All Forum Posts by: Michael King

As a decent LL, I wouldn't show favoritism to one tenant over others. 

On the first one you say you're getting $30K a year rent? Zillow is way off the mark at $1100 a month. Not that I put any weight on Zillow's information, but it is often not far from reality. Not sure why you'd give these cash cows up. GLWS. 

Tenants paid. PM stole. LL is going after the wrong party.

 Thank you, this gave me a good laugh!

@Stetson Miller Good points on work and usage. I didn't mean to sound like a Debbie downer (sorry to all the Debbies). From my point of view on the property I mentioned (which no doubt has completely different financials), the cash flow would be there so long as the tenants were there based on high occupancy rates. 

That doesn't mean to say I would not be open to other properties with better financials; my example wasn't a good fit for me.

@Josh Nelson Thank you. It's not worth it to do LTR or M2M. I'll have to find an STR friendly city. They sure make it hard for people trying to make an honest buck.

I just redid my hearth. I used thinset, hardie backer, then thinset the tile to the backer. Reason I used thinset: it was written to do so. An advantage of it is that I could fill the imperfections of the wooden floor (and there were tons of them). The hearth is the flattest and most level part of our den. Unfortunately it is so well laid, it stands out like the proverbial. 

Josh, thank you. Did you find an area that lets you, or no?

I have several LTRs in STL and exploring the possibility of expanding with one or two STRs Brandenton. So I have a couple of questions that I couldn't find answered in the archives.

Do all the counties and cities down there in FL allow SFRs to be leased short term? Particularly interested in Brandenton, Ana Maria Island, Sarasota, Siesta Key and surrounding areas. I'm open to other area  I would assume yes, but in one city in STL where I have a 4 plex, they don't allow STRs. 

I'd also like referrals for a realtor, maid (for cleaning, washing linens, making beds, stocking supplies), lawn care and pool care (I hope I can get a place with a pool). 

Ideas on what kind of costs the maid, lawn and pool services should run. I'd hate to wildly understate these costs as I'm doing my calcs. 

I'd welcome very much any thoughts, ideas, advice. I'm just in the beginning phase and not even sure how to kick the can down the road yet!

Thank you,

Mike

I don't know those condos, but was considering a condo on Ana Maria Island a few months ago. It was in a complex of around 16 units and the company that manages it was on site. They gave me all the data on the rentals they manage for their owners (all the units), and in all the fees were around 15%. I walked away from this investment as soon as I understood that the management company was making more than the owners. 

It was more of a 'let's buy a vacation condo on the beach and get some STR tenants in to help offset the cost' type of deal. If you could guarantee it was booked up year round, it would be a reasonable investment.