All Forum Posts by: Jorge Garcia

I'm thinking about doing a HELOC or HELOAN for one of my properties but I'm a first timer. Can anyone explain me the pros and cons of each and what are some of the best banks lending at this current time in Florida?

1 Vote

Tampa, Florida

Have refinancing rates gotten better or is it recommendable to wait until next year to see what happens? I want to start a business and I want to use that money towards it. However I got this property locked in a fixed 30 year 3.5 rate and it hurts saying goodbye to it. Are there any banks doing refinances with some good rates at the moment? Just need a little insight from someone that has done it recently or know about this topic. Thanks ..

0 Votes

Tampa, Florida

Quote from @Patricia Andriolo-Bull:

I have two beachfront condos in Marco Island. The HOA fees have doubled since I purchased them (plus assessments from insurance and hurricanes etc.etc.) but I still find them great. I actually just purchased the second one in March as the owner needed out fast and I had a few other reasons that made it a good buy for me personally. The HOAs can do anything. Mine currently allows weekly rentals but it's driving insurance costs high. They have considered changing these rules to help lower insurance costs HOWEVER, they would grandfather existing owners - at least 50% use as short term rentals so changing these rules wouldn't fly otherwise. If you find one in a STR friendly association, I would expect the same. Marco Island has a ton of inventory, including homes. None on the beach, however, only condos. When I do the comps, I do much better with my two 2/2s than homes. In high season, I can rent each almost as much as a 4 bedroom house does but off season I do much better as people coming down would prefer a small condo on the beach. Run your numbers, expect high costs (and that HOA fees will keep rising) and see if it pencils out for you. Lastly, remember, STR is a lot more work than a LTR. So even if you can make a little more, it will cost you more in time and energy.

To your knowledge, you think oceanfront studios are also profitable market for STR?

0 Votes

Tampa, Florida

Quote from @Melvin List:

@Jorge Garcia Single family Homes might be safer but I have done a ton of Beach front condo's in Florida and most are very profitable. To Find a house on the beach you will be looking at paying over a million.

My worry would be if one day HOA would decide to stop allowing STR since profits will depend solely on it..

1 Vote

Tampa, Florida

Trying to get some expert opinions. I own couple of single home rentals in Tampa Florida and have always wanted to transition from long term to short term rentals. I love the beach and I live in Madeira beach Florida. Ive been thinking about selling one of my properties and buy a small beach front condo in this same same area for Airbnb. Since I’ve always owned single family houses I don’t have experience on whether or not these type of properties are a good investment in comparation with regular homes.
Prices for these condos around this area run between high end 300k and mid 500k.
Currently on the house I’m thinking on selling I make about 14k a year net.

Gross for this condos run around 70k-90k per year.

My question: Are beach condo rentals a bad investment?

0 Votes

Tampa, Florida

@Dustin P. How can I find the relatives ?

0 Votes

How can I acquire a house when the owner is not present and mailing address is the same as vacant property?

0 Votes

Best way and most accurate to get help finding the owner of a property other than using a skip tracing website? Been wanting to put my hands on this property however, haven’t had any luck connecting with owner.

0 Votes

@Mike M.

Thank you for your help

1 Vote

Been looking to get into a vacant property but seems impossible to get a hold of the owners, I have skip traced them and called unsuccessful phone numbers..is there a different approach I could use?

0 Votes

All Forum Posts by: Jorge Garcia

Jorge Garcia has started 10 posts and replied 15 times.

Post: Who’s got the best HELOC rates

Post: Refinancing and leaving a 3.5 fixed rate behind

Post: Beach vacation rental

Post: Beach vacation rental

Post: Beach vacation rental

Post: How to acquire a house when owner not present

Post: How to acquire a house when owner not present

Post: Finding the home owner

Post: Trying to connect with vacant property owners

Post: Trying to connect with vacant property owners