All Forum Posts by: Carlos H DeOliveira

@Joseph Crunkilton now we just need Zach to thank you for the mention

@Christopher Phillips wow, that's very interesting to know.

When you had these issues did you try to communicate with Roofstock? Or are you simply on your own after making the purchase?

@Matthew Passando I also live in Rhode Island and read the same book but I ended up choosing Little Rock, AR.

I know the crime rate is high in other areas of the country especially if you compare with some places in RI. My advice is, do your research further, most areas with an entry level of 120k or below will rank as "higher" than average in violence, but you can use Google streets to look around neighborhoods, also prior to buying in Arkansa I called some realtors that didn't know I was buying there and asked about neighborhood and etc...

@Ryan Boltman I'm doing the same research as you, I have purchased from a turnkey provider outside of roofstock and had a good experience. From what I understand roofstock is more of a market place for turnkey properties and providers. I always keep properties on my watch list to see how long it takes for them to sell, and I noticed that some properties have been listed for over a year, so it's like someone has a rental with a tenant and lists the house at a high price, hoping someone pays a premium.

I plan on eventually making a purchase through roofstock and compare it with the experience I had with a turnkey provider. My biggest fear on roofstock is to overpay and have excessive repairs, that can set your returns back a few years.

@Lena Davis - Did you end up moving forward with Cashflow Savvy? what was your experience like?

How much could you sell your house for ? $1,350/month could be good or bad, it all depends on how much the property is worth.

Also you could cashout refinance the property, keep it rented but have the cash to move around and do what you like, the property just wont cashflow as much but you will keep the tax benefits and the asset. It all depends on the value of the property.

@Matt Nico

I own 3 homes at Lake Wilson Preserve, where are you?

Yes I live in Rhode Island, and this is a long distance investment for me, but I do everything other than the things that need to be done locally.

I use Stessa, never used Rental Hero. I like Stessa, I use it to track income/expenses for my long term and short term properties.

@Matt Nico - I have 3 STR in Davenport FL, my occupancy rate between all properties is 88% for July, 87% in August (still have time to rent), at about 70% for September already. My nightly rate average is 4% higher than last year.

The biggest change for me since COVID has been an increased number of cancellations, 100% domestic guests versus a large amount of international guests, and due to COVID guests stay inside the house much more than they used to so I've been having a lot more wear and tear issues than I used to.

My nightly rate is about $14/night higher than houses in the area

@Quentin Moore -  Sorry I was away for a few days and didn't check biggerpockets.

All my properties are 4BDRs, my biggest concern with 5bdrs/6bdrs becomes parking. The ideal vacation rental in Davenport should have 4+ bedrooms, a private pool and a low cost HOA for maximum returns. I'm not a fan of 3BDR due to high inventory, low nightly rate and not that much less expensive than a 4bdr.

My 4 bedroom homes accommodate 8-10 guests, my HOA is very strict on street parking and often times I have issues with Guests having 3 vehicles and parking one on the street, sidewalk and etc... I use the garages as game rooms so there are no alternatives for parking.

If I was to purchase a 5BDR home, I would set it up so it can accommodate 14 guests, 3 rooms with king/queen and 2 rooms with double bunk beds for up to 4 kids in each room, this will allow you to host up to 5 families pushing your nightly rate and maximizing your revenue. The biggest challenge is finding a property that has parking for 4-5 vehicles.  

As far as price point goes, it all depends on the number of bedrooms you are looking for. I suggest doing the math backwards so you can take into account the HOA costs. The total cost for my properties after furniture appliances and etc.. is about 260,000 , my HOA fee is $180 and it includes internet, cable, and lawn service.

It costs about $480 per $100,000 financed, so if I was buying a property that Internet + HOA = $660 vs $180, in my eyes I need to buy that property for $160,000 to achieve the same cashflow as above. I know this can be a confusing answer but the point I'm trying to make is that in Florida no all properties are the same, HOA fees and other fees are very important when calculating your return.