more data is required....

@Jacob Sampson, You are right...the market sets price.   

Been thinking about this for a long time, but what prompted the post is a turnover last week.   A couple with 800+ credit ratings rented a 950 sqft 3/1 we own for $1100.   The previous tenant paid $1000.   That couple told us they had been looking for a couple months and our rental was cleaner than anything in that price category, which was what they looked at.   

We did spend an extra $500-600 over the minimum needed to turn this one.   It was clean.   Including some cost to repair landscaping destroyed by the previous tenant.   But could have spent more....

But should we have tried for $1250?    I just don't know.   That's at least $150 over similarly located and sized properties.

@John Suralik, No doubt turnover is expensive.   That said,  back when I was a renter (circa 1985) we hated to plan our life around an annual renewal.   So we don't do that to our tenant pool.   Besides, philosophically, I don't want a tenant that's unhappy.

But your perception is exactly right...still don't want to leave money on the table.   But if we get more aggressive, are there negative ramifications to that?

Yes we've done the comparisons.   Seem to be on the market rate.   But still wondering why we have basically no vacancy.   We do give new tenants 2-3 weeks to move in...so that is vacancy...but there isn't any "resistance" to our pricing.   Thinking we should be more aggressive, just not sure of the ramifications.

We do fix essentially "everything" objectionable possible.   Not sure everyone else does that.   We are renting 2-3 BR in the 800-1100 month range.

We have 15 doors, some SFH, some duplex/triplex's in St Petersburg FL. We've been setting rental rates based on Zillow, Rentometer and a review/competitive comparison to what's currently listed. However, we are consistently able to find a tenant in 48-72 hours from the Postlets/Zillow Rental Manager posting alone. We gave up on Craig's list here due to quality of tenants. Generally B class properties.

Should we ask more?

I think we could raise the asking price higher, and if not rented in 7-14 days, lower the price and end up where we are.   Don't think it's the same as a listing to sell price where being high originally can hurt you.   The rental prospects turn much more rapidly.

How do you set your rental rates?    

@Alex Malone

I'd have to see the PCPAO listing to be sure, but generally if it's not shown as "unfinished" on the website, I would not expect any permitting issues.   Many enclosed porches have been converted to BR's in older homes.   I suppose if they added a wall or added a closet, it technically should have been permitted, but the building department doesn't have time or interest to chase these kind of small discrepancies.

The PAO does show bathrooms, not bedrooms.   If there are 3 fixtures that's a one bath.   It will show 6 fixtures if they have records of the second full bath.   Like the bedroom, I'd worry more about the quality of the existing work and what's need to make things right than worrying about historical permitting.  I don't see it blocking a future sale unless the actual finished square footage is different.

Do a search on "St Pete property cards".   Then lookup all the historical permits.   There are 2 systems, images of the old physical cards.   This is FYI only.   The other system is the only one where if there is was permitted work never properly inspected and closed, but the work is there, that is a potential issue.   That website is not terribly user friendly, if you stop by city hall, they will check for you.   Within allowable limits, they are a great, user friendly building department.

Best Bob

Hi  @Josh Nicolson

Welcome!   St Petersburg is doing extremely well right now.   So well I'm paralyzed at the moment.   But if you get down here, I'm always open for a beer!

Very interesting.   Thanks for posting.   Do they update this every month?

Discuss this with Rob Van Stronder, Broker Key Lime Realty.   813-966-4003.