All Forum Posts by: Rachel Payton

@Collin H.

I totally get that. We've run some numbers and we'd be ok regardless of which we chose in a "normal" year. But we looked at a condo last week who only netted $5000 to the owner in 2020 because of travel restrictions. Then a mortgage would need to be paid from that. So there's risks to consider in this uncertain rental climate.

@Joshua Strickland

I'm working with a lender who said they would need at least 25% down to finance a condo-tel, which won't be an issue for us.

@John Underwood

Just to clarify this wasn't a typo you WOULD do any deal for 30-50% of gross?? The one condo we wanted to offer on took 52%.

Looking to buy a vacation property in Florida but stuck on property type. We're looking at condo-tel type properties in the St. Petersburg area, or single family in the Cape Coral down to Naples area. Both come with pros and cons. We are in Oregon, so not having to worry about managing a property from 3000 miles away is very appealing. And inly.being able.to use our property for a few weeksnout of the year is not a problem for us. But at the cost of over 50% gross income, I'm not sure it's worth it. While single family won't have the large management costs, but will be much more time consuming to manage. I've heard good and bad things about companies like Evolve. That 10% may be what they charge, but its for the bare minimum and as management services increase, obviously so does their cost.

I'm just looking for advice from others who have run into this scenario and what would any of you do??

@Lindsay Gittens

We offered site unseen for our first long term rental. Of course contingent on inspection, etc. You can always offer with a contingency clause.

We also want to buy a STR out of state, literally 3000 miles, opposite side of the country. Essentially we want a vacation home, but we'd only use it a couple times a year, so why not have renters pay the bills! The biggest issue I'm having is finding an agent in the area(s) I am willing to look that can help me navigate all the rules. (We're looking in FL and I know some areas don't allow STR.) Also, things are selling SOOOO QUICKLY!! I feel like it's almost impossible to properly run numbers, discuss with husband and make a decision before there's already an offer. Pricing is just going up and up and up too. Kind of scares me off the idea, but I'm sure an opportunity will come along.

My husband and I are looking to buy a short term rental investment/vacation property on the gulf side in Florida. We're looking as far north as the Tampa area and as far south as Naples. Not being from the area we need an agent that can really help us find what we need:

-Must be able to do short term rental

-Budget: 200-400k

-3bed 2bath minimum

-1250sq ft minimum

-Condo or townhouse preferred. But willing to look at single family too. We live far away, we need LOW MAINTENANCE.

-Parking included

-Within a couple blocks of public beach access. Of course the closer the better.

- Looking for more family friendly areas, and activities for families and kids to do.

Again we are not from the area. Literally the other side of the country. So if there's other things we should be concerned about (possible ways to limit potential hurricane damage?) we hope to find an agent that is willing to educate us on any important things we should know about investing in this area. We are eager to pull the trigger on the right opportunity.

If there's any agents out there familiar with the area(s) mentioned, feel free to message me!!

@Nathan G. I base it on the market and my tenants. I currently only own a duplex, but one side was rented out at the top of the market in 2019, and with covid the next year I did not do a rent increase. I dony intend to increase her rent unless the market changes. It doesn't make sense for me to increase a tenants rent if that tenant can leave for a better deal because the market doesn't support it. Then I might be stuck asking for LESS rent than what I'm currently getting. The other half of my duplex is a tenant who has been there for years before we even bought it. He is way under market, but his unit is super outdated and he does landscaping and is a great tenant. I did a $50 increase about 6 months into owning the property, and haven't increased since. I might do another increase in another year or so, but for now I'm making money and I'm happy charging less for not having to pay for landscapjng.

My husband and I are seriously considering an opportunity to buy a few acres that are approved for subdivision. In the past we've owned and currently own rental properties. I've been a property manager now for over a decade. We've never done anything like this and while it's an exciting adventure, it's also intimidating. We've already spoken to a real estate agent who is planning in setting up meetings with builders. He's been very helpful so far and if we puruse, we plan on relying heavily on him as as resource. He has assured us that even as a novice, we can do this.

Any advice on what to expect? What I should be asking? Things to watch out for or red flags? Basics of what to do in general?? Can we actually do this? I know everyone has to start somewhere, I just don't want to get in over my head.

@Michael Elefante you say in your post you spent a lot of time researching vacation rentals. Do you have suggestions on where someone new can start their research?

The last couple years I've had someone else do my taxes. This year I received a letter from my CPA that the cost is going WAY up. So my question is how difficult would it be to do my own income taxes? It's basically my husband and I's income from our jobs, then the LLC we started this year, in which we own a small 5-plex.