All Forum Posts by: Melanie Horowitz

Hello Brad,

I manage all three properties in the upper keys, so I save the 20% PM fees.  I use Airbnb and Vrbo on my 3 Bedroom, and only Airbnb on the one and two bedroom units.  I found the Key's to have no "off-season" unlike other parts of Florida, so my average monthly occupancy on all three units are 29 days/month throughout the year.  

I'm looking to purchase one unit per year for the next 10 years, but would like to expand up into your neck of the woods if you have any suggestions.  Please give me a call to discuss......I think we can both assist each other!

Warmest Wishes,

Melanie

Investment Info:

Condo buy & hold investment in Tavernier.

Purchase price: $235,000
Cash invested: $90,000

Vacation Rental Investment Property - Self Manage

What made you interested in investing in this type of deal?

The ROI on short term rentals.....

How did you find this deal and how did you negotiate it?

I was the listing agent on this property when Hurricane Irma hit. A lot of units were damaged within the condo complex and prevented all owners from renting them out for 6 months. So, I bought at a good price from the owner.

How did you finance this deal?

It's a condo/hotel and only a portfolio loan with 25% down is offered.

Lessons learned? Challenges?

I redid the floors and bathroom at a cost of $13K and added over $50k to the value. I decided to do the work the moment the country shut down due to covid......the contractor took one month longer than the two weeks she quoted me. Thankful that we were still in lockdown and weren't allowed to take tenants.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I'm a realtor that specialized in investment properties in the Upper Keys.

Investment Info:

Condo buy & hold investment.

Purchase price: $545,000
Cash invested: $125,000

Vacation Rental - Short term less than 7 days - Ocean View

What made you interested in investing in this type of deal?

Ocean Front rental with less than 7 days.....the Key's do not have an off season like the rest of florida.

How did you find this deal and how did you negotiate it?

I'm a realtor. I gave the sellers our "story" and they liked it. Negotiated a good price and the appraisal came lower than the already good deal (lousy appraiser).

How did you finance this deal?

20% down

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, I'm a Realtor with tons of real estate investment knowledge in the Florida Keys.

Investment Info:

Condo buy & hold investment in Tavernier.

Purchase price: $399,000
Cash invested: $100,000

Vacation Rental Less than 7 day Short Term Rentals allowed

What made you interested in investing in this type of deal?

ROI

How did you find this deal and how did you negotiate it?

Contacted the owner and bought directly from.

How did you finance this deal?

Only portfolio loans with 25% down is allowed. Considered a condo/hotel.

How did you add value to the deal?

Represented the buyer and saved him commissions.

What was the outcome?

Successful

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

As a Realtor, and by state law, I had to use my broker. She only took a 15% commission of the 6%. Saved the seller tons of money.

Investment Info:

Condo other investment in Tavernier.

Purchase price: $235,000
Cash invested: $90,000

Vacation Rental Investment Property - Self Manage

What made you interested in investing in this type of deal?

Great ROI

How did you find this deal and how did you negotiate it?

I was a property manager at my firm and that position made me realized the opportunity of investing in vacation rentals in the Florida Keys.

How did you finance this deal?

Banks only take portfolio loans with %25 down. Well worth it with the appreciation value of 10% the past 10 years.

How did you add value to the deal?

I bought at market value......

Lessons learned? Challenges?

I did a bathroom and floor rehab. Spent $13,000 and added $50,000 value to the condo.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I represented myself, Realtor with Better Homes and Gardens Real Estate.....I know all the great vacation rental investment condos in the upper keys.