All Forum Posts by: Jamie Mason

I'm curious, too. And waiting to find out who the new co-host is!

Thanks so much to everyone who has chimed in! I and new, but I love this community!

For those who asked, I do not currently own any rentals, but I'm not a complete novice. I worked for an apartment complex when I was in college where I got a pretty good idea of all of the pain that can be involved in property management, and as a Realtor over the past 21 years, I've acted as a leasing agent and consultant to many of my landlord clients. I've stopped shy of true property management with my clients, though.

The reason I ask about both traditional rentals and Airbnbs is that my preference would be to Airbnb my winter home when I'm not there, but ideally, it will cash flow as a traditional rental if the Airbnb regulations change and I decide not to winter there any longer. I just want to make sure I have multiple exit strategies.

I appreciate all of the links and info and will drill down on those soon -- thank you!

Hi Jed! Thanks so much for your insights! Tell me what you love about Sarasota. It appeals to me because I hear there's a vibrant art scene. My husband and I are major foodies and oenophiles; how's the food and wine scene? And how is the market? Are you seeing any softening? I'm a Realtor in Baltimore and we're starting to feel it here, at least in the city. If there is a correction coming, I want to be ready to pounce on an out of state property! We are planning to visit in Nov or Dec and we're still shopping for agents (except in Naples, where we already have a contact). If we decide on Sarasota, I'll be in touch!

I am trying to identify a warm weather, preferably coastal market that would be (1) someplace I would like to have a winter home, and (2) is a good market for cash-flowing BRRRR traditional rentals and Airbnbs. So far, I would be interested in having a winter home in Tampa, St Pete, Sarasota, or Naples. Scottsdale, AZ has also crossed my mind, but the distance from my primary home in Baltimore, MD makes it less attractive. Does anyone have any insights on any of those markets, or someplace else I should be considering?

Thanks, RonNell! I want to grow that part of my business, for sure. I've been so busy focusing on other people's real estate needs, I have little time to focus on my own.

Thanks, Moises!

Investment Info:

Condo fix & flip investment in Towson.

Purchase price: $130,000
Cash invested: $180,207
Sale price: $205,000

Purchased a condo for cash and completed a fix and flip. Cash invested includes acquisition, rehab, carrying, and sales costs.

What made you interested in investing in this type of deal?

I have a background in interior design and I was itching to put it to use on my own investment.

How did you find this deal and how did you negotiate it?

It was listed on the MLS. I am an agent, so I negotiated my own deal.

How did you finance this deal?

I didn't finance. I had some cash reserves making almost no return, so I decided to put them to use.

How did you add value to the deal?

I renovated the condo.

What was the outcome?

Gross profit was about $25,000 and I learned a lot.

Lessons learned? Challenges?

I learned about working with contractors, specifically, how materials budgets work. My only challenge was a 1 month delay in construction because the units in this building (1975 high-rise construction) didn't have individual water shut off valves, so in order to do plumbing work, we had to wait for the building to shut down water to the entire tower. They only did that once every 3 months, so my 1 month delay could have been a 3 month delay, with condo fees accumulating. I was lucky!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I was an excellent real estate agent for myself! :) I've since hired a better stager, though.