All Forum Posts by: Matt Nico

Benton, you are correct....I do self manage. I looked into hiring a property manager to do exactly what you are looking for and couldn't find anyone who wanted to do it to the level I was looking for. So I just started doing it myself. My Wife actually handles most of the property management stuff and I handle more of the maintenance, repairs, and searching for homes to buy. We don't really manage for other people but I can ask her if she would want to manage yours.

-Matt

Hey Benton,

I own a handful of homes in the Disney area that I rent by the room, and they perform amazing. Most property management companies wont even touch a rent-by-the-room home in the area. And if they do they would charge a crazy amount. I could try to point you in the right direction or help with property management for you if you need a hand. The best homes for this are 5-6 bedroom homes in areas with good parking.

Good luck!!

-Matt

Yeah I hear you that its not an "either or" situation. But he wants to save as much cash as possible to buy real estate. Wasting money on a license that you wouldn't use isn't really an efficient way to do things. Plus as soon as you tell another agent that you are an agent yourself, I can promise you that they wont help you like they would help someone without a license. Most agents are agents as their full time job and are not investors. They need the commission to survive. I'm not saying they see you as a meal ticket, but its their job to get leads and help people buy houses...

I would definitely say get your license. I got my real estate license and do have clients from time to time, but I didn't get it until year 3. At that point I had a realtor for my first 4 purchases. Then I got my license and continued to give that person value by hanging my license with them. So they still get a cut of my commission. Win-win.

All I'm saying is be smart about it :)

 Noelia,

I own a handful of homes in the Central Florida Disney market. 5 of them are room rentals. All of my homes are rented with monthly leases. I have called both Osceola and Polk County and asked them this exact question and here is what they said:

Anything with a lease is technically not considered Short term rental. In addition, anything that is 30+ days (or 1 month) is also not considered STR and this is basically all of Florida. So as long as you have leases in place and do 1-month+, you are good to go.

Also, you have to look at the community you live in.....If you live in an HOA community, check the bylaws to make sure that they dont have a minimum lease period. Some communities have no minimums, some have monthly, some 6-months, and some yearly.

Hope this information helps you!!! Congrats on your purchase!!!

-Matt

Hey Rob,

Sorry to kind of pour cold water on your idea, but I think you would be better off NOT getting your real estate license at first and use a realtor as a resource. Its not like they cost anything to you personally as someone buying property. By getting your license you are super green and have no contacts or people you can lean on for advice or expertise. Give an agent value by letting them earn a commission and they will make you a solid investor and can learn and get your license later. Its tough to be a realtor and have a full time W2 anyway.

If I were you I would start to connect with local realtors and contractors in the area and purchase a house as quickly as possible to house-hack. Prices are going up by the day in the area and you want to get something as quickly as possible. You should be able to house-hack your way to breaking even or even cashflowing a bit while living in the home for free.

Hope this helps. If you need any advice or need someone to analyze a deal for you feel free to reach out.

Happy Housing,

Matt

 Alex,

Based on that HOA description, I would say do not rent by the room in that community. Your best bet is to find a home without an HOA. I personally buy all of my homes in HOA communities not because I want to, but because every community in my area has them. They are real pain in the asses sometimes.

Find an HOA with a low fee and read the documents to make sure its allowed. The definition of Single family home in my state of Florida literally means "one dwelling unit" and is not as descriptive as you have in Texas. HOA members have approached me and told me what I am doing is illegal per the county and HOA documents.... And they are lying. HOA documents are pretty vague sometimes so use that to your advantage. County, city, and state laws are much more specific so a call to your building division or code enforcement will give you a clear answer.

Sandra, here you go. I hope i'm attaching this picture correctly. The coffee bar is an old TV hutch. I basically gutted it and painted it. It was done by using a charcoal paint and then drybrushing the blue color you see overtop.

-Matt

Hey David,

I live in Orlando FL and invest here. I couldnt find a good Florida bank for a HELOC so I went out of state. I found a bank in NY called Quorum federal credit union that does HELOC's on investment properties. The rates are a bit high, but for me my numbers still worked. I did 2 heloc's for $45k and 50k without much problem. I'd give them a call.

-Matt

@Noah Chojnacki

Im slowly having this problem in a florida community I own homes in. My course of action is a bit more aggressive….Im buying every single home for sale in the community. By december ill have 11 of them. The community is only 68 homes. Myself and a handful of other homeowners are voting out the hoa in the fall.

@Bruce Woodruff

Love everything you said. We think alike with the STR furnishing for sure.