All Forum Posts by: Dillon Cook

@Brandon Leffler

Hey Brandon, any particular reason why you're looking specifically for STR? Tampa has a strong long term market as well.

Just curious what information or stats you have looked at

Let lease expire.

Start fresh and requalify him as a new tenant. Don't assume anything

Get new lease with only him on it.

I don't know why everyone is recommending month to month. What state are you in? We ONLY do 12 month (up to 24) leases in the Tampa area and have no problems.

Collect royalty or rent?  It's hard to imagine an efficient economy where people pay rent to virtual landlords

@Dennis Nikolaev

Florida is landlord and investor friendly. Much job and population growth in the Tampa, St Pete, Lakeland markets. Tampa, and much of FL, is an appreciation game.

Of course, I'm biased and do not have any TX experience to truly compare markets.

Feel free to dm me if you'd like to see current analysis of rental homes and you can compare those to similar comps in TX.

Using BP's calculator is helpful for beginners (and seasoned agents). Numbers wise, I use 5% vacancy and capex, maintenance fluctuates between 5 and 10%, and 10% PM fee. Without specifics it's hard to analyze what you *might* be missing, but did you overestimate rent? Is it in a bad neighborhood? Are there upfront repairs that will eat at your profit? In my area, it's easy to underestimate/forget property taxes because property values have appreciated so quickly. Make sure you go to county website to estimate directly from them at the anticipated sales price.

Or maybe it's just a great deal.

@Patrick Flanagan

You're going to get a different answer to this question from every agent!

Tampa rents and property values are increasing alarmingly fast with a craze of out of state investors and home buyers.

Get a slice of Florida appreciation. Won't cash flow like the Midwest, but you'll more than make up the difference when you sell in 5-10 years.

@Joe Splitrock

Can't you have up to 10, but you have to live in each purchase for 1 year before you can buy the next?

Maybe I'm off. Not as experienced with fha

@Patricia Steiner

This is the best advice. I forgot the time frame. With how fast things are moving, impossible to give reliable advice that far out. Can only speak to what's happening now

@Bryce DeHaan

10% COC or under.

Prices and rents have been consistently soaring upwards for the last couple years. This is my opinion, but with continuing inflation/ money printing and low interest rates, this trend will continue for awhile.

A decent deal will turn pretty sweet within a year or two. It's a long game

I would have to agree with @Jorge Vazquez

I would look further out but still around Tampa. You can find the 1% rule, but it gets more and more sparse.

Also look at Plant City, Lakeland, Brooksville, west part of Pasco county