All Forum Posts by: Carleen Murone

Three Newly Constructed homes and one freshly renovated available steps from the beach in neighborhoods that generate $80,000-$100,000+ per year in STR income. Seller looking for realistic offers and a quick close. All four properties asking $4,925,000. Message me for more details. Homes can be purchased separately as well. ne Constructions estimated completion this month (February 2025).

I started working with this great couple over the Summer in 2024.  Their goal is ten rental properties...as quickly as they can get there, and as many doors as possible for their money.

We looked at a variety of options from STR multi-families on Fort Myers Beach to Annual duplex rentals in Cape Coral. Ultimately right before Thanksgiving we found a "twin" Quadraplexes in Fort Myers, very close to Fort Myers Beach. It was a race to get them closed in time to put into service on January 1st. One needed all new electrical panels and both needed all new water heaters - all of which I successfully negotiated that the seller take care of prior to closing. Also, in the middle of December the buyers changed lenders for a better rate, which I was also able to coordinate with our in-house Loan Officer, giving her only tow weeks to get it done. We all succeeded and one closed at 5 PM on 12/31/24 and the other closed on 1/3/25. $750,000 each unit, for a total of $1,500,000 - rents are $1,500 per unit (8 doors) and many of the tenants have been there a long time. I met with these buyers yesterday and they were very happy. Now we start thinking about the next investment.

The listing agent and the property owner have given me permission to share this with all of you savvy investors.  I have more photos I can email.  Just reach out to me or the agent directly.  The owner is also a client of mine in Cape Coral, FL.

 Does the market have significant seasonality?  For example here in SWFL this is our slowest month so the nightly rates right now are much lower than the high season.  The $555 might be an average?

Sam Saad is a great Real Estate Attorney.  I do know of some builders and lenders in the area that are organizing to create solutions for people who are stuck because a builder can't finish the job.  If you wish to talk offline maybe I can direct you to some local resources.  239-223-9454

There are still some deals in SWFL. I have a builder who builds 4 BR with two Primary Suites and has a lender deal right now. I have evaluated it to be able to cash flow as a STR with the lender special rate, even with a conservative 48% occupancy. It's all about getting the numbers to balance out. I would be happy to discuss details.

True

Breakeven or even a small loss in the first year is not so bad if you need to offset income...and the investor upside is always in the "hold".  Buy now and breakeven, and realize more appreciation overall then if you wait until everything goes up again. 

I agree with Jeff on the vacancy rates. I was just speaking with a property management company and he isn't having any trouble renting his units. One thing about Cape Coral is most SFH are not in gated communities so HOA's are not an issue. There are also several build-to-rent projects going on with builder financing deals snd some even offering perks like property management (even free for a period) so maintenance costs can be kept lower in the beginning years. North Port is a bit further from the projected growth boom that we will see in Cape Coral, and also Punta Gorda (airport and resort are brining in jobs and industry). Both Cape Coral and Punt Gorda, and possibly parts of Port Charlotte, will have growth of young families due to these jobs. Feel free to contact me to discuss further.

My experience in SWFL, based on comparing occupancy rates the calculators report, with actual operators and STR property managers is that the nightly rates are pretty accurate but the actual % occupancy is not. This is because many fill last minute rentals in downtimes with private rentals or through FaceBook groups, etc, which aren't showing up in the reports. I believe the harder you work to keep it occupied the more occupied it will be.