All Forum Posts by: Aaron S.

Thanks Stetson!

Of course the inverse is... do we wait for a good buying opportunity on Little Hickory, Sanibel or the South Side of Ft Myers Beach? It will be interesting to see how long it takes for the actual listings to reflect reality. I'm sure there are plenty of badly damaged properties not accurately represented on MLS right now.

Realize this is more of an investment forum, but we have been looking for a home in the Fort Myers area for the past year.  We are looking for a higher end property with gulf access (canal) or at least fairly close to the gulf with a marina nearby.  Will likely spend several million.

Very curious to see what the housing/rebuild market does after Hurricane Ian.  Obviously, the rebuild will take years.  We love the area and still intend to build or buy here, but I’m a little nervous about making that investment right now.  We’re actually looking at the new Ritz Residences being built in Estero.  Look awesome and they’re just breaking ground, but nervous that the prices are going to plummet right after we purchase as this area rebuilds.  Also, hate to miss buying opportunities as I’m sure the storm will scare people out of the area and may create some buying opportunities.

Would appreciate any insight!

Subscribed!  We are exploring the SW Florida market.  My primary concerns are the overheated market and finding reliable contractors.

Really great feedback, thank you!  I've done some research over the past day and come away with the following:

• There are absolutely better geographies to do this than SW Florida or the Keys.  Cost per sq. ft is definitely higher than the rents would justify.
• Wind and flood insurance in the Keys are either inaccessible or extremely expensive.  Lots more research to do here.  It's really the price you pay for living on one of the best natural reefs in the world!
• $600k doesn't actually buy much in the Keys...  certainly not a 3BR that would easily command $2k / week.  Might be smarter to spend a little less for the right location/bones and do some remodel.
• Should really look closely at condos for several reasons.
• Sanibel only allows monthly rental, so that becomes a little more complex for us to use.
• Captiva you can't touch single family for under $1M.

I hear you...  keep in mind, cash won't produce much return either, so that isn't a show stopper.

We are first time real estate investors and thinking about investing in a FL vacation rental property.  I have a couple of friends that have gone down this path that are showing me the ropes and I would also appreciate feedback from the forum.  Here is our situation:

- In 6-7 years will be empty nesters and likely spend Jan - May in Florida.  There are arguably nicer warm places to spend the winter, but I'm an avid angler and the desert doesn't work for me!

- Have around $3M liquid that will be invested in equity, fixed income and cash

- Have a good income and low expenses, so don't really need the investment property to turn big profits.  Profits would be a bonus and give us return on the cash investment.

- Would probably spend 4 weeks in Florida annually for the next 6-7 years... plus weekend getaways

- A couple of target areas would be Sanibel/Captiva and the Keys.  Love Sanibel/Captiva, but fishing and diving is better in the Keys.

- Would probably be a cash deal or if it makes sense finance up to 50%.

- Targeting $600k range

- Like the idea of a single family vs. condo... if we spend the entire winter here, I can't be couped up in a condo.

- Would like let friends/family use it "at cost" or free for a few weeks during the year.

- Obviously would like something nice but doesn't have to be million dollar home with high end finishes.  A vacation cottage is fine.

Goals:

- Have somewhere warm to escape the MN winters more often

- Return more than I would in cash

- Build equity / buy @ a discount even if it means some remodeling

- Spend more time in the sun and less in the office

I'm in the research phase right now and would really appreciate any resources you could point me to or any words of warning.  We are in a good financial position due to many years of hard work, so we can take some risks but want to be measured and smart in our approach.  I realize that investing a couple thousand miles away for our first time probably isn't the best, but I would have no problem jumping on a plane when needed to go down and address issues.  Also have friends in both cities that could help with little stuff.

Thank you so much.  Really value your feedback.

Does anyone have experience using Renters Warehouse for marketing and/or property maintenance? Curious to hear feedback from folks that use them to help manage their rentals.

Jon - for my day job I run a business unit for an IT Security firm. Between a couple thousand customers and 300 employees there is never a dull moment!

Shane - very cool. I'm actually in Woodbury about 10 minutes from you!

I've been doing some work to find comps quickly (without spending hours manually reviewing listings). I just came across housingmaps.com. Nice tool that mixes craigslist postings with Google Maps to lay them out on a map.

Rentometer also looks like a great site, but the comps seem to be a little high. Can't beat the interface though!

This thread is quite old. Any other good places to gather comp data these days?

Hey everyone! I'm an experienced business leader from the Minneapolis area. I have quite a bit of business/finance experience, and have been busy learning the real estate "code" and different metrics used to evaluate deals.

Entrepreneurship and REI is in my blood as my parents and siblings have bought/sold/managed several businesses and properties over the years. It's awesome to have that experience and a close family to collaborate with.

I have a great job and it wouldn't make sense to bail anytime soon, but REI provides a great opportunity to build wealth and deploy capital on the side. I'm planning to do my first deals in the next month or two depending on what I find in the market. Looking forward to continued learning and networking on the forum.

If anyone in the Minneapolis metro would like to link up for coffee or a beer, let me know. I will be looking for partnership and investment opportunities.

Cheers!

Aaron