All Forum Posts by: Tom Herzog

I bought a place in ChampionsGate in July. I’ve been happy about the purchase!

So here we are, some time after this discussion started. Prices are even higher now. The theme parks are closed- and won’t be open at full capacity for months. There is so much inventory on the market, but most are listed above comparable sales from a few months ago. Some prices have been cut to be mild values- based on the 2019 economy but still nothing coming close to representing the current economic conditions. Will this market correct a bit? Will it crash? Will it stay frozen high? What do you guys think?

BTW- There is a potential BRRR condo on the MLS in Reunion right now. 60k under comps. No idea how much work is required though.

I posted one of the results from my google search. I was hoping to get some details from somebody familiar with the process. I’ve been having trouble with listing agents who aren’t familiar with the concept. 

Do any of you agents have experience with license portability? I am a licensed agent in Michigan and am looking to represent myself while purchasing property in Florida. Websites such as the one posted below say it’s possible. I haven’t talked to any listing agents who are familiar with it. I’m looking for confirmation. Most people, including my broker and the guy working at the Florida regulatory agency, are familiar with reciprocity. I’m not looking for that- portability is a different (but related) thing. 

https://realestatelicensewizar...

It's interesting to see different perspectives! Regarding Disney and it's re-open: Even if attendance is down 15% (due to virus fear or Disney's own limiting of entrants) it will have a huge impact on the STR market.

I’ve reached out to a number of sellers. Most still have their property listed 5-10k over the most recent comparable sale. I’ll buy if someone is willing to reduce (I still don’t know how much of a reduction is necessary), but if not I’m happy to wait and let them hold a non-performing property for that much longer. 

I'm thinking about buying my first STR. I like the Orlando area where I can use it as a personal vacation destination also.

With Disney closed indefinitely, what type of discount from previous prices is fair? Or is it just crazy to but in these conditions?

Any wisdom that you want to share? Any recommendations for a property manager?

Let me know if any of you are looking to sell.

I appreciate the feedback! It's sometimes easy to get sucked into the tenant's mindset and think a refund is reasonable. Now I have some good ideas to negotiate with. 

On Friday, I signed a 12 month lease with my tenant. She paid the security deposit and first month's rent. By Monday she called, saying that she didn't want the house anymore and she wants a full refund. Her cited reason is due to the condition of the house. While filling out the move-in condition sheet, she noticed some minor issues- signs of water under the kitchen sink and by the laundry tub, roof sealing not complete, garage light burnt out, and signs of a mouse (I have not seen anything that would lead me to believe a mouse has lived there). I told her that I could have everything taken care of within a week, but she still wants out. 

I don't want to keep a tenant who doesn't want to be there, but I feel I'm owed something for the trouble of relisting and finding a new tenant. Per the terms of our lease, I can take one month's rent plus a fee for cancellation. Is it reasonable or should I consider giving her a full refund?