All Forum Posts by: Tyler Cook

@Glenn Mangold I don't think a case can be made that the 1 bedroom would yield a better return than 2 bedroom unless occupancy is significantly higher with 1 beds on FF, which I believe this data is available on the platform. I would go two. 

@CJ Bennett i think you should first remember that few people have a skill set to be able to perform their own maintenance and repairs, possibly larger and more complex projects. This is a huge asset and I recommend you leverage it the best you can. If you pair it with a good lender who can communicate the full menu of financing products and strategies, and make good recommendations, you will be in business. BiggerPockets is an incredible resource.

You should use a FHA combined with a value-add to force some equity into the property right upon move in, while parting with very little cash and maybe using the difference to buy a rental with a typical 20% down loan product. You could also partner with a money partner, while you serve as the General Partner, responsible for operations and management. An equity or profit split can be negotiated. I am interested in working with other investors to buy and hold real estate so please reach out if interested. Good luck!

Also, time in the market > timing the market. Rates dropping means higher prices

@Devin Peterson Largo allows for STRs but Clearwater does not; there are a few exceptions along the boundary line like my current home. See link here: https://pinellasrealtor.org/short-term-rentals/

@John Mason Assuming you are in a decent part of town, you should have no issue with demand for a medium term rental. I have found the smaller 2 and 1 bedroom rentals are actually better suited for medium term as your typical traveling nurse or professional does not usually need a 3rd or 4th bedroom.

I just bought a 3/1 in Clearwater; however, it is zoned for Largo which means I can make it a STR. The comps on AirDna are very healthy and the property will cash flow immediately upon moving out. If STR regulations come to the area, my plan is to do MTR and while it is not as much revenue as STR, I should be able to generate a decent return over a 5 year minimum hold.

@Robert Kemp Brandon Turner's book, "The Book on Rental Property Investing" includes downloadable guides that spell out the qualifications that applicants must meet to be eligible. You may want to use these as a starting point but @Bill B.'s point about consistency is an important one to avoid a lawsuit. I would also encourage you to source leads through a software like TurboTenant which will streamline the process, in conjunction with the handouts found in Brandon's book, and likely provide a better applicant pool as your listing is automatically published to multiple rental listing sites. It is also completely free which I was surprised by, given the value. 

This is a good question since I do not want to commit mortgage fraud - my plan was to list it for rent around 90-120 day mark and file a work relocation letter with my issuer letting them know my employment situation has changed to a new location. Any thoughts on this? @Zach Edelman

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $325,000
Cash invested: $11,375

New primary residence that will be turned into a short term rental

What made you interested in investing in this type of deal?

Location, zoning, proximity to hospitals, country clubs, and the beach; all capital expenditure items addressed as recent as 2023; seller repairs and credits negotiated

How did you find this deal and how did you negotiate it?

I found it on Zillow and paid list price, less seller credits for closing costs

How did you finance this deal?

FHA 30 yr fixed

How did you add value to the deal?

I will make the property cash flow as an effective short term rental operator. The property will perform as a medium term rental if short term regulations expand to the area.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Brad and Heather Panek, MOVE Realty

@Chris Seveney eager to learn more! I just sent you a DM

@Doug Smith I look forward to learning more about how we can work together! a third party underwriter may come in handy since this is my first private lending deal 

@Lucia Rushton just sent you a short note! thank you!