All Forum Posts by: Tim Kaminski

Hello!

Recently purchased my first Duplex and looking for a good real estate lawyer to work with, specifically in the Tampa Area!

Let me know if you have any suggestions.

Thank you BP!

Tim

@Erin Legler  Did not realize that Disney was not considered Orlando as that is what Disney advertises.

So Davenport and Kissimmee are the main communities that support Disney's STR? That changes things! Thank you

Hello!

Recently purchased a duplex in Tampa to get my REI career started but the idea of STR around the Disney area has always intrigued me. Looking at the City of Orlando's rules regarding STR, have a few questions:

• City of Orlando's website says most residential zoning districts don't allow for STR. They have stays of under 7 days as motel/hotel uses and are limited to non-residential zoning districts.
  • How do you get around this? Is this something that is not a big deal or are you just rolling the dice on getting caught?
• Their website says you would have to apply as "Bed and Breakfast", which requires you to be an owner occupant.
Again, is this something that the city just isn't following up with?

I LOVE the idea of STR in Orlando but is this too much hassle to deal with?

Would appreciate responses!  Thanks!

Does it save you money to put both on one side?  If not, go separate.  

@Robert Herrera You say your mortgage was $900/mo, rented for $1900/mo and cashflowed $1,000/mo?  Are you not saving for capital expenses?

@Robert Herrera Can you go into more detail on how you finance these properties? Did you start with just a few conventional loans with money from your oil business and then get creative from there? Please expand!  Thanks.

Why can't you just put a fence up on your side of the property?

I'm a new landlord and have started using Cozy strictly from all the BP recommendations.  

A huge flaw to me is the waiting period for rent collection.  5 days unless you pay $3 per unit to receive it in 2 days, which I intend on purchasing.  If you have to wait 5 days to see if your tenant paid you, and they do NOT, you just wasted 4 days just waiting around not starting the eviction process.  Do you still have to send a 3 days notice after you find out your tenant did not pay on the 5/6th day?? Or can you start eviction file immediately?  Very confused why more cozy landlords do not have issues with this waiting period.  What am I not seeing?

I think if you can learn a lot of the tricks of the big ticket trades, plumbing/electric/HVAC aka fixing the common problems, then you can survive a lot of costly service calls.  This is coming from a property management view.  If you are looking for information from a flipper POV, I would actually say the same trades as they seem to be costly.

@Account Closed To me, it was being able to live in the property and start rehabbing onsite.  Not having to make trips to the property and guessing/going by tenant complaints on what needs to be fixed.  I will be able to live onsite and experience everything and have much easier access to the home.