All Forum Posts by: James Bradin

It depends a lot on your budget and desire.  If you are looking strictly for cash flow I would think that the midwest and south (specifically GA, MS, AL,TN) would be hard to beat.  I personally invest in FL and have done long distance investing there prior to moving back.  I have noticed that the prices are beginning to get a point where I will soon have to look elsewhere.  I am considering GA and Alabama if it gets to that point. 

This is a similar situation to what I have had to deal with in the past with one of my properties.  I purchased a distressed property and inherited 4 tenants.  It never feels good, in my opinion, to drastically raise rents.  However, you have to realize that you are running a business, not a charity.  If the comps in your area are renting for $300-500 more than you need to think about that fact that you are losing $3600-6000 a year in lost revenue.  

I have not had any issues turning over my properties to new tenants during COVID.  Let the tenant know that you are raising rent.  Provide justification why.  If they are a "dream tenant" charge them a little less, if not move on, screen well and find someone that will rent at the actual value.

I have been using Zelle for all of my properties.  It has made collecting rent a breeze and allows me to collect rent without incurring any fees or spending gas money to pick up checks.

I inherited 4 tenants that had paid rent via check for 20+ years.  They loved switching to Zelle.  The ease and convenience is unmatched.

This will depend a lot on your budget and what type of Airbnb Tenant that you are targeting.

Panama City is a great area to look into.  They are still recovering from Hurricane Michael and have many enticing properties.

Destin/ Fort Walton Beach is another promising area that has a solid history of AirBnb success.  @Matt "Roar" Gardner is very knowledgable in the market and can probably help you out if needed.

St Petersburg seems to draw a younger customer/crowd, but would be a similar price point to Destin.

Sarasota/ Bradenton/ Long Boat Key is another solid option.  I think there is a lot of potential in Bradenton, specifically on Anna Maria Island.

I used Fairway Funding Group during my last purchase in that area in 2017.  They were pretty solid.  I am working with Lilly Loans and Insurance right now for a refi, she is based out of Bradenton.  Her rates were much better than anyone else I spoke to.  I am still early in the process though.

@Farhan Ahmed I am also an investor in the Bradenton area. I was curious if you had found any good contractors in the Bradenton, Palmetto, or Sarasota area? I am looking to complete a large rehab this summer and have poor success with contractors in the past.

@Bernard Sanga I am also an investor in the Bradenton area.  I was curious if you had found any good contractors in the Bradenton, Palmetto, or Sarasota area?  I am looking to complete a large rehab this summer and have poor success with contractors in the past. 

@Charles Clark

Thanks for the info, I personally never touch the security deposits. I put them in a separate account and leave them there until the tenant moves out.

I have 8 units between 3 properties. I self manage 6 units and have a property manager for the out of state property. I am doing my second house hack right now.

Congrats! I house hacked for 4 years, just bought my second duplex that I intend to house hack for a year.  I honestly believe that it is one of the best investments you can make.  Focus on learning how to be a good landlord, save up for the next property, and use your experiences to get better at it each time.

I collect rents for the units that I personally manage through Zelle (almost every major bank uses it).  I have had zero issues with it, and they do not charge any fees for transactions.

If you have not done it yet, read Brandon Turner's book on Managing Rental Properties.  It comes with free versions of every document you would need (leases, deposit to hold, pet addendums, move in/out checklists).  I took the example lease from that book and tailored it to the state each of my properties are located in.