All Forum Posts by: Kevin Marshburn

I respectfully disagree with Paul above. Of course, slap and list plays, where it's a few cosmetics updates and re-listing properties mostly as-is was the strategy for some, and in those cases they are priced out of the market now for reasons he stated. BUT, for flippers who take inventory that cannot be sold as-is, requiring large updates and investments to become livable and desirable, that is massive value. It creates inventory on the market that wasn't there before and increases surrounding home values in the process. 

The process and numbers can still work, it's just harder to find deals... 

As long as it's zoned properly and your HOA allows nightly (or weekly rentals), you should be perfectly fine. What I see as an operator and investor down here is many people ignoring HOA rules and trying to slide by and do shorter term rentals even when buildings don't allow it. They usually get caught and fined but it happens really frequently. I own a unit at a high rise condo in Brickell with 30 day minimum as the rental restriction and at least a handful of times a year, someone is caught renting their unit on these platforms and gets shut down by the HOA.

The HOA should provide a letter or you could always just use the HOA bilaws to show Airbnb it's allowed. You should be able to get those pre-closing. But make sure it is indeed allowed as most properties underwritten as a STR won't cash flow with longer rentals so be diligent there.

I know a good property manager for STR down here, if you want me to connect you with them, shoot me a DM.

And talk to your realtor! They should be able to advise. If not, you may need a more investor savvy agent :)

I've done many out of market flips, quite a few sight unseen. But for any investment that I hold, what I'd recommend is to go visit the city you'd like to invest in. Spend at least a weekend there first with a realtor. Schedule showings at different properties in any of the areas you have interest. If you're not sure of areas (or neighborhoods) ask the realtor (find an investor friendly agent who knows the STR market there). That should give you a very good feel for the area, what you like and dislike, etc.

From there, once you're ready to make offers, you will feel much more comfortable doing it remotely since you're familiar with the neighborhoods, have some points of reference, etc. 

Hey Shai, would love to connect. I'm a Miami based agent who works with investors, experienced or brand new! DM me if you'd like to connect. I have a great network to get you started and would be happy to help you along the process. 

Always good to see a familiar face! I buy, but only good deals... feel free to add me to your list my man. 

Hi Yusimay, welcome! I'm an investor and agent, also here in Miami. Would love to connect and expand our respective networks! 

Hey Denise, awesome! I'm an investor in both Dade and Broward and am a licensed agent as well. I also flip so am always expanding my hard money network. Would love to connect. 

Hey Sherri, I buy throughout the state of FL and would love to connect. I'm always looking for great deals! 

Hey Simon, I'm an agent in Miami. You can do 10% down for a second home condo down payment. HOA fees cover exterior building insurance which covers your hurricane policy. Most condo owners I know then just have a typical walls-in policy to cover the interior of their unit (that's would your homeowners insurance you mentioned). As for fees, your typical STR management company down here will be in the 15-20% range plus your regular costs to run a STR (consumables, towels, maintenance, etc.). Sunny Isles is still competitive down here, but there's more condo inventory online now than before so that should help you for sure! Send me a note if you want to chat in more detail or check out specific inventory.

Hey Steven, I've done a handful of flips in greater ATL but mostly focus on Florida. Regardless, many seem to be in the same boat. It seems to be a combination of wholesale becoming more popular (and competitive so upwards pricing pressure) and with more investors in the market, wholesalers are stretching deals to maximize profit. With so many investor buyers, even bad deals get sold now (to your point). Many that I've talked to are now working their own acquisition strategies using call centers, etc. to take cold and warm lists to hotter and then focusing more time speaking directly with potential motivated sellers from those hot lists, rather than using a wholesaler (or any other middle man) to source deals. Adds more layers of work and complexity, but I'm noticing the trend. Maybe something to consider for you rather than just getting on more wholesalers lists... I've also seen more and more of my flip network trying to source deals directly via creative finance.