All Forum Posts by: Joseph Beilke

Palm Coast FL here. Speaking to a few Investor in the STR market here. What they're seeing is a drop in repeat customers. The over all cost of just living has increase so much the past 2 to 3 years that people are taking less and less vacations. My wife and I are good for 4 to 6 weeks a year. 2023 we took 3 Weeks and in 2024 we only have a few long weekends planned. The exception is my week long boys trip to hunt for Bourbon in Kentucky.

What we tell our investor customers is, if you can make it work Longterm, you're pretty much good to good for short turn. That is exactly what we're seeing. STR switching to Longterm and now the area is saturated, and rents are coming down. I recently had to drop the price on some longterm rentals that a year ago, I would be fighting people off to get in these properties.

What I believe will happen by the summer vacation season is less STR to choose from because of how many switched to LTR and rates for the STR might jump up some. The investor will make the same or more with less time rented.

@Mary Jay

Palm Coast Vacation rentals can be tricky.  Not because of laws, it's more about location and access.  If your property is West of I-95 then you are much better off long term renting.  IF you are east of I-95 then it will depend on a few other factors such as water access, for power boats vs sail boats.  Is your property is closer to the 100 Bridge or the troll bridge, are you beach side or in the Hammock neighborhood and some other factors.  I would be happy to discuss this with you.  Feel free to DM or call me. Cell number is in my signature.  

HAPPY NEW YEAR!

Most of the investors that I have worked with this past year needed CoC returns. Not gonna happen with inventory levels and rates.

Other investors also see the bigger picture and will take a CoC loss each month as a way to offset taxes from other earnings. They are also fully ready to refinance once the rates drop a little and buyers get rolling. But with low inventory, you will prices rise or bidding wars again. So the plan is to buy now if you can, but unfortunately most need positive cash flow.

Going to be an interesting year.

@Brian Bussey

DM me or call, my cell number is in my signature and I would be happy to introduce you to two of the builders I'm currently doing business with.

Some time it's worth letting them out and moving on to a better tenant.  The headache, costs, rents loss could compound and end up being much worse then just letting them go.  

Probably not what you wanted to hear. Sorry and good luck.

I just went through a faucet replacement part nightmare.  It was with Pfister bathroom faucets.  I needed new Aerators for all 4 matching faucets.  My Kitchen is Kohler and I needed to deal with them about a year ago. 

Hear what I learned.  Kohler does not like to be universal, but with that said their customer service is top notch!  I needed to place the kitchen one, they email me a voucher that I took to LOWEs and got a brand new one at No cost.  The old one just got tossed in the trash.

Now for Pfister,  life time warranty very nice design, love the look and quality.  They also do not like being universal and needed new aerators.  Here where they failed,  their online customer service is a joke, took 3 calls over 3 days to get someone that I could understand, there background noise wasn't overly loud and there systems were working properly.  They source it to people in other parts of the world and the crap I hear in the back ground is un real.  They don't understand the product they are servicing and thus you have to explain in great detail what is the problem.  I was finally able to get what I needed because they do not sell it in store at all, and not even on their website.  They shipped it at no cost, which shocked me, but hey, I'll take it.

My opinion is spending a few hundred bucks for quality is worth it for great customer service when you need a part that is not universal and can't be found at Lowes, Ace or HD.  

Next time I'm going all Kohler.

Been a while since posting in this thread.  Wanted to shout out to @James Wilcox that I made to Jeptha Creed and picked a bottle of Bloody Butcher Corn.  It's really good, thanks for the recommendation.  

So the past few months Bourbon hunting has been slow.  Did score a bottle of Little Book Chapter 7 and went out to Missouri to see Wife's family and visited two smaller Distillers in the town of Herman.  At Cooper Mule scores a super yummy bottle call JD Select.  Small bite on the tip of the tongue and smooth going back.  Highly recommend if you're in the area to check out this small but growing brand.  

Another smaller Distiller in Herman was Fernweh,  had drinks at the bar and picked a bottle up from there too.  Nice visit to Missouri and the town of Herman, they are starting to really grow and produce some good juice!  Wood Hat Spirts is just north about 15-20 mins, off  I-70 and they have been a staple of mine for a few years too.  Wife's grew up with the corn producer for them.  

I was a personal guardian of SSI recipient and of all her accounts.  Is this something new SSI is doing?  Because from 2013 to 2019 all her payment were directly deposited into the accounts I set up and managed for her.  SSI should be able to deposit into a normal checking account and your tenant can set up a AHC or use her debt card within the Venmo or other similar apps and pay you with out a fee.  I have two Tenant that pay me via Zella through the banks directly.  I feel like your tenant is not telling you the whole story.

@David Diez

Let's talk, Not only am I a Realtor but have 18years with the DOD. I'm not to fair North in Palm Coast and have helped many using there VA benefits and the unique lending options to get started in investing.

@Tyler Davis

So I'm going to play bad guy here after a short disclaimer.  I am versed in NFPA 1 and 101 and IBC so when I make these remarks it will strictly on legal ramifications of Life Safety Code.

First off I agree with everyone on here.  These kids went through something bad, the family is in a tough spot.  Your chance to be a wonderful, compassionate and engaged landlord is the goal.

BUT...........  You might want to review local and state laws for occupancy loads, SqFt requirement pre person in transient properties for long term residents, means of egress and alerting system requirements and extinguishing agents. Not every JHA may address this but is something I would research before having the conversation with the tenants.  You do not want to get caught up in a situation where lets say you have a small kitchen fire and your insurance finds out there was 7 persons living in a single family residents, there renters policy and hazard policy didn't reflect that number of people or belongings.  One child had minor burns and another had smoke inhalation.  Many Health insurance provider do not cover injuries from a fire in a home.  You and the tenant could be caught in a snowballing effect of bad situations. 

Just something to think about.