All Forum Posts by: Matt Nico

Hey Mike,

Congrats on the contract for the house. If you need help with cleanings or a handyman feel free to reach out. Once you close I can come check out the property and check on all your major house components. If you need a good inspector as well let me know. I have a pretty awesome guy who is very thorough.

Happy Housing,

Matt

 Keith,

Amen brother.....haha. I have been trying to help tell investors how to buy these STR's and rehab them correctly to really do well in the space but most of them end up doing nothing to the house at all and then complain why their investment isn't performing. Gotta remove that carpet, put some nice paint and furniture in, and I personally always go tile flooring and granite counters.

It will be interesting to see what happens if the market cools a bit and what all of these new investors do with their homes.

Ben,

Yes I own 2 properties in Kissimmee. 1 is a rent-by-the-room group house and the other is a short term rental. I do not do arbitrage.

-Matt

@Nancy Bachety

Myself and my wife answer questions, which doesn’t happen that often honestly. The cost is $0 and about 1 hour of time/week.

Kaitlyn,

I run all 4 primary types of rental property investments.

1. Live in house hack    2. Long term rental    3. Rent by the room    4. Short term rental. 

If you want the highest returns, STR is probably the best way to go but you have to choose the right market. I'm 15 minutes from Disney World so I have all 4 options available to me and STR in particular is doing very well down here. A lot of time was put in up front to get the airbnb going, but once you have a system in place and the right people to do cleaning and answer guest questions, I'd say your looking at around an hour a week per property. 5 minutes here and there is really all it takes my wife and I now. We manage it ourselves. If you paid someone to handle everything for you, then you lose out on 20% of the profit for the PM but its completely passive.

Hope this helps you out. If you have any specific questions feel free to reach out.

Happy Housing,

Matt

@Joe Villeneuve

Joe what are you not getting about this? This guy is running a hypothetical scenario where if he put 20% down on a rental and it cashflowed $0 and his tenants only payed down the mortgage and capX what his return would look like.

Use a $300,000 purchase price as an example. He puts up $60k + say $10k for closing codts so he is in for $70k. Over the next 30 years his tenants pay his mortgage down to $0.

He now has a $300,000 house fully paid off by someone else for a gain of $230,000.

If you don’t understand this then Im not sure what to tell you…lolol

@Dan Chern

STR is doing well in the large ring around Disney. The actual city of Orlando is much more strict. Try Polk/Osceola county. Four Corners, Championsgate, Kissimmee. Basically that big triangle does great.

Happy Housing,

Matt

@Nicole Jobe

The application for STR's in Polk county and Osceola county are really straight forward. Its a couple forms and a trip to the tax collector and you are out in an hour. They even give you instructions for how to pay tax each month.

Happy Housing,

Matt

Hey BP,

I have a handful of rentals and decided in February to try short term rentals. I rehabbed a property with this in mind and it went live May 29th. Its been a month and its absolutely crushing it. At first, bookings flooded in and we didn't have a single day of vacancy in all of June. The price was set a bit lower to fill the home up and get a handful of 5-star reviews which we did.

As I look at my calendar now, I see most of July is booked up but come August 1st, its pretty empty. I'm still playing with my pricing tool to find the sweet spot, but hearing what other people have to say would be great as well.

Is an airbnb that's not booked out 30+ days in the future worrisome to anyone, or is this the norm? And I know its busy season now, but should I expect different results come September / October?

https://www.airbnb.com/rooms/3...

Thanks,

Matt

 Jibu,

This is a big problem for me as well. I have 7 properties, and all but 1 of them have the original roofs which are currently 3-tab shingles and they range in age from 11 years old to 18 years old. All of the insurance brokers I talk with say that once your roof age goes over 15 years old, a lot of carriers will drop you completely, with the others jacking up the rate significantly. All of my insurance rates have gone up by a few hundred bucks per house.

Also 1 thing they mentioned about rising insurance rates:   As home pricing increase, so does the dwelling coverage and the cost to rebuild, which makes the policy more expensive. Just food for thought.

Hope this helps,

Matt