All Forum Posts by: Samuel Boyd

Hey Cory! Happy to help, just need some clarity on what you're looking to do.

Everyone always wants to know "How is the market?". My usual response is "it depends". But I ran some actual reports for clients this week and wanted to share. Within the SAME area we have 3 totally different markets.

- Space Coast Beaches - Condos - Buyer's market
- Space Coast Beaches - SFHs - Neutral market
- Viera / Suntree < $800k - SFHs - Seller's market

I thought this was interesting how drastic the difference can be within the same geographic area. 

See below for the detailed breakdown of each. Cheers!

2 Vacant pieces of buildable land with utilities (water and sewer on each). They are 0.17 acres each with an additional 0.10 acres that can be obtained with the abandon and vacate form at the back of these lots = 0.44 acres total. You can see what I'm talking about on the future land use and zoning tool/map here: https://mgis.maps.arcgis.com/apps/webappviewer/index.html?id=3f1f8b678a754f74ab7a58ba33c7911f

You can certainly purchase just 1 lot, but I think the value and possibilities really are there with both combined. Owners were asking $140,000 each and I am happy to submit any offer that you are interested in.

C-3 mixed use, you can build basically anything here, but I think the highest and best use is multifamily. I would suspect you could pretty easily figure out how to put between 8 and 12 units. Upwards of the allowable 34 (44 if you do the abandon and vacate), you'd need to get creative and go vertical (which is allowed up to 8 stories). I have the table of uses and dimensional standards which defines the allowable building parameters. Message me if interested.

They are also in the community redevelopment area boundaries which the city has designated financial incentives for building here.

I am very optimistic about this area. I sold the 2 parcels of land directly south of these two (2401 and 2405 Stone St.) this year for $130,000 each. I'm seeing things coming that no one is really aware of (likely multifamily coming in on the other lots, marina down the street, complete remodel of Riverview park across US-1, potential restaurant on the water at the end of the street, and St. Stephens way multifamily housing that just finished construction down the street on the river).

Give me a shout if you want to discuss further. Trying to get these sold. Thank you!

Hey @Casey Carpenter, right on! So I can't pull market stats for rentals with the same report but I do know Bigger Pockets has a really solid rental property calculator. How I would approach it is to just pull a bunch of comparable rentals to get real data points depending on what property type, specific location, and lease duration you're looking for.

Something to note about this area, (especially the beaches) is very seasonal for short-medium term rentals. You can safely assume 1.5/2x from Jan-April in rental income than for the same property on a 12-month lease. A good amount of people will rent out these months at a super high rate (or use them personally) and then find a tenant for the remaining 8ish months. Not a bad way to go honestly. 

Shoot me a DM if you want to get into some more specifics! 

@Casey Carpenter Congrats man that's super exciting! Now is a pretty good time... See the market report attached below. I ran this for all Space Coast Beaches from Melbourne Beach to Cape Canaveral. Any idea about what areas you're most interested in? By mid to long term do you mean timeframe for the investment returns, or rentals (long term tenants - medium term tenants)? Happy to fill you in on the rental markets as well! Looking forward to having you here Casey it's an absolutely beautiful place to be. Cheers! - Sam

@William Silva Hey William! I'd highly recommend an investor friendly agent if you plan to look outside of the areas you are most familiar with (assuming Miami). 

As for if its "too late" it all depends on what type of return you're looking for! I would say it's never too late, but I'll be honest that it is becoming harder and harder to find LTR's around the Melbourne area that are cash flow positive after insurance, taxes, today's interest rates, and current prices. 

If your satisfied with breaking even +/- a couple hundred dollars I think we can certainly find you something in this area but of course your cash flow numbers depend highly on your loan type, interest rate, and percent down. 

Happy to help you run some numbers if you're curious! Let me know man and stay safe with this incoming hurricane.

Hey @Brittany Gray! Thanks for reaching out. It's going wonderfully so far, and we are working on bring in another one online early next year. I'd be happy to share our numbers and let you know what to expect and to look out for if you're thinking of going the arbitrage route. I'll shoot you a DM!

Hey Elenis, I might be able to help you with items 2 and 3. Item 1 I think I could possibly help with or find you someone depending on what you are willing to compensate for the work and what level of time commitment you are looking for. I'll shoot you a DM so we can discuss further. Cheers!

Also @Tim Phillips something to be aware of in FL, all condos older than 30 years and taller than 3 stories are required to have a "Structural Integrity Reserve Study" performed before the end of this year. Basically, new rules were put in place to make sure condos are safe and sound and are holding adequate reserves. As such, anything 3+ stories and older, you need to be VERY cautious and understand when and if the study has been performed, what they found, and if there are any resulting special assessments.

Hey @Tim Phillips I think @Jackson Ebersole nailed it. I started locally for all of the reasons he mentioned. I can get there in case of emergency, I know the market, and its less "risky" I guess. However, if you get a nice property there's no reason you can't manage it remotely. In the Melbourne/Titusville markets we are seeing properties sit on the market longer than in recent years which bodes well for you being able to do your due diligence and book a flight or get a realtor out there to scope it for you. For your first one, I think the condo route is solid because it (should) be minimal maintenance and lower price points which make the ROI actually work with a long-term tenant. If you're curious about the Space Coast markets man hit me up any time!