All Forum Posts by: Sarah Beilke

I would raise the rent but to make a huge jump to get it up to the market rate probably isn't the best idea.  We have found that doing a slight increase each year to account for any market rate increase is the best option.  That way you are not passing along such a huge increase that your tenants may not be able to afford it and look elsewhere.  Also think about this from a re-sale standpoint.  If you are ever looking to sell the property and your rents are significantly below market value that makes the value less because in the current market conditions most investors will have to either raise the current rents significantly to get it to cash flow and if the current leases are locked in at such low rental rates that usually makes their offer price lower because it will take them a while before they can raise the rents and get it to a point where it can cash flow.  Just some food for thought there.  

Hi @Brian Davis! Sounds like you have started doing some good research to make a good investment. In my experience with a new LLC you can't put the property into the LLC unless you either pay cash for it or purchase it under the LLC or get a loan through the LLC. In my case and for most first time investors they typically end up getting a mortgage that is backed by their personal credit and I have not found a way to get that into the LLC once you personally are the primary on the mortgage. My advice for the short term rentals is follow the numbers where they make better sense for you and your family. It sounds like you would likely the rental in either location so see which market is looking better. Also loved the advice from @EstaRyder about making a visit and staying in the area or actual complex you are considering purchasing, this can be invaluable to help anticipate any potential selling or rental points and also help to identify any potential issues.

I am a Broker in Florida and am currently managing a MTR in St. Augustine and have sold short term rentals in that area so please don't hesitate to reach out if you would like more information.  I am happy to share some of the numbers I am seeing and give you an idea of what the local market is looking like!

Hello!

I manage some rentals in St. Augustine, Florida and am looking for a good handyman.  At this point it is just for a couple medium term rentals.  I know good handyman are hard to come by and just looking for anyone who has someone they love and they need to pickup a little more work!

Thanks!