All Forum Posts by: Tyler Gibson

@Jordyn Rodriguez check out cozy.com 

@Jay Hinrichs what year range had the free charging? 

@Jay Hinrichs I'd love to hear about your experience if you decide to do it. @Cameron Philgreen Let us know what you decide. This has been a great thread to read. 

@Eddy Wehbe Make sure the home is not ins the City of Orlando. They recently made some rules that do not allow you to do a STR for an entire property. You have to live in the property and even then you can not rent more than half of the rooms. So in a 5 bedroom house, you could only rent 2 rooms and you would have to live there to boot.

@Jeffrey A DeAngelis There really isn't much tax gain in having the property in an LLC. The only advantage is the asset is sheltered in the event of a lawsuit against you. That being said an umbrella policy could get you the same peace of mind. No conventional lender will give a mortgage to an LLC trust me I have asked around. That means you would have to go to a private lender and they will get you on the rates and the fees. I say keep it in your own name and then finance through traditional lending. You can always gamble and transfer to an LLC after you have the funding in place. I saw gamble in that transferring title could trigger the bank calling in the loan but many times they won't do that as long as the payments are being made regularly (but they could).

@Liban Knight I own a few units in Daytona. I can recommend an investor-friendly agent and property manager. Shoot me a message and I can send you the details. 

@Uchenna A. many people come to the forums asking questions similar to this. I'll be the first to answer on yours but my answer is the same as most of us on here so here goes. It depends, what are your long term goals? For me, looking at those numbers I can't think of a reason to sell it unless you want the equity to reinvest in something else. If you want the equity to go buy something else why not look at a cashout refi? If you want better cash flow why not look at Refi on the loan. Looks to me like you are getting, or could get close to $800/month cash flow which I think is pretty good. I guess the long and the short of it is, there are a bunch of people here on the forums that can tell you how to get something accomplished but it is much harder to provide guidance on how to get someplace when we don't know where you want to get to. I hope this is helpful in jumpstarting your thought process and if you can give more specifics as to what you want to accomplish I am sure myself and others would be happy to give plenty of advice. 

@Matt "Roar" Gardner I can't find the article but I remember reading an article that found through research that even in an economic downturn people still take a vacation. The difference is that people tend to drive to their vacation instead of flying. This is a good thing for places like Destin, PCB, and other Panhandle locations. Additionally, when people are watching what they spend I would think that they are more likely to rent a house where they could cook some meals to try and cut down on their expenses while on vacation. I will admit I do not own any STR but it is on my list of investments I would like to get into. I am held back by the fact that it is not a passive investment and my current lifestyle requires passive investments. Someday I'm going to get that beach house and make it work for me.

@Michael Keane I don't think it matters unless you plan on selling one of the units in the next few years.

@Christian Bunte I want to see pictures. Place sounds super interesting.