All Forum Posts by: Obed Calixte

We don't have any information on the property itself so I'll share a few things:

-Furnished rentals in Tampa Bay are best aligned with short to medium term tenancy. Not to say you cant find a long term tenant but you are fighting an uphill battle. 

-As the unit size/room count increases, the pool of those looking for furnished rentals decreases. If it's a larger home, you may end up in a co-living situation.

-Location matters (as always). Proximity to transit/jobs (hospitals/construction/schools)/entertainment (downtown/beaches/restaurants) factor heavily.

Some questions to consider:

Is your property in alignment with the long term rental strategy?

Where are you marketing the property? Is it solely on furnished finder or are you leveraging other sites? Do you have quality pictures and sufficient furniture?

Lastly, in response to your questions:

 OOS landlords tend to have a property manager (whether a dedicated PM office or an individual) that work on either a flat fee or % of rents collected. It could be an agent but generally it's a property management company.

You're already talking to realtors , property mgrs, owners and so forth in the forums...

No true professional will hold it against you that you are green. Heck, they will be happy to impart their knowledge upon you.

If the PM you mentioned is who you said he is, have a chat with him sooner than later.  Compensate him for his time.  Get his thoughts on what makes for a solid property in the area as well as what makes for a good operator (in his opinion). 

Leverage the upcoming meetup to find others that have done what you're looking to do as well as a lender that can give you a personalized playbook to achieve your goals in most effective manner. 

Jessica-

Where is the property located?

Is it flood damaged or located in a flood zone? If so, if you are not familiar please familiarize yourself with FEMA 50% rule. Additionally, ARVs in these areas have a cloud of uncertainty so it will be prudent to be conservative in your analysis and have multiple exit strategies in place.

If the home is located in an area with minimal impact from the storms, there has been a small uptick in pending sales the past two weeks compared to same period prior to the storms. It's a small sample size so far but may serve as insight for near future demand trend.

Waylon-

 To have the largest buyer pool, my opinion is to price and market the home as furnishings or turnkey options are negotiable.

Since this home is flexible in its use - let the market participants decide which option works best rather than defining it for them.
 
Shoot me any followup questions you may have!

Chat with a trusted loan officer to figure what the numbers would look like. If you don't have one, there is a lending forum that may be a resource for you.

@Frank Nguyen     How familiar are you with the Tampa Bay area? 

What's the scope of work?

Did you use AI to generate your posts, you slick dog...

Haha, but in all reality AI is useful as a complementary piece for day to day activities. For analytical activities I still leverage trusty Excel and other data crunching tools. 

I’m not aware of major plans for that specific neighborhood, but it does abut and is near very major planned and ongoing developments (Ybor Harbor, Gasworx, Ybor District, Channeside/Water Street).

It will garner more interest as more progress is made on those developments. How long- I am unsure but may be worthwhile if you find a great deal.