All Forum Posts by: Carleen Murone

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.

Let me know when you are interested in the same for Southwest Florida, Lee, Charlotte and Collier Counties.

With the price of properties increasing it's difficult to see significant cash flow for most of the investors I am working with. I do have one who is using a self-directed IRA to purchase a rental that is being rented out as a house share. This property will cash flow $2,000 month right back into the IRA (tax savings). I am thinking this is the best scenario in this market...and the purchase price is $260,000.