All Forum Posts by: Himateja Madala

 Property is encore and not reunion.

@JD Martin I was hoping to get a good deal in the buyers market but honestly it is beyond scary to get in right now. Every single property has their numbers down from last year.

Going by last years numbers and if the ADR doesnt get better in 2025 then it will be a huge negative cash flow.

Also sent you a DM, can u pls check.

@John Underwood with 6bed/6 bath I am targeting more multi family travelers who prefer staying together. This property will not compete with hotels is what I thought 

Hey folks,

I am brand new to STR's and am here looking for suggestions around STR in Kissimmee area. I have an opportunity to purchase a 2019 built 6 bed/6 bath 3300 sqft (Pool/spa, media room, full size garage) fully furnished STR in Encore Reunion community @ 180 per sqft costs me 600k. Property is in great condition since it is newly built but not themed currently but i am hoping to theme it and write off as expenses. Property was on market for about 170 days

I originally started the STR plan for tax benefits and plan to do cost segregation as i fall into high income bracket (37%+ 11% state) saving around 50k for 600k property.I have no plan to personally use the property and this is purely investment

I thought i found a great deal because properties in the area are selling for 205-220 per sqft. But then i ran numbers and realized that at current rates i have to pay 4300 (3300 Mortgage, 1000 Prop taxes ,900 HOA) . Income for 2024 is 66k gross as i believe the owner didnt put effort to gather high ratings or make it perform.I was hoping to write off the negative cash flow against my w2 income. I am out of state and have to use a property manager which is another expense.

Also hoping that since 2023,2024 travel has softened the cycle will reverse in 2025. Hoping Orlando travel will pick up next year with new parks opening(EPIC universe).

AirDNA data shows that few properties have done 80k-90k in the area with theming.

It all sounded convincing untill i see loopholes in my own plan.  I dont know for sure when rates will come down so i can refi. 

Also purchased because realtors told me that 180 per sft is really low for the area and that its a great deal. 

Any seasoned investors pls share your thoughts. Are the tax savings worth all the hassle of STR. Should i buy a property that negatively cash flows?

Is kissimmee still a good area for STR or saturated. Long term is it a good investment.

Thanks

Himateja

P.S: I believe the seller is going lower because the property has a relatively smaller pool/backyard . However the property has a freeway behind it and hence no rear neighbors /more privacy.

Hey folks,

So i bought a property last year in Wellington Florida which was remodeled on the inside .I live in CA and got this house remotely with help of agent and i visited the property only few months after i purchased.

However after i bought the house i was told that it is a mistake to buy wood framed house in Florida. When i did inspection there was wood rot in the report and i was given seller credit for it.At the time of buying i did not feel it is big deal.

But now that i see problems arising i am unsure if it is too much upkeep to maintain the house.I got the property at low interest rate of 3 so i would like to hold on to it.

Is wood rot major problem that i need to address immediately. What are some of the measures i can take to ensure it does not get worse.

I am just scared that some day the house will just fall off.

Please advice if i should sell the property or what measures i cant take for this.

hi @Ray Hage Would be able to share me the number of the handyman.

Thanks all, after all your inputs i have extended the tenant "Happy Clause" but she refuses to leave. I have no interest to continue to engage with her but at this point eviction looks like only option. I dont want to go through the pain of eviction

I am in the process of fixing the patio and have all the materials ordered but still she wants to with hold rent. I am very doubtful to hand over the repairs in the hands of the tenant.

For items that are health hazard i do make sure to repair in in 3 days or the earliest but for things like patio screen i want to chose what works best for me.

Hi All,

I own a rental property in Wellington managed by myself remotely from CA. I have been having a difficult time finding reasonable handyman in the area.

recently i had new tenant move in and she found some issues and listed they be fixed on the leasing agreement. I had a handy man come in and fix  the issues but she kept on adding to the list . Finally the contractor gave up on me unable to bear the drama.

Tenant is a drama queen.Now the tenant withholds part of the rent and she says she will get it fixed since i am not getting things done on time.

Is this even legal to do so. Can i evict her on this basis?

Should i let her with hold rent .In long term i believe this is not good practice

The issue is Patio screens are torn and need repair and i was looking for a handyman who can do this.Are patio screens mandatory repair  in Florida? what if my property didnt have patio screens.

Thanks Karl, i tried to find my own tenants by placing an ad in zillow but was never able to. i hardly got any calls. whats the best way to search for a tenant

Folks,

I had an agent place a tenant for me and charged me 8% of my yearly rent which is about 1 month's rent. Now tenant is creating a lot of trouble by blowing everything out of proportion and making it hard for me to work with her. Tenant wants to move out within one month of moving in .

In this case what responsibility does the Realtor hold. anything at all?