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All Forum Posts by: Connor Dahl

Connor Dahl has started 1 posts and replied 12 times.

There are a lot of restrictions but still number of properties that allow and are zoned for STR. Properties/condos that share amenities with a hotel are less likely to change their STR policies (controlled by HOA) as short term renters do not affect how the overall property functions.

I like the market economics, YOY rent growth, and the fact it is a travel hub, becoming more influential destination in nationwide and world business, and is essentially a year round tourist destination.

Would be open to other areas of Florida but in my opinion they don't share equal demand drivers. What other areas do you like?

 

Quote from @Mario I Fernandez:
Quote from @Connor Dahl:

Does anyone have experience investing in Miami Beach? Looking at a couple deals right now where I should be able to get cheaper debt (seller financing). Would love to run numbers by some people to get their thoughts.


 If you look around there are plenty of threats that talks about this very subject. 


I live in the area and could answer some questions.

 @Mario I Fernandez would love to chat.

Quote from @Ricardo Hidalgo:
Quote from @Hunter Janes:

I am a new investor looking to get into the RE market. I am having a hard time finding properties where the numbers make sense. I am qualified for $250k for an investment property. I have found a few nice homes but the monthly cost on these homes is higher then what I am being told I can rent them for with a long term lease. For example, I found a 2/2 home for $250k, with 15% down and an interest rate of 7.62% the total monthly payment is around $1850. After speaking with my broker and realtor, they both informed me that I could rent this property for $1500-$1600 / month. With these numbers, this just does not seem to make sense to buy. I have had a few others homes that I have looked at with the same situation. I have considered doing airbnb for these properties as that would seem to be the only way I would have a chance at making my money back, or at least covering the cost. Is anyone else running into this situation? or should I approach things from a different angle. Any help/guidance is greatly appreciated. 


Here is a property we bought in Panama City Beach for STR.

Numbers attached below: 

149 Damon Circle Panama City Beach

Financed with interest only loan

Renovation time: 5 weeks

Purchase price: $250,000

Cost to buy with fees: 55,000

Renovation cost: $40,000

Furnishings: $15,000

After Repair Value: $350,000-$375,000

Gross rents 45-50k a year

 @Hunter Janes what lending company did you find that offers Interest Only or was it a bridge loan? Thanks in advance.

Quote from @Sarah Kensinger:
Quote from @Connor Dahl:

Does anyone have experience investing in Miami Beach? Looking at a couple deals right now where I should be able to get cheaper debt (seller financing). Would love to run numbers by some people to get their thoughts.

Why don't you create a new thread with your question and tag Miami. I'm sure several people can help you.

 I did. Thanks.

Quote from @Todd Goedeke:

@Connor Dahl you can receive the tax benefits of cost segregation and bonus depreciation thru active management . You can always switch the following year to being a passive investor and still continue to take straight depreciation on the types of property you did not take bonus depreciation on.

Correct. If you are an active real estate professional, which is easier to achieve "managing" your own STR, you can decrease your tax burden on your active income, such as your W-2 income.

Does anyone have experience investing in STRs in Miami Beach? Looking at a couple deals right now where I should be able to get cheaper debt (seller financing). Would love to run numbers by some people to get their thoughts. Thank you in advance.

Does anyone have experience investing in Miami Beach? Looking at a couple deals right now where I should be able to get cheaper debt (seller financing). Would love to run numbers by some people to get their thoughts.

I'm starting to have more luck with sellers willing to offer full or partial seller financing. This allows my debt to be much cheaper and cash flow a lot easier. 

How has no one mentioned the huge tax benefits you can get from managing your own STR? Check out some STR focused podcasts on the "Tax Smart Real Estate Investors Podcast".

Quote from @Elena Orselli:

Hi @Nicole Masters 

First, we look on a macro level (cities to invest in) and then micro level (specific areas within that city). The cities must meet the criteria below.

Macro level: Rent to value ratios, Unemployment rate, Population growth, Major employers, Workforce diversification, Landlord tenant laws

    Micro level: Crime rate, Owner occupancy rate, Vicinity to retail and jobs

      In short, we are investing in landlord friendly markets with high rent to value ratio, positive population growth and opportunities. Within that, we select areas with low or no crime, which are close to jobs and to the downtown core.

      There are a ton of great investment cities to invest out of state. But do your research within each city you invest in and get a pulse within the market. 


       What's a high to rent value ratio for you?