All Forum Posts by: Janet Reynolds

I personally am buying and helping clients buy in the Tampa Bay Area for a few reasons:

Here, you have a historically strong and consistent tourism presence, limited land/STR allowable areas, highly liquid property compared to selling a cabin in the woods, all 9 classes of visitors in the STR sector, and appreciation. Florida is projected to lead the country in net migration in the US and projects a 10% net increase by 2030 with Tampa leading that charge. The ratio of new jobs to new home starts is a staggering 2:1 making that growth sustainable. It's a jack of all trades here with little to no trade offs/cons when comparing apples to apples to other large STR markets.

The key to success here though comes in the knowledge and execution. Buying the right property type, location and price are half of the equation. The other half is: excellent finished product design and management at a reasonable cost.

As an investor and agent here, I have partnered up with top national designers that make the process turnkey for my clients and ensures them a top performing product. The difference in this portion of the execution can be $30k-$60k/yr more money in your pocket vs. that of our competition all other factors equal (such as the property size/location).

Next, to drive costs down, I co-host (only for clients) at 15% which is 5-15% less than the large PM firms. This again puts another $6-$20k in my clients’ pockets and getting a more personalized and boutique experience rather than being just another number.

Because I also own and buy actively, I also have the proven vendors that further save my clients money from insurance, landscaping, pest control, pool care, and handymen/hvac/plumbing/electrical.

With all that in mind, there's a few different categories of property you can buy that maximize their returns. CoC returns of 15-25% can be had here based on what skills and or effort you put into the project. I have clients that like to be 100% hands off and I have others that will fly in and do their furnishing/design themselves and even some that self-manage out of state.

Hello Biggerpockets Community,

 I'm currently considering a unique opportunity to go 50/50 on a property with a friend, and I'd love to hear your thoughts and experiences on this matter.

Background: My friend and I are contemplating joint ownership of a property where they will live and cover the mortgage, while her and I contribute 10% down payment. It's an exciting but complex decision, and I'm reaching out to this community to gain insights, advice, and maybe learn from personal experiences.

Pros and Cons: I've identified several potential pros and cons but would love to hear your perspectives. I understand that there won't be any cashflow but the loan paydown and appreciation over time hopefully offsets not having cashflow.

Legal and Financial Advice: Do you have any recommendations for legal or financial considerations we should take into account when formalizing this co-ownership agreement? Any red flags or important clauses to include in our contract?

Decision-Making and Communication: How have others navigated decision-making in co-owned properties? Any tips for fostering open communication and avoiding conflicts over time?

Exit Strategies: One concern on my mind is planning for the future – what are some effective exit strategies you've seen or experienced in co-owned properties? My main focus is to add to my portfolio in time and hers does not involve in real estate investing. 

I truly appreciate any insights, advice, or personal stories you can share. Your experiences can undoubtedly help us make more informed decisions as we embark on this venture.

Looking forward to your valuable input!

 Thanks, Janet! You have so much firsthand knowledge with real estate in Hawaii. Hope to go there one day soon!  

Aloha, 

I just moved to Colorado Springs in September from Kona and have to agree. The waves are getting bigger, the temperatures are getting hotter. Coastal erosion is real. 

Thank you, Michael. See you are from San Diego. Someone that works in aerospace told me that there won't be that problem in San Diego county with ocean water temps less than 70 degrees? Absolutely love San Diego county and wish I could do something in Encinitas, CA but priced way out of the market. How far inland from the oceanfront would you consider? Was looking at South Carolina and Florida. My friend has lived in Hawaii and invested in Kona and says the same thing as you.