All Forum Posts by: Will F.

Hello @Adam Harper, Fort Lauderdale doesn't prohibit short term rental, but you need to go through them in order to do it properly. Basically you need to pay a fee, allow an inspection (which some times doesn't even take place) plus follow some very basic rules.

My company is called Florida Host (thefloridahost.com) and we can help you with all this and more, we make Airbnb hassle free and we focus in your income and your property visibility and reviews. You'll be in good hands.

Pedro

It seems to me that Fort Lauderdale is one of the more STR rental friendly cities in the SE Florida area. Miami is more difficult because of the hotel lobby. Where FT Lauderdale actually makes it more simple and has a department just for short term rental licensing.

0 Votes

Originally posted by @Alan Harry:

Hello everyone, I live in NYC and was thinking about buying a condo in Fort Lauderdale that I would for much of the year use airbnb or other short-term sites to rent out. I may potentially stay there 4-6 weeks in the winter (February into early march perhaps). With that said a few questions that I hope some of you bigger pocket pros could shed some light on for me.

1) If I am taking up a month to a month-and-a-half of the busy season time myself, is there still enough interest in Fort lauderdale year round to make profit on the property? How slow does it get after April until October in terms of these short term rentals. I was thinking of getting something walk-able to the beach.

2) How difficult is it to find a condo to buy legally that allows short-term rentals like this, I saw on trulia/zillow a couple listed, but I imagine many HOA boards are against it, is there anywhere to look to find properties in Fort Lauderdale specifically to rent out under short term circumstances.

Any tips, suggestions, ideas would be greatly appreciated, I've really enjoyed reading these forums so far, a lot of intelligent and thought provoking posts!

-Alan

@mindy

Hi Have you guys invested in FLL for short term? How has the experience been?

How about for insurance and refinancing?

I'm wondering if the banks will take into consideration 15-30% higher rents and if master leasing over 5 years would help or hurt a refinance? My assumption is risk could go up for a bank so they may ding you with a higher interest rate for 'hospitality' or 'STR use" than a mere multifamily use??

This is for my 10 and 8 unit buildings so it's commercial lending

0 Votes

Originally posted by @Richard Ibeh:

@Adam Harper No particular area to avoid within Broward County. Fort Lauderdale has the lowest permit fees and an entire department setup so it's a seamless process. All other cities are just implementing an STR policy so it's confusing because they are learning the industry and trying to setup laws around it. One year they might say wireless smoke detectors will pass inspection then the following year they need to be hardwired. (happened to me already)

For the pool, you either need pool alarms for all doors/windows facing the pool plus self-latching gate OR a pool safety fence (net around the pool).

I get contracted at least 2 times a week to assist owners/property managers in this aspect because it's a moving target.

Hi have the rules changed at all for short term rentals in Fort Lauderdale? I'm thinking of partnering up with current short term/ corporate agencies to make it simpler for me as the landlord. I've got rentals in FLL and Hollywood

0 Votes

Does anyone know a group that does Air BnB or short term rental operations who would like to try it in Fort Lauderdale ? We have a few renovated 2 br and 1 br. Anyone recommend someone or had experienced (good or bad) in South East Florida doing air bnb directly or partnering or

I was thinking of pros cons of partnering versus operating directly. Or versus merely doing a sublease (or master lease) with an STR or airbnb operator.

Pros cons liability etc?

0 Votes

Just FYI for anyone in the future who's house hacking a triplex:

I went ahead and prorated the amount of the triplex that I live in based on Square Footage. I'm also moving from one unit to another unit in order to maximize the prorated amount of my occupancy so I can maximize the $250,000(single)/$500k (married) residency Exclusion of capital gains tax.

0 Votes

Originally posted by @Dennis Cosgrave:

At the time you converted the property from your personal residence to an income property you should have filed a change in use with the IRS which would have established the cost base at the time of the conversion. Any capital gain would be calculated on the difference between the cost base and the current market value. I have had no experience with the involuntary conversion rule so I would definitely seek advice from a tax accountant.

Can they go backwards and change this after the fact? Personal->income property

0 Votes

I own and live in one unit of a triplex (three houses sharing one lot). I just wanted to confirm that I'm OK moving from unit to unit to still get the capital gains residency exemption:

Would it be OK to prorate the amount when sold of where I'm living % based on square footage of the units?

For instance I've lived in unit 1 for 2 years, then I move to unit 2 and live in for 2 years. Then as long as within 4-5 years I would still get the capital gain residency exemption when I sell correct?

And I could prorate the 2 units based on square footage correct? Or would I have to just prorate by unit amount like 2/3 of the total capital gains?

0 Votes

I suggest you get politically active join CAA California Apartment Association

https://caanet.org Also join local apartment associations to stay up to date on news and they have pro property political lobbyists.
https://www.aoausa.com/

Vote out fiscally Liberal leaning state senators and reps.

Also vote against Governor Newsom. He does not understand basic economics. He's chasing small business out of California.

I understand there's ways around these laws but the red tape makes it simpler to just go to greener pastures. I've already done so but I think California will continue to be a great place to invest in the long run.

Rent controls in the long run lead to less housing and a lower supply. In the short run there may be buying opportunities. They seem nice on paper but broadly and long term they devastate lower income housing. Also these policies don't last long they usually end up with appreciation of current housing stock and are merely a bandaid fix... By this time these politicians will be out of office or on to their next platform.

https://www.washingtonpost.com/opinions/2019/06/15/comeback-rent-control-just-time-make-housing-shortages-worse/?noredirect=on

0 Votes

Hello

I was wondering if anyone knows about splitting TIC partnership interests during a sale?

only one partner in the TIC 1031 exchanges their portion, while the other partner wishes to take profits on their portion.

It's a 50% 50% Tenant in common partnership

Thanks

0 Votes

Originally posted by @Joel Fine:

It's ironic. The headlines say that California passed rent control to ease the shortage of affordable housing. In reality it will do the exact opposite.

This would be a more accurate headline:

California legislature votes to overturn the law of Supply and Demand

Good luck with that, California.

Another quote from H.L. Mencken applies here:

"Democracy is the theory that the common people know what they want, and deserve to get it good and hard."

Yup it's all smoke and mirrors by California politicians.

In the long run this will reduce supply and therefore make values go up. In short run it will help a few people stay in their property a bit longer, but as a whole, this is economic suicide for CA. They're disincentivizing housing providers while saying we need more housing. California slowly chopping the limbs off it's business communities and making investors flee to greener pasteurs.

I'll stick around and watch my values go up in the long run. But the pain of the red tape and adapting to the BS has been killing me.

6 Votes

All Forum Posts by: Will F.

Will F. has started 175 posts and replied 907 times.

Post: Fort Lauderdale short term rentals rules and regulations

Post: Fort Lauderdale Airbnb/Vacation Rental Property Questions

Post: Fort Lauderdale short term rentals rules and regulations

Post: Air BnB or Short Term Rental Experiences? South East FL

Post: Residency Exclusion for Capital Gains 2/5 years for triplex? Pror

Post: Capital gains tax question here

Post: Residency Exclusion for Capital Gains 2/5 years for triplex? Pror

Post: California Rent Control

Post: 1031 Exchange TIC 50-50 splitting

Post: California Rent Control