All Forum Posts by: John Landskroener

If you're looking for someone who's actually local to the area I am in Polk county.

I'm seeing a lot of new apartment buildings going up in Kissimmee, Davenport, 4 Corners area, and Central Florida in general. How are they affecting your single family rentals? According to the MLS it's taking 90 days to rent. I know people find apartments attractive because of the acceptance of lower credit scores, lower security deposit, and the amenities that are offered.

Everyone in Florida is having difficulty renting. We're seeing over 90 days of vacancies on single family homes. They're putting apartments up like crazy and people are going there because of the lower credit scores, lower damage deposit, and the amenities. It's hard for everyone unless you're looking to rent 5+ bedrooms or something an apartment can't provide.

Stephanie,

where in florida are you interested in purchasing? Don't let being an out of state investor scare you at all. A good property manager can make sure you're property is taken care of and you are receiving your monthly check in a timely manner. I'm not experienced in 1031 exchanges but I know people in here are. Possibly look into something like that too if you are worried about the taxes on your current property. I'm in Central Florida and would love to chat if you are considering looking for something in the Orlando area.

In Florida you have to make an average of $125,000 a year to afford a house. The wages, if you've been at the same job, won't catch up to that number. If you've been working at the same hourly job for 20 years you're only up to $48,000 a year. If you're salaried you're only at $75,000 according to numbers I just saw. In Florida those numbers used to work out well but with the influx of money from New York and California the house prices have just shot up. I just spoke with a new builders rep who sells townhomes to mostly investors and she told me they're cutting back because they can't turn a profit. I would tell investors to find good property management companies in the midwest and buy houses in Iowa, Nebraska, and parts of Ohio where you can still turn a profit.

I've had lots of people call me who bought in the last two years for str and now they're in trouble because they can't pay their note. With the high HOA fees plus a mortgage, long term rentals won't pay enough. If you're going to be buying in a str community make sure 50% occupancy or less can pay all your bills.

I would join all of the Facebook groups to start with and post your property there. They have state ones, they have area ones, beach ones, etc.

Find someone, if there's a note on it, who might buy it subject to.

I would check out the Jacksonville or Panhandle near the military bases.

I worked with some people who looked into purchasing there when it opened a few years ago. It worked for a while but right now STR is not doing well. I've heard some of the same things about the property management companies and not being able to use the Margaritaville name and things but I don't have any concrete evidence to provide. I know people who are purchasing homes in communities that allow ltr and str. They're having the str furnishings moved out and renting it long term until the str market improves. I would give that a look and a thought too!