All Forum Posts by: Tobey Porter

@Suzanne Mark We'll be down next week.  We have a realtor one of our lender's hooked us up with that is showing us several places in Sarasota, pretty close to Siesta Key.

@Carlos Rovira From the research we've done, and the vacations we've taken, it seems imperative to have good management on these vacation rentals.  I'm hoping we can find someone.  Thanks for the advice.

Good Morning,

I'm headed down to Florida next week and look at potential vacation rentals and speak with some local property managers.  I'm looking from some experienced insight as to some questions, maybe not the usual type, that may be good to ask managers.  I know the management is somewhat different for these due to the advertising.  In the area I'm looking, it looks like we can get management for between 15-20%.  I just don't want to overlook any topics with these potential managers.

We recently purchased our first 2 investment properties. I'm trying to get the properties switched from our names to our LLC's name. I know I have to do a quit deed claim and have that ready to file with the appropriate entity. My question in about the mortgage. I understand the point in the LLC is to provide some asset protection. If I file a quit deed form with the county, do we need to do anything with the mortgage, i.e. get it transferred to our LLC as well (I know many banks aren't keen on this, which is why we had to close on the properties under our names).

Thanks in advance for any advice.

I have a tenant like this now I'm deciding how to deal with.  She pays on time and doesn't trash the place, but WEARS my property manager out.  She called him over to change a light bulb one time.  I'm going go have a chat with her next time I am in town and explain things like that are for her to deal with.  If a pipe is clogged or the heat is not working, PLEASE call the property manager.  But don't call him to change a light bulb!!! 

I have a SFR just east of Columbus & my tenant is responsible for everything.

Congrats!!  We just closed on our first deal a few months ago, also a single family.  When you see the potential in investing, I must admit, it's sort of addicting!!!

@Gerard Lester thanks. I may take you up on the offer. We will be looking at places in a few weeks. 

@Mike Scott-Smith I'm actually waiting on a call from one.  The lender I've used for personal and investment loans hooked me up with someone he really trusts.  Hopefully the person will work out.

I've contacted a few others down there...one didn't respond, one clearly didn't want to work with us unless he knew his commission was coming right away!!

@Karen S. Thanks for all the info Karen.  We are not really in a position to manage for ourselves, and since we aren't in a financial position to just fork the money to visit 1 or 2 times a year, it seems like that area may not make sense for us at the present time.  I appreciate the honesty; we may have gotten in over our heads!!

@Mike Scott-Smith If you come up with a property manager, would you mind sharing?  My wife and I are looking at purchasing a vacation rental down there.  We will be down in the area in a few weeks and would like to meet with some as we're looking at properties too.  Thanks