All Forum Posts by: Taylar Colangelo

STR breakdown

I may buy this property, are my numbers right ??

Monthly expenses for a condo, am i missing anything ???

Mortgage and HOA - $3200

electric - $150

additional insurance not included in HOA- $200

Consumables - $150

Repair fund - $250 (doing full rehab upon purchase, and condo is only $900 sq ft)

internet - $80 (cable is included)

Monthly total $ 4,030

Annual expenses $48,360

Annual income - Average nightly rate $278 x 80% occ = $81,176 (I believe I may even have higher, this is one of only condos on the island that allows nightly rentals VS weekly)

A friend of my calculates cleaning fees, occ tax, and air bnb service charge In his monthly expenses, but seems like all of the air bnbs in this area charge them to the customer

Annual income $33,000

@Andrew Ashby I’m in Horizons West as well ! We should connect sometime ! and to OP, have you checked out winter haven yet ??

@John Underwood

Okay so expenses break down is

Mortgage PITI : $1600

capx: 300

Electricity: 120

internet: 50

Consumables: 100

termite bond: 50

lawn care: 75

Water trash and sewer: 80

misc: 75

Total - 1600 + 850 = 2450

@Jeffery Wilen the taxes and insurance is included in the mortgage estimate, I’ll be managing it on my own, I included cap X in those figures

Hey guys, I have a deal I’m analyzing, would love some input...

purchase price: $170k

Rehab: 60k ( It’s in really rough shape)

ARV: 300k

Plan would be to cash out refinance, so put a 240k note on the property and pull back out my 60k in rehab costs , this would leave me with a $1600 mortgage

Gross estimated income: $3000-$4290

Monthly Expenses: $850

Mortgage: $1600

Net income: $550 -$1840

Realistically my total out of pocket to buy and furnish will end up being 30k

Is this property worth the effort ???

@Stephanie Simmons congrats ! I love ocoee right now, prices are still relatively low and rents are pretty high! if you have a nice flip there, you’ll get spillover from the new construction buyers, let me know when you list, I’ll push out your property to my buyers.

@Austin Hair hey! I'm a realtor in winter garden and live lakefront as well (lake hickory nut) I have a few ideas for you, are you working with a realtor ?? there are some caveats to the STR rule in Orlando, I can help you find a cash flowing property that would be mixed use, long term and short term rentals. please PM me if you need any help! what areas are your current STRs in?

@Gregory McKinley I use REIpro. It’s pricey but I really enjoy it! Gives mortgage payoff and everything so you don’t waste time chasing no equity deals.

@Evan Evans No, No, and also, NO!!!!!

Don’t be like the rest of the sheep, ditch the 401k!!! If your employer contributes, then put in the minimum amount you need to get their match, but have an exit strategy on how to get the funds out via 401k loan etc, don’t let it sit in there, move money to ROTH IRA or even better, real estate.