All Forum Posts by: Mya Toohey

I would focus on REALLY GOOD Realtor.  Having too many will cause for overlapping of properties and then it goes to procuring cause in which one gets paid.  Now, you can get some wholesalers but they usually don't know if the property will fit the requirements and regulations but you can learn that from the Realtor.  That way the properties don't overlap and it doesn't cause any problems.  (this has happened to me before here in Florida) Once you get more info from the agents you can hone in on which area you need to focus on.  Make sure you do your research as well.  Go to AirBNB app and research which areas have the most listings, that usually means that its a HOT area and if you run it right you can succeed.  

I am in Florida and that is exactly what I do..I help OOS investors find high profit investment properties.  STRs, LTRs MTRs, BRRRRs and flips.  Its a niche market but once you are good at it it comes easily.  i also help with the set up, hosting and finding cleaners  I make it a one stop shop and the process makes it seamless and a sure thing with making money and keeping costs down.  

I agree that you can use a Realtor with a proven track record. Especially if you are looking out of state. You can find one that specializes in STRs. Remember you will also need help with set up, hosting and cleaners. Realtors will be able to help with resources like that. I specialize in investments in Florida, whether its LTR, MTR or STR. I also do BRRRRs and flips. Its a Niche that you can find agents that can do the hard part for you. They get the sale and its not any harder than finding a home for a retail buyer. I find it easier this way once you know your regulations and ROI in certain areas.

I am in Florida and not many agents that I have met do that.  if anything then I would set a flat fee to pay them for their service and then if you do find a property that offers buyers agents money, in which almost all I have seen still do...then I would have the title company back out the amount you decided on and the agent gets the remainder of the amount of commission that's left over.  Its a quick and easy addendum to prepare.  Its just thinking outside the box in this new market.  I would also pay by activity not by the hour.  That way they don't get double paid and everyone is happy and they still get something if you don't close on anything.  I call it being a concierge Realtor,  I have done it before for investors when they just need doors opened or comps but don't buy listed/on market properties.

Do the numbers make sense with each and all interest rates? Its really a gamble that you have to be prepared for. If the interest rates go up to around 7% again do the numbers still work for the remainder of the loan? I would hop that these interest rates are the highest that we will see in the next ten years but you never know where the market will go. Run numbers and if they work do it! I am in Florida and we have a strong STR market and most of my buyers bought at high rates and using AirDNA we were pretty spot on for the numbers and we were successful in being profitable.

I am also in Florida, the Tampa area. I can see why you want to invest out of state if that is your budget. Its hard to reach the 1% rule here now. If y0ou have a home at 300,000 you have to make 3k a month and finding a home at 300,000 and make that much rent is almost impossible. You can still make money on flips here though. What are your thoughts on doing a flip or a BRRRR that seams to be the best way to capitalize on your investment. I am not sure about the other markets but I would suggest looking up a Realtor from here and utilizing their knowledge to help you. you always need a good one no matter where you at if you are OOS investing. Best of Luck to you!!!

I'm from Louisville KY and traveled to Bloomington for a Big Box company as a trainer. Due to the university there I worked with a lot of incoming families and getting what they needed for their dorms.  One of the biggest complaints was the lack of places to stay and the expense for such.  I'm sure how far Lake Monroe if from the University but I would also look into the amount of STRs in that as well.  

So, I came from Louisville Ky down to Tampa Florida.  I thought I was a big fish in a little pond back home. What a drastic change when I came to Florida. We have the highest Realtor count per capita is the U.S. I had no idea what to do. I had already been in real estate for 5 years and thought I had seen it all.  One of the first deals I had (multi in an up and coming area) my buyer was paying cash and the deal was solid.  Back home I would make a packet for my appraiser and never had a bad appraisal due to the that I specified the value add and the Reno amount and broke it down so they saw the potential and it always worked.  So, I called the appraiser and explained that I would meet him on site to go over the paperwork.  The appraiser wouldn't even allow me to meet him which I had never had happen.  I'm very good at running comps and determining rehab costs. That's how I became so successful as an investor agent.  I called my broker and asked why??? He said it's standard practice that they don't want agents there. It's too distracting. As you can tell marine the appraisal came back 40k low and I was so dumbfounded.  I called my broker again and tried to dispute the comps the appraiser used. They me being almost two years old and more than 5 miles away. I presented unrefutable proof that I was right and my comps were solid and that they should change theirs and let the deal go through.  It got so bad that we even called the appraisal office to discuss.  They wouldn't budge. At that point we hired an independent appraiser and the numbers came back good and the hard money lender agreed to use them.  At that point the buyer was so Leary of the numbers they backed out, then the seller didn't want to give back escrow.  I mean really... I stayed on their "a@@" for weeks and pulled the we are getting a lawyer card.  I had to leverage my broker through the whole thing.  He was great and and had my back the whole time.  I got her money back of course, I learned that being the nice guy (which I am known for) has to protect their clients interest at all costs and you have to really use your head and figure out how to get it done while staying the nice guy.  The buyer was happy that I recovered her money in full that she wasn't even mad about losing the deal.  My broker said that most agents would have thrown in towel and not fight for what was the right thing to do.  So even though I lost a deal and commission I won loyalty and a client for life and became very valued as an agent and very successful by getting the money that was deserved and obviously, rightfully, morally and legally due to her.  

@Tomoko Hale

With STRs its not just purchasing the property.  You have to set them up, market, book and clean.  You have to make sure that whatever company you choose will maximize your profits.  I would try and manage it yourself if you have the time and effort.  Then you get 100% minus cleaning fees and maintenance.  You really to examine your options with everything and be very choosy who you let run it for you!!!  I am in Florida and we have an influx of STRs and I did all that and taught my owners how to do it themselves so they didn't have to me the entire time.  Now some stayed with me and that was great but some learned that with a little bit of knowledge you can do it on your own.  

Wow!!! What a cool spot!!!  I wish we had more spaces like that here in Florida.  If you can find one its Millions of dollars since those types of spaces ar3e close to beaches here.  What a great find!!!!  We use Hiscox for our insurance with our business, not sure if it works for property but its worth a try.  Best of Luck!!!!