All Forum Posts by: Kristina Kuba

@Jason Thomas

We recently switched to a new property mgmt team for our personal multifamily property in Tampa proper. The best things I like about the new company are:

1. -Someone who can respond to my questions via text 7 days a week
2. -A clean, easy to use portal where I can view statements and work logs
3. -A 12 month guarantee, if the tenant is evicted, the property mgmt company puts replaces the tenant without charging us 1st months rent
4. -Allows us to put a MAX threshold hold of $250 for non-emergency repairs. Anything over $250 requires our explicit written approval with at least 2 estimates presented to us from their vendors

PM and I can send to you

@Jorge Perez

You can call the building dept and use the phone tree to get to zoning. You will need to schedule and intake session with Development and Growth Management where they review the items you need

You will need a survey, site plan, proposed structures, etc.

After that you formally apply on the Tampa Accela site

Website is user friendly and you can always call the zoning department; I have found they are receptive to investors and developers

@Donnie Rath

If your goal is asset protection and a degree of anonymity without tax implications or violating the due on sale clause on your mortgage, I would recommend the hub and spoke model with a land trust.

There are a few states you can do this in. WY is one of them. There are significant benefits to forming an LLC in Wyoming such as unparalleled limited liability protection, fewer corporate formalities, no state income taxes, and privacy. Member and/or Manager names are never required on public record for an LLC in Wyoming. That's the hub.

Then you would have a spoke for each of the properties you own, (CA, FL, TN). The spoke is an LLC in each state. The LLC owns the land trust of the property. Your asset protection attorney would deed your property into a land trust. Simple process.

All your correspondence to that address including tax stmts would go to the registered address which would be your attorney and they would scan those items and email it to you. They usually charge about $500 per year to keep the land trust going.

That is the best approach I have found in my years of experience. Like the other posters have noted, it is always best to interview a few asset protection firms and see what works best for you.

@Kristin Riker

All the STR's I have helped investors buy this year, even after the rate increases, cashflow a minimum $300 - $500. This is after the STR property mgmt fee of 18% - 20%.

Most STR travel is based on low cost, convenient location, and household amenities. I would focus your search on Tampa proper (city of limits Tampa) which is 25-30 minute drive westbound to clearwater beach. In Tampa, you have STR travel based on education tourism (USF & UT), medical tourism (some of the best hospitals including Baycare and TGF) and sports tourism (Bucs stadium & Lightning arena). I have a few personal AirBNB's in Tampa and have helped quite a few investors in 2022 find the perfect one for them. Feel free to reach out if you have any questions.

@James Robert

There's a lot of fantastic agents on this forum to talk to. When you are looking for a STR dedicated agent in Tampa, make sure that agent has lots of STR experience and owns a few themselves. As you know, at the end of the day you are running a hotel and from my experience you need a whole team of reliable and affordable referrals. You need the plumber that will come in the evening and not charge an additional $300 convenience fee, a handyman who can fix a TV mount or a broken bed and not charge you an absorbent amount. I own a few myself and am happy to help if I can. Best of Luck!

@John Dersoe

I personally own multifamily, LTR’s and STRs and I help a lot of clients buy homes. More than half of my clients are investors.

Here my thoughts: Tampa home prices have grown exponentially in the last 2 years. Will this break neck rate continue? Absolutely not. Are we seeing a softening market? Yes

Now it depends on what your goals are.

Flipping - If you want to flip, there's 2 ways to find deeply discounted properties. (1) Pulling foreclosure and probate lists from your local county and directly mailing the seller's aka direct to seller (2) By making aggressive offers on homes on the MLS … Jump on Redfin and save keyword searches such as "Handyman special" "TLC" or "Fixer Upper". You will definitely be able to flip and make money.

STR (airbnb) - We are seeing a softening in occupancy levels and ADR (average daily rate) as the American confidence in the economy continues to decrease and we are entering a weird stalemate between inventory and interest rates. If you want to buy an Airbnb, make sure it will cash flow or break even as a LTR before you proceed. You don't want to buy an investment property solely based on STR projected income and not run your LTR numbers as a backstop.

