All Forum Posts by: Michael Bandur

I am looking for an investor-friendly agent in the Tampa Bay area. Currently, I have short-term and mid-term rentals and looking to add to my portfolio. Criteria that fits would be residential or multifamily 4 units or less. Please reach out if interested and I can give more details on locations I am looking at. Thanks!

What are some effective strategies that have personally worked for you, when cold calling for listing appointments?

In my opinion, Florida's "rising sea level" has been an ongoing debate, much like California's fires and landslides. While it's important to acknowledge the debate of climate change and rising sea levels, it is unlikely that Tampa will be completely submerged in the near future. Tampa Bay is surrounded by barrier islands and peninsulas that act as natural buffers against storm surge. In addition, the Tampa Bay area has invested in infrastructure such as levees, floodgates, and pumps to help protect against storm surges caused by hurricanes and severe weather events. Including building sea walls, improving drainage systems, and implementing flood management strategies. Tampa Bay has experienced a robust real estate market in recent years. Property values continue to increase and supply has become limited due to population growth and low inventory levels. Tampa Bay's coastal location, pleasant climate, and natural beauty make it an attractive place to live. The demand for housing in such an appealing location drives up prices. Tampa Bay has a limited supply of land available for development, particularly in desirable coastal areas. This scarcity of land puts upward pressure on prices as the demand exceeds the available inventory. 

- $250 non-refundable pet fee with our STR's

- $50/month pet rent fee with a $500 refundable deposit for our MTR

Medium-term rentals vs. Short-term rentals? I know STR's have been all the rage for the last couple of years, and when interest rates were low, the ROI was great! I have personally used this strategy for real estate investing. I am now wondering if it is time to change my focus to MTR's. Some markets are becoming oversaturated with STR's and regulations are making it harder to have STR's. What are your thoughts? Which investing strategy would you focus on over the next 3-5 years?

Hi Micah, I live in Florida and have investments in both STR's and MTR's. I have found that property management fees are negotiable. It is more important to find out what services the PMC provides and if they are a reputable company. Ask the right questions and location is very important. Every PMC is different and the extra percentage maybe worth the extra money in order to protect your investment. We have had to deal with it all, the good, the bad, and the ugly. We also invest long distance so it's not always easy to get up there with short notice. The PMC can make or break your business! The STR's here are typically 20%-25%, ours is 15% because we have multiple properties with the PMC. It is also in the panhandle where STR's have done very well there. I've heard MTR's here range from 12%-20%, ours is 15% in St Pete Beach. I would consider it well worth the extra money compared to the last PMC that managed the property. Hope this helps, good luck!

 Great! I will take his information and keep him in mind for the future. We have already hired a new PMC and are currently happy! Never hurts to have another source especially a recommended one. Thank you @Luke Rorech

 Hi Drew, 

Great information! I will piggyback on that and say that it is very important to educate yourself when selecting a PMC. I can't stress that enough! Unfortunately, in our experience we have had to learn the hard way but the lessons we have learned along the way are priceless. I could write a book on one property manager in particular but that is for another movie! The different services and systems PMC's provide vary drastically and can be detrimental in your success when you are investing long distance. Often, people forget to ask the proper questions when qualifying a PMC or are looking for the wrong answers. Choosing the correct PMC could be the single most important decision you make besides the actual property which you invest in when managing from afar. It is your investment and it is your job to protect it. Thank you for your time and response!

Hi Megan, the 30+day stay restriction regarding St Pete Beach is strictly enforced! However, it has been a great addition to our portfolio. We also own a couple STR's in the panhandle and have found that the seasons are different and can help offset each other. The Panhandle is still kind of like the wild west. In St. Pete Beach there are greater restrictions and codes are strictly enforced. They literally change block by block and beach by beach depending where you are zoned. It is important to do your research when narrowing down a location. Are you familiar with the area? Indian Rocks, Madeira, Treasure Island, Pass-a-Grill, Clearwater, etc. all have different code enforcement, some of which are more lenient than others. It definitely took some learning curves and transitioning our mindset from a STR to a midterm rental strategy, they are two different animals. Finding the right property management company was key to its success, other than finding the right property. Also, I would suggest reading "30 Day Stay" by Zeona McIntyre and Sarah Weaver. This book helped me to make the transition from STR to midterm rental. Please let me know if you have any other questions, I am happy to help. Thanks

Just purchased our first vacation rental in St Pete Beach. I am looking for a local property management company. Rental is 30 days or more. Any recommendations on Property Managers to use or not to use?