All Forum Posts by: Jose Miori

1. Hi Y'all!
2. I used to live in South Florida and have been to Hollywood many times, but I am unfamiliar with this specific area. My cousin is selling his 5-unit townhome complex about 2.5 miles from the beach. It is zoned commercial and set up currently as a 5-unit with long term renters. I'm considering buying it and turning all 5 units into Airbnbs. It feels to me that it would be a great area for this, seeing as there are many other Airbnbs in the immediate vicinity, it's located 15 mins from FLL, close to Downtown and the beach, and of course, well, it's Florida. :)
3. He told me the following:
4. 1. Taxes are 10k/yr
5. 2. Insurance is 3k/yr (withOUT windstorm, which would add an additional 10k)
6. 3. Garbage is #4,500/yr.
7. 3. Permits are very difficult to obtain (we build homes in Chicago, so that may be a non-issue for us considering what we have to deal with here LOL :)
8. 4. It needs a lot of work. (We are GC's, so estimating repairs (and managing contractors) will not be hard)
9. 5. (1) Efficiency | (1) 2 bed, 2 bath | (1) 2 bed, 1 bath | (2) 1 bed, 1 bath
10. 6. Zoned commercially for a 4-story building, currently a 2-story building

I'm not so concerned about the pricing here, rather just looking to get local, hands-on knowledge and expert insight into the area. Seeing as my cousin is NOT a real estate investor (he and his wife were living in one of the units and the maintenance and expenses just became too much of a headache), I'm looking for your help. If you have experience investing in this area of the country and can shed some light and insight into taxes, insurance, Airbnb options (easy/hard/impossible), permits, flooding, other potential issues, etc., I'd be most grateful!

LOCATION OF PROPERTY: Vicinity of 17th St. and Dewey, near the Parkside area.

Interesting question and one in which a lot of people don't take into question when they consider self manager vs using a property manager.  

I would have to go back and look at the costs and then divide them amongst my properties to figure it out but right now I am paying for the following subscriptions:

Guesty for Hosts

Ring Cameras

Price Labs

Hostfully Guidebooks

REIHub

Zapier

SignNow

When I purchase one of these subscriptions it is usually based on the criteria of how much time can it save me, or how much additional revenue can it make me, or how can it improve my business.  And depending on those things I will decide to use it or pass on it.  So I have never ran the numbers to determine what percent of my net profits they would take up.  

I am now considering adding Rankbreeze or something like that.  I never considered it before, because the bulk of my customers came through VRBO.  But now it is shifting dramatically to AirBnb, which I am not thrilled about, but it is what it is.