All Forum Posts by: Dennis Smith

Thank you all for your insights. Very valuable.

My Tampa property was undamaged. Unfortunately, not the same for many others

 Thanks for the local perspective. Time to dust off the ole crystal ball!

Valid points and only time will tell. As a retail buyer, I would have second thoughts on buying coastal FL. As an investor, there will be a lot of opportunity if prices drop. It is all a matter of timing and how good your crystal ball is!!!

Quote from @William Silva:

Dennis,

first and foremost, I pray nothing happens to your property.

You're wrong about pricings going up after a natural disaster. In fact, homeowners insurance will continue to climb because of the risk Tampa faces.
If damage or destruction happens in Tampa, demand will not rise as a result. In fact, people are more likely to sell and move elsewhere if they are overwhelmed with the damages. This will cause more supply and less demand = lower prices.
Of course, none of us have a crystal ball, but that is just my two cents for economics 101 :)

 Thanks for your prayers and opinion. Yes, insurance all over is going up, especially in FL with hurricanes and CA with fires which will have an effect here and other places.

I was thinking that, if a lot of homes were damaged, there would be fewer undamaged ones to choose from, and greater demand, causing prices to rise. That scenario will depend on how many people leave that area and how soon.

I own an investment property in Tampa (at least I hope I still do after Milton goes through but we are not in a flood zone).

I was wondering where home prices go on functional homes following a large natural disaster like a flood, fire or hurricane.

I was thinking prices would go up shortly after the disaster since many other homes were damaged or destroyed, therefore supply is low and demand is high.

The reason I ask is because I have a refi coming up following a fix & hold purchase. How long can/should I wait for the appraised value to change, and will it go up or down?

Hi Lindsay,
I am a Realtor based in Encinitas and here is the contractor I recommend for ADUs and general kitchen & bath remodels. He has done many ADUs.
Tad Lent of TLI Construction & Dev. Inc.
(760)533-0837
[email protected]
http://www.TLICD.com

Many good answers and things to ponder in the comments.

Have you thought about MTR - Mid-Term Rentals? Encinitas does not allow STR in condos but a minimum stay of 31 days is OK by the city and by most HOAs. That is where you will cash flow. I do not manage MTR here (just in Fresno) but I do know others that would manage it for you...that have experience in getting top rent.
Of course, as a Realtor who lives in Encinitas, I would be glad to help you sell it if that is the path you choose. Please feel welcome to reach out and chat.

Quote from @Robert Crocker:

Quote from @Andrew Steffens:

Quote from @Robert Crocker:

Hey guys,

Any suggestions on the top STR insurers? I need a minimum of 1M in liability to meet city requirements?

Thanks!

It depends on your location often. I am in FL and since the storms of last year it has been very hard to find. To add to the ones above you can check out Kin (they are the only ones currently writing wind in FL). Make sure you are insured for STR not LTR or owner occupied

Thank you! Location is in Encinitas CA. Not in fire zone, close to beach. Weather should be straight forward for underwriting. 

I just got insurance from Badiner Insurance (Farmers) in Carlsbad for my MTR (they called it an STR). Call Keith at (858)232-2223 and let him know Dennis snet you.

Quote from @Travis Beck:

Hey Dennis,

Does MTR have to be subto or wholesale and does multi family have to be seller carry or those are just ideal scenarios?

Hi Travis, Those are the ideal situations. We would consider anything that makes sense in these areas and property types. Let's chat after 8 AM.



Hi Travis Beck

I am Looking for an MTR ()Mid Term Rental) along Hwy 99 from Bakersfield to Sac. My pref is the Tower District in Fresno (Subto or Wholesale). Also looking to 1031 into 8+ units or Motel in the same area up to $3M with 20% down or to $6M with 10% down and seller carry. ASAP on both.