All Forum Posts by: Account Closed

@Ricky B. you can certainly find what your looking for in Daytona area .. there are many Duplexes that need a bit of rehab .. one concern would be though , do you see yourself doing the work or do you plan on hiring it out .. I know from experinace that it's not impossible but it can be difficult to facilitate a rehab from a distance in a city that you know nobody .. my advice would be to find a boots on the ground type of person .. one who can look out for your best interest .. one who you pay but not on a commission basis to look at potential properties for you before you fly all the way here .. He/She should be able to take pics and video maybe even FaceTime with you when you send them to look at potential properties .. tell you how the neighborhood looks like also .. maybe even know the value and the arv .. one who can give you a somewhat accurate rehab estimate before you call your in a contractor for their Est. .. I actually do all those things for a select few of out of state investors but on this coast , nearer me (Tampa side ) some even partner with me on flips .. where they provide the financing and I manage the rehab's then we split profits ..I'm sure you can find someone like that on that coast .. it's a little bit far for me 1 1/2 hrs .. not that you were offering .. I just wanted to make clear that people who read this don't think I was self promoting .. ( I have been accused of that a time or two ) I don't mean to .. I just wanted to let you know there are people out there that are honest and can help .. you don't have to try to do it all yourself . 

Please reach out if you have any questions about how I went about setting it up ..i.e. contract , Non compete, .. etc ..  

Again, I wish you the very best .. 

God Speed, 

Michael 

Jake, 

first i would look for a new property management company .. or at least quit using them and find a realtor to sell and help maintain the property while its for sale ..there are plenty of reators / brokers who also work as property managers and if yours is not getting the job done in this market .. i suspect they are not trying very hard .. have you or they thought about the entertainment industry ? .. there are plenty of films and concerts and shows that come through Orlando .. and they all need places to stay .. Im not talking about the whole production crew .. Im talking about the people who run it .. the people with money .. lol.. how about trying to look into renting it to a film shoot .. its a niche market but it pays very well .. and because no one would be actually living in it .. Im pretty sure it does not break the short term rental clause .. Although i woukd check with a attorney to be sure because they ( eailer posters ) are right .. HoA's have way to much power .. and you could find they put leins on you property for fines and your basically foreced to pay them if you want to sell your house .. 

I do wish you the very best .. 

God Speed, 

Michael Short   

Hello, 

I just wanted to give my opinion .. I have lived in Fl for 28 yrs now .. and lived in south Fl for around 15 of those years .. thats when i had my first experiance renting seasonal .

While living in Port Charlotte ( on the Gulf Side of Fl ) in 1998, I had bought a 700 sqft condo on a land contract , Got Married , bought a apparel business, and then bought a house all within 6 months .. so i found myself with a condo that i needed to make the bills on .. I decided to rent it for the season seeing how it was  the end of Oct and our season started around right after Thanksgiving ( end of Nov ) and goes till right around easter ( Or mid April ) , plus I had a lead on a couple from Canada looking to rent a place for the season. 

My total payments and insurance and condo association fees on my 10 yr land contract was around $290 a month .. (  purchased for $24.5k w/ 8% interest but put a down payment down also ) ..

I ended up renting it fully furnished with all ulitlities ( around $50-70 a month for electric, all other fees were covered in condo fees ) So, I rented it for $900 a month for 5 months that year .. plus they paid me up front for the whole season. $4500.00 .. I had the rest of the year or summer to rent it to travaling nurses ( walking distance to hospital ) which i got $500+ electric a month for 6 months ( with the understanding they had to be out by Nov ) because fir the following 5 years that same nice Canadian couple rented it for the season ... 

The only reason it stopped for me at least was because of my divorce and the fact that my ex got the condo in the settlement .. as far as i know she ended up selling it .. but it was great while it lasted and I may have gotten lucky but the people i had as renters were very trouble free .. 

I only wish i had bought more and copied what i was doing .. who knows had there been a resource like BiggerPockets back then .. 

But, I got way off track by telling you my story .. I did so though so you would know that I have a little experiance with sesonal rentals at least and might take my opinion a bit serious .. 

So, to my opinion .. right now I see ( and i have been keeping a decent eye on the market ) that Daytona and some of the other smaller city's on that coast have had what looks to be pretty good investments recently . 

Just last week I seen a 1 bedroom condo on the Pacific Ocean with no rental restrictions selling for $49k , in Daytona .. 

There are so many things that go on in that area all year but come winter its a no brainer .. you should be able to rent seasonal and pay for your whole year .. As for Airbnb I have no experiance in that besides renting a place myself in the keys to get away .. 

