All Forum Posts by: Paul Pratt

Another thing to think about is Quality. Not just a numbers game. Especially in Florida, where some new builds are prone to foundation issues. An older home that is rock solid carries more weight for a long term investor than something that has yet to see the test of time.

Yeah on the east coast very similar. A big factor is obviously the interest rates since the prices jumped. For us an average home is 350k 2-3 years ago monthly payment at 4% with 10% down was $1900  and now its $2500 for the same house.

FL is filled with people on fixed and low income. So the 30% jump in monthly expenses is sure to be felt. Median household income is 63k a year in our county. So not many can swing 50% of their income going just towards a mortgage.

It differs market to market. Best advice I would give here in Daytona is to focus on your target client. We don't get spring breakers by the masses. We get families from the northeast and mid-west. So things like, xbox/playstation ping pong for the kids maybe a turf strip to play some putt-putt for the adults etc...

Yep, are there some people who will buy in a flood zone? Sure. But More people will buy in a Zone X. It's the first question I ask buyers/sellers. Most of my buying pool won't touch flood zone properties. 

Agree, the whole "off market" being a deal has never made any sense to me. If you have certain criteria that a property meets to make sense, then it's a deal. 

I agree, shouldn't be taken to heart.

Most of the properties in Daytona Beach that hit the 1% rule have a ton of deferred maintenance, are in flood plains and have a high vacancy rate. So by that "rule" you will have a lot to chew on.

OR you could scan for well-constructed properties not in a flood zone and have a much smoother time. The choice is yours really. BUT truly knowing the market and the lay of the land before you invest is always key.

In the Daytona Beach market I have seen the same.

The most creative and active investors are the ones doing well. They are managing their own STRs like a luxury hotel, implementing renting strategies similar to NYC and LA where they are renting out rooms and targeting schools and traveling nurses.

The clients I have that want an auto-pilot property to do well are not living in reality right now. Again, we may see some changes if rates fall (everyone is waiting) but then again if you want something now, you have to put in the work period.

Of course I will send you a message.

I have you covered on contractors, and zoning questions. I'll send you a connect request.

Messaged you!