All Forum Posts by: Josh Shaughnessy

 This is my advice to everyone I meet wanting to own rentals. That 10-12% is worth every penny. 

Don't rent to people you have personal connections to. Screen your tenants well. 

Are you looking specifically at PSL or more broadly at St Lucie or Martin counties? Speaking from the county perspective, it'll also probably be dependent on budget as the numbers for rentals out on the island are going to be different than properties further west

Hey Mike! Welcome to FL.

Try shooting @Frank Mongiello a message. I know he works with a lot of investors and happens to also be from NY.

@Annie Johnson because of Florida's homestead laws, the easiest way I've found was the county property appraiser. Best of all, it's free! Their database will be searchable (sometimes downloadable) and usually includes a category for "owner occupied". You can also search for properties where the owner's address of record is listed as out of state. I'm further north in Brevard county, but @Frank Mongiello specializes in that area and would be a good resource if you're specifically looking in Palm Beach County.

Hey @Bob D.!

@Derek Stalhut and I work with real estate investors in Vero Beach and surrounding areas. We'd love to help you find the right property. 

Let's jump on a call sometime!

There's a difference between a market slow down, or even decreasing prices, and a "housing crash". Most markets are seeing a pull back of less than 5-10% after multiple years of double or in some cities triple digit gains. We're nowhere near crash territory yet

As the title says, I'm looking for a recommendation for a lawyer in Cheyenne (preferably one with experience working with RE investors) for entity set up and estate planning. 

Thanks!

Personally, I'm not refinancing out of 3% because I dont see any way we're seeing rates that low again in the next 30 years. The average 30 yr rate since 1971 is over 7%, so really we're just now starting to come back to normal. I would go with a HELOC if you can find a bank that will do one on an investment property.

Yes and no.

Reasons No:

This is a different situation than 2008 for a couple reasons. 1.) banks haven’t been giving out loans to just anyone, and 2.) a lot of the purchases occurring recently are cash sales. People are selling/cashing out equity in high cost of living area and moving it to lower. Also I think Floridas economy is in a fairly strong position all covid policies considered.

Reasons yes:

1.) The increase in prices has made housing unaffordable for many residents because wages haven’t increased at an equally rapid rate. This situation is generally going to be unsustainable so it could be resolved in a couple ways. We could see a dip in housing prices (not a crash, but a dip) that opens up the market to buyers who previously couldn’t afford it. It’s also possible that rather than fall, prices stagnate and we see no/low appreciation until wages catch back up with cost of living. 

2.) Another reason Florida in particular is at risk for a crash is the large proportion of 2nd/vacation rentals. If the economy were to enter a deep recession, one of the first expenses people might cut could be that extra house they only use 1-4 months out of the year. 

So is it the right time? No one  can tell for certain. If you’re evaluating your investment properties correctly, it shouldn’t matter. If the numbers for a deal make sense, they make sense. Assuming you’re doing buy and hold investing a bubble won’t matter if you cash flow projections and buffers are good. In most of the country properties had recovered from their ‘08 drops by 2011-12. So if you know you can afford the payments and you plan on holding for 10, 20, 30 years, does it matter if values drop in years 2-5? 

Hope you found this helpful. Ultimately it boils down to you, your goals, and what you consider tolerable. Good or bad market timing is almost exclusively based on luck and we’re often better off is we stop thinking we can control it.