All Forum Posts by: Daniel Paloscio

Be careful w/ Clearwater & St. Pete, both have laws governing rental terms and short term rentals (less than 30 days) are illegal in both municipalities. Additionally, they both are larger cities inside of Pinellas and have in-house council and not only pursue legal action against violators but will stick around and fight. Some of the smaller municipalities hire outside council and will settle more often because litigation gets expensive and is not in their budget. People typically get away with their new listings until neighbors start complaining but once you are on the city's radar you either hire an attorney (and in most cases lose) or you shut down. Just make sure you do the research. I would avoid condos as well because HOA's are usually against short term rentals and if you find an HOA that allows them you risk the rules changing in the future. Before you buy, check out the city's ordinance code. Most are posted online. If you can't find it online you can call the municipality directly and ask.

@Justin Denham

Funny you say that, the buyers are actually purchasing it for themselves as well. If things don't work out you will be my first call. 

Hi @Justin Denham, we actually just received escrow on this property yesterday. I will keep you updated if things do not go through.

Emailing you now @Robert Hinojosa

Dade City Steal!

ARV: 375k-400k+

Rehab: 100k

13400 10th St

Dade City, FL, 33525

Bedrooms: 6

Bathrooms: 4

Square Footage: 4,490

Pool!

1.05 Acre Lot

Parcel ID for county appraisers site: *The parcel doesnt show up by address so you'll need the folio number below

34-24-21-0000-16600-0020

Click HERE for photos

I've been having the same issue. I've made 2 attempts to address a problem with receiving my payment with erentpayment.com. The transaction says that it was scheduled 10/5/17 and deposited 10/13/17. It's 10/19/17 and I have not received that payment and I have been charged $3 for the transaction. They're not taking any calls and no one has responded to any of my emails or the "tickets" that I've submitted.

@Josh Marcus you should consider using an institutional hard money lender to fund the purchase & rehab than wait the seasoning requirement out for your first few properties so you can go fannie/freddie and get the best rates for a 75% LTV cash out. I use IDC for my hard money loans. They vary in rates based on the amount of deals you've done over the last 3-4 years but they fund up to 90% of the purchase and 100% of the rehab. If you do it that way you'll essentially have 10% of the project cost into the project then you can cash out refi after 1 year of seasoning into a loan with much more favorable terms. I'm currently refinancing 4 of my properties that were in hard money loans and starting on 2 more rehabs now. Feel free to direct message me for my lenders contact info should you want it.

I am also interested in hearing about any community banks / portfolio lenders in the Tampa Bay area that people are using to cash-out refi and what their terms are.

@Krista B. can you dm me the address for this property?

Thanks for the advice @Kim Younkin! 

I have several in the Pinellas/Hillsborough market. Joe/Larry are correct about the laws and regulations. Some municipalities enforce and others don't. To help people understand the situation better I compare it to Uber. For a while Uber was technically illegal. They operated outside of what the laws provided for. Some cities gave drivers tickets, some did nothing at all. Eventually city officials voted on Ubers legitimacy with guidelines. Vacation rentals are in the same stage. Cities like Treasure Island were cracking down but the vast majority of municipalities are doing nothing. I think there is a lot of opportunity in the market now. Sometimes the "gray area" provides for the largest returns. 

My advice is this; if you are thinking about buying something as a vacation rental, make sure you cash flow as a traditional rental as an insurance policy. If laws get tougher or your municipality changes their position on vacation rentals you'll have a backup plan.

@Taye N. if you have any other questions feel free to dm me anytime!