LTR - Okay so let’s say there is a 10-15% correction. Are you keeping your rental for 7+ years? You won’t even feel it. Rents continue to rise (albeit at a smaller increase) and slower but steady appreciation is expected especially in Tampa proper (city of tampa limits). I would consider Tampa an appreciation market, not a cash flow market. Research into Gas Worx, the development will create a walkable neighborhood in Tampa’s urban core, providing for pedestrian and bike traffic as well as green space. The first phase is slated for 2024 and anticipates 510,500 square feet of office space and 140,200 square feet of retail space. Also dig deep into the $3.5 billion water street project, backed by Bill Gates.

These are my thoughts; there's always different angles to look at the Tampa Bay market. Happy to help. Best of Luck!

@Karla Sprowell

I have done this exact same strategy to build my own portfolio with my spouse. Here is what I did and what I would recommend. (I would propose steering away from FHA loans because there are too many constraints, the required down payments differences are nominal and it is not a scalable strategy).

First, I would look into getting prequalified for a conventional loan that is non jumbo meaning in it approximately less than $647,200 in Tampa. In Tampa, in most scenarios, the loan limits are $647,200 for non jumbo and that allows you two things: (1) you can use a departure lease (2) the down payment requirements start at only 5%. In Tampa, in most scenarios, the loan limits are $647,200 if you want to use a departure lease and the down payment requirements can start at only 5%. What is a Departure lease? - If the current residence is converted to an investment property, Fannie Mae will continue to permit up to 75 percent of the rental income to be used to offset the mortgage payment for DTI purposes.

Second, you want to explore buying in Seminole Heights / Riverside Heights / Hyde Park where a lot of single family residences have auxiliary dwelling units / ADUs / carriage houses.

Now you have your 1st house being paid by tenants and your new house mortgage being subsided by potential STR or LTR rent from your back unit.

Smaller banks and local credit unions might do a RELOC… rental equity line of credit… so you can always grab equity from your 1st home to purchase your 3rd, and 4th and so on! And if history tells us anything, when rates lighten up in 2023/2024 you can also cash out REFI your 1st home and keep that cash permanently.

You definitely are in a good equity place and have the right investment strategy in mind!. This is probably a lot to take in, please feel free to DM and I can explain further and connect you to a local lender that can help you with this investment strategy. Best of Luck!

Forming an LLC on https://dos.myflorida.com/sunbiz is really easy. You can be the registered agent and the MGR for your company.

If you want further asset protection down the road, I would look into moving ownership into a land trust after closing. For that you can use an asset protection attorney. Land trusts do not violate the due on clause.

@Wayne B.

If I could do it all over again and not have a spouse and dogs, etc. I would use my FHA loan for a 4 unit building. It is more difficult to house hack later in life if you have a larger family, so keep that in mind.

For example, in Hillsborough an FHA loan can finance up to $809,150 for 4 living-units. That is only 28,000 plus closing costs, well under your budget of 65k liquid to spend. Tampa, the main seat of Hillsborough county, has seen a cool off just like the rest of the country and getting a 4 unit in that price range is attainable.

As you mentioned, you first want to buy a place to live in; this could be the perfect setup: live in 1 and rent the other 3 out to cover your mortgage and maybe even have positive cash flow. Whatever you would normally pay for rent, put that away for 2 years and then after 2 years you have a nest egg for a downpayment for your next property. Rinse and repeat.

I am also a big fan of Robert Kiyosaki’s ‘Rich Dad, Poor Dad 'and in that book taxes are depreciation and tax savings are critical. If you go the multifamily route, I would recommend doing a cost segregation study within the first 2 years to accelerate depreciation, save on taxes and increase cash flow so you can attain your next property quicker.

Best of luck!

@Tatiana Bello

When you are interviewing real estate agents in Orlando to buy a STR, make sure that agent has lots of STR experience and owns a few themselves. As you know, at the end of the day you are running a hotel and from my experience you need a whole team of reliable and affordable referrals. You need the plumber that will come in the evening and not charge an additional $300 convenience fee, a handyman who can fix a TV mount or a broken bed and not charge you an absorbent amount. Happy to help if they have any questions!