All Forum Posts by: Sid Payne

I have a great management company down there for my 5 properties. I'll PM you.

Thanks a lot,

Sid

Hey @Matthew Bowden, shoot me a PM with your email and I can get you quite a bit of information on that area. I have 5 properties there and will be buying more. I have a lot of great resources there as well.

Thanks a lot,

Sid

@Michael Stokes, I have 5 properties right in that area and have been doing STRs for about 4 years in that area. I plan to buy more and hope to have 20 or 30 someday.

I would be happy to share some of my experiences and financials with you if you would like to PM me. There are a lot of factors that go into making money down there. I think the absolute biggest one is being willing to manage your own bookings and having a management company be your boots on the ground. The big companies that do the bookings for you take way to much of a cut and have little incentive to book your place over others or to treat your guests they way they need to be treated to come back. I am a firm believer that repeat guests are one of the keys to this business.
Shoot me a PM with your email and I will do what I can.
Thanks a lot,
Sid

I actually just changed management companies and it is now even lower and I believe I am getting better service. And yes, I believe they are doing the laundry onsite. I do ask guests to strip the beds and get it started if they can. We are in a very competitive market, near Disney World, so the labor (an yes, I believe it is extremely hard labor) seems to be competitively priced, as are the nightly rents.
I don't have them pay for the toiletries, I supply those because I want them to use a little higher quality but they do supply their own cleaning supplies.
I am, overall, extremely happy with our costs in this area.

Thanks,
Sid

I think your numbers look good but I would put 80% occupancy on the high end. I've been working that market pretty hard for several years and I average between 70 and 90 percent but it has taken a lot to get there.

Shoot me a PM with you email address and I can send you some of my resources down there.

Sid

I used to live there and have 5 STRs and one long term rental there. 

Shoot me a PM l and I can give you a lot info and resources for that area.

I absolutely love my realtor team in that area. I will PM you.

I have five Short Term Rentals (STRs) in the Disney World Area and would like to diversify. I live in Colorado but have done okay as an out of state investor. I manage the bookings but need a good team on the ground. Is that something I can find in Cape Coral? I would need a real estate agent or wholesaler and property management team. I am all for being licensed, insured and collecting/remitting state and county taxes.
I am going to be in central Florida in a couple of weeks and was thinking about heading down that way to check things out.
Any tips?

Thanks a lot for your help,
Sid

I am not sure what the best answer is, but I can tell you what I have done.

I have a Colorado LLC that manages our rentals in Florida. The properties are still titled to me personally but I hope to do a quitclaim to get them under the LLC.

We actually have several Colorado LLCs for to manage several properties. One mistake I made was not having it be exactly one to one.

My goal is to have one "umbrella" LLC that owns the LLCs that own/manage each property. I think that is the best way to go but would love to hear other opinions.

I think I would turn them down on principle alone.