You do have to be careful though .. especially around Orlando where there are a lot of rentals .. some Homeowners Associations and condo Assoc. restrict short term and even long term rentals .. some have it in their bylaws that you have to have a year of ownership before having it as a rental .. So please do your due Dil .. which Im sure you will .. 

Thank you for allowing me to go down memory lane .. I wish you the very best ..

God Speed,

Michael Short    

Jacksonville, Fl is pouring money into their ports .. money into the area equals = more jobs = growth = more demand for housing = appreciation in homes .. 

at least thats my take .. just find a area that is expanding .. look for new growth .. and businesses like banks , Wal-Marts ... ect .. 

I wish you the very best with your crystal ball search .. 

God Speed, 

Michael Short 

Hello,

Congrats on decideing to invest in real estate .. it can be very rewarding if you can avoid most of the pitfalls .. my advice would be to try to find a mentor in the field your looking to invest in. Also, when investing in out of state / out of the area properties , it is important and pretty kuch a necessity that you find a boots on the ground type of person that can look out for your best interests. Im nit talking about a real estate agent                       ( although there are a couple that could step into that role and be able separate their interests from yours )   

Getting advice from seasoned professionals on here is such a valuable resource but, it doesn't work in real time for the most part .. when deals come your way sometimes you cant wait a day or even 6 hrs to make decisions if you dont want to miss a great deal .. this doesnt always happen and really you should refrain from making those decisions for quite some time .. or at least until you have more experiance investing ..

A boots on the ground person can help you make informed decidions about the neighborhood, condition of property and should even be able to help you with the value of it .. matter of fact if they cant then they are not the right boots on the ground for you .. 

They should be able to provide video's and pic's of potential properties .. give you weekley reports if the property on any rehab needing to be done .. They might even be able to help with finding a property manager .. in short .. they should be your eyes and ears for you .. 

I certainly agree that Tampa, Orlando, Ocala.. and surrounding smaller city's are all great places to invest ..

I wish you the very best .. 

Michael Short 

@Maurizio Menendez 

Hello and congrats on your first post .. I know of a developer in the Bradenton / Tampa area that is seeking investors .. 

I actually have their Pro Forma that i can forward to you and get you in touch with one of the brothers of the family run company who can explain their projects better than i could .. 

If your interested just send me a request with your contact info and I will forward the details .. 

I would love to say that myself as a investor / flipper could add value to what your trying to accoplish but Im on a much smaller scale as I only do a few flips a year if Im lucky .. of course I would love to amp tht number up but, finding a lot of decent profit potential properties is proving difficult to say the least .. 

I wish you the very best either way .. 

God Speed, 

Michael Short 

I would consider Daytona beach area .. the prices are somewhat reasonable and there is always sonething going in in the summer that can add up to great rental money .. just my two cents .. Also if you buy in Orlando be careful to maje sure your allowed to rent part time or even within the first year .. some homeowners associations have by-laws that prevent or regulate homeowners from seasonal rentals and another popular one is that they are not allowed to rent until a year has passed since they purchased their property .. pretty sure its mainly in Orlando area .. Staying just outside of Tampa and Orlando  but still close enough will get you the best bang for your buck .. Anything under Tampa seems to be much warmer in the winter .. when i say much .. i mean 5-10 degs .. We here in central florida can still have some 30 deg nights during winter months .. not this last year but the winter before was pretty cold for us .. we had quite a few weeks that were 50 degs or below .. which is cold once you get used to warm weather year round .. not that i am complaining .. I love it here ... 

i wish you the very best ..

God Speed, 

Michael Short 

wèlcome back .. looks like a nice find .. would love to know your numbers ..I to have bought hmes through Hubzu but not lately .. ever since i suspected them shill bidding..I have stayed away ..well that and the fact that they were looking for retail prices on most of their properties ..  maybe things have changed ? ..either way i am happy for you and only wish you the very best ..

God Speed , 

Michael Short 

with the market being so hot in areas like Orlando , Tampa, Ocala .. it is hard to invest from a far .. If you do see a property , it has been looked at 100 times before you can even book a flight .. I live 1 hr from Tamp and its difficult to see a property before it gets snatched up by another investor .. I have found it much more lucrative to stay outside the bigger city's ..places like daytona, deltona are showning great potential right now .. and on my side of the coast .. Inverness , Dunellon ,beverly hills, spring hill ( although a lot of sink hole activity ) and Jacksonville an be a great place to invest but .. there are a lot of c- and below properties so my biggest piece of advice is to find a boots on the ground type of person who can look out for your best interests in the area you decide is the best place to invest ..

Wishing you the very best ..

God Speed, 

Michael Short   

yes , congrats .. Its always nice to hear and see actual figures..thank you for posting and best of luck in the future ..

God Speed, 

Michael Short