All Forum Posts by: Obed Calixte

 The areas you mentioned tell me that you live a more active lifestyle and like to be close(r) to activities/events/nature, is this correct? 

If so, I have some thoughts on neighborhoods within and near Tampa.  Michael makes a good point about your job and accessibility. 

 Your agent can assist or you  can reach out to the association directly. Many have websites to store rules & regulations, minutes and other docs. 

You can find the name of the condo in the community or subdivision section of the popular sites such as Zillow, Redfin etc and then do a quick  google search to find either the website or association phone number.

Hope that helps!

@K F.

That's a difficult question to answer as condos and townhome associations have various rules that they abide by beyond city and state guidelines.

With that said, condo-hotels ("condotels") are by nature short term rentals, however they generally have in house management with fees around 40% of revenue from my experience. Per Freddie Mac & Fannie Mae guidelines, you will need to be aware that condos that allow short term rentals are deemed non-warrantable. With that fact you will find it harder to find a lender if you are seeking a leveraged deal.

@Bryan Stein -

In regards to your question about restrictions...

Condos and their respective associations can --and often --have restrictions placed on for whom and for what the property is used for.

Restrictions can be:

Age Specific - 55+ communities where atleast 80% of the units are required to have an occupant be 55 or older.  

Owner Occupant/ Leasing Specific - One requirement for a condo to be warrantable towards Freddie Mac and Fannie Mae guidelines (which allows homebuyers to use conventional financing) is 51%+ of the units need to be owner-occupied or a second home. 

Time Owned Specific - You may have to own the property for a certain period of time before you are able to lease it out. 

Each association will have their own set of criteria and can deny your ability to purchase so it is key to do thorough due diligence into what is and isn't allowed for each property of interest.

Florida, and Tampa Bay area specifically, has a lot going for it in terms of continued population growth, strong rental market, solid job market, great weather and the like. With that said, it has attracted quite of bit eyes and is a highly competitive market. 

Is your strategy a bold one, I'd say no -- out of state investing is very common here. What it will ultimately come down to is understanding your risk tolerance, determining your goals ( ROI, minimum cashflow etc) and building a strong reliable team.

What's keeping you from wanting to continue to do flips in Jersey?

An option is to move to Texas or Florida, flip properties in Jersey remotely while building connections and getting a lay of the land in whatever locale you decide to move to. The larger markets in Florida are all competitive, with little signs of reprieve in the short-term. That's not to say you can't find deals; there's always a motivated seller somewhere. 

Pros/Cons will be pretty generic without having a clear understanding of what "this area" is specifically referring to. There are a number of waterways in Tampa that touch various neighborhoods. One potential expense I would be cognizant of is flood insurance; This may be required depending on the flood zone the property is in (link below). 

https://www.hillsboroughcounty...

In regards to your second question... my conversations with the City of Tampa have told me this: 

Hotels, motels, condo-hotels and the like are not subject to short term rental rules, for obvious reasons. All other short term rentals are subject to a required minimum 7 night stay per booking. There is no limit to the number of bookings per year, as long as they meet the required minimum 7 night stay per booking. Furthermore, a permit is not required. Repercussions for violators are handled on a case-by-case basis. 

For further followup questions regarding STR rules, you can click the link below and scroll down to the contact us phone number to be routed to proper City of Tampa personnel.

https://www.tampa.gov/departme...

 Hello I have a title company / Real Estate Attorney I can recommend.

This was very insightful and has sparked some interest for me to learn more about parking as an alternative investment. What has me interested from your post, is how data driven it is and how masterful the parking operators can be.

You mention you are not interested in the 24 hour cities. Is that because the prices are too high, margins are too low, both or something else? 

Great post!

Congrats on the purchase!

What about the HOA made it a pain?