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All Forum Posts by: Tyler Gibson

Tyler Gibson has started 28 posts and replied 1231 times.

Post: Florida Property Manager

Tyler Gibson
Posted
  • Real Estate Agent
  • Orlando, FL
  • Posts 1,353
  • Votes 2,116
Quote from @Brittany Daubner:

@Tyler Gibson, thanks so much for your response! I figured the PM would definitely be local to the area of the property and would need different PM's for each area, those were just the areas I'd like to invest in. I've just looked at your page Orlando is the area I'm targeting for Central Florida. I'd love to connect in a few months' time (or before if preferred) to possibly locate a property in your area and start my REI journey around October this year. I'm also open to any opportunities along the way. I'd like to purchase an STR (I probably should have said that), being that I live in South Florida, Orlando isn't too far, but also not close enough that I can drop by anytime, so I thought I'd need a PM, or perhaps just a great team in place as far as a mechanic and cleaner, realtor and lender.

Thanks again! 


 Happy to help!

Post: Thinking of adding vacation rentals to portfolio in Poinciana, FL 34759

Tyler Gibson
Posted
  • Real Estate Agent
  • Orlando, FL
  • Posts 1,353
  • Votes 2,116
Quote from @Jake Chial:
What are others thoughts on Orlando being too saturated with STRs making it difficult to turn a profit?

My thoughts are that it is indeed saturated with thousands of rentable units. However, STR is unique in that the operator is the essential factor in profitability, and I can tell you there are plenty of bad operators. The Disney area has a formula that, if followed, should make you profitable. 5-8 bedroom homes with great design and theming with a great operator in place should have no problem making a profit.

Post: Florida Property Manager

Tyler Gibson
Posted
  • Real Estate Agent
  • Orlando, FL
  • Posts 1,353
  • Votes 2,116
Quote from @Brittany Daubner:

Hi all,

Newbie here. I've not yet invested in my first property, but I plan to purchase my first one by the end of 2023. I'd really like to get a great team in place for long term relations and reliability prior to. Does anyone have suggested property management companies they've used in Florida that they can recommend I reach out to, to see if we're a good fit for each other? How do I know which questions to ask to ensure the property manager is performing at its best? Since I don't have the experience that I aspire to have yet, I'm looking to create a relationship with some guidance without being taken advantage of. I'm looking to invest in the South Florida, Central Florida, and panhandle markets. Any helpful information or suggestions are greatly appreciated! I'm open to ideas and subjects/information to research in case there is something I am missing or just don't know to look for yet.

Thanks all!

Brittany


 Finding a great PM can be challenging but not impossible. A good Realtor that knows investing should be able to connect you with a great PM in the area where you plan to buy. There will not be one PM covering all the places you mention in your post, so maybe refine your search a little, and then you can start interviewing. I am in Central Florida and have some great PM relationships, but none of them cover all the areas I service, so I tell my clients, let's find a property, and then I can connect you with the Best PM that covers the area. 

Post: Thinking of adding vacation rentals to portfolio in Poinciana, FL 34759

Tyler Gibson
Posted
  • Real Estate Agent
  • Orlando, FL
  • Posts 1,353
  • Votes 2,116
Quote from @Jack B.:

I'm looking at 1031 exchanging one of my houses in Seattle to Florida as a vacation rental. The houses are nice and prices are relatively low. But it's 1 hour away from Orlando, doubt that's going to ABNB well. So question is:

1) How far outside of Tampa or Orlando can one buy and successfully ABNB?

2) What companies do you recommend for managing the ABNB since I'm out of state?

3) What's a typical % of rental revenue that the management companies for this plan will generally charge.


I would not recommend buying in Ponciana if you want to do AirBnB. The area has a severe traffic problem and is too far from Disney to perform at a high level. I have a couple of great local PM companies that I can recommend 2 are Disney area only, and one does all over Florida. STR PM's usually charge between 15-30% of gross rental revenue.

Post: Our Retirement home in 7 year; currently being rented at $4,550/month

Tyler Gibson
Posted
  • Real Estate Agent
  • Orlando, FL
  • Posts 1,353
  • Votes 2,116
Quote from @ButchLisa Wofford:

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $710,000
Cash invested: $210,000

Bought this house in July 2021 as our retirement home, 7 years from now. But we decided we can't leave it empty for 11 months when we are outside of the country ( I work in UK for U.S. Department of Defense Schools) and decided to rent it out. We bought this home for 4710,000, 85,000 above the asking price & waived inspection. It appraised at $650,000 & the current estimate value at the moment is between $780,000 - $934,000. . Interest rate is 2.62% for 30 years. Current monthly rent is $4550

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

I haven living as an expat here in UK, working for U.S. Department of Defense inside a U.S. military base since 1999. I have 9 rental properties here in UK, 7 of them are within 10 minutes of the U.S. military base where I work and so my tenants are U.S. military members, U.S government employees, (like myself too) U.S. civilian contractors, and their families. A secure/guaranteed rent because the U.S. military, U.S. government, Civilian employers pay for their rent.


 Very Cool!

Post: Local or out-of-state for first time (multi-family) investor

Tyler Gibson
Posted
  • Real Estate Agent
  • Orlando, FL
  • Posts 1,353
  • Votes 2,116
Quote from @UV Singh:

Hi Tyler,

Im Open to either. Wondering about the returns and management details for an OOS investor like me. Obviously wanna manage risk exposure / not try lifting more than I can carry. 


 Returns will vary but I will say that 5-20 unit multi in Central Florida is very competitive. Property management fees run 8-10% depending on the company you hire. Let me know if you have any other questions always happy to help.

Post: CPA recommendations in Orlando Florida? (Personal, Business, and Real Estate)

Tyler Gibson
Posted
  • Real Estate Agent
  • Orlando, FL
  • Posts 1,353
  • Votes 2,116
Quote from @Alejandro Correa:

My partner and I are looking for a reliable CPA in/near Orlando, Fl. We are primarily looking for personal tax preparation this year, but are going to buy an investment property/primary residence in the summer so we want someone who we can test drive and hopefully return to in 2024 with our personal AND real estate tax needs. Please share any reliable CPA contacts you may know.

Thanks 


 I have a great CPA in Orlando that handles all my tax and accounting needs. I sent you an email introducing you two. 

Post: Ormond/Daytona Beach STR

Tyler Gibson
Posted
  • Real Estate Agent
  • Orlando, FL
  • Posts 1,353
  • Votes 2,116
Quote from @Quinn Stewart:

I am moving to Ormond Beach in a few months and looking into getting my first STR property. I was curious if any BP investor has experience with STRs in the Daytona Beach/Ormond Beach area? Daytona Beach does not seem like a popular city when investors talk about STRs.

According to airDNA, the occupancy rate is 74% in Daytona Beach and 76% in Ormond Beach. The barrier to entry to buy a home is low, and has been low for awhile. However, I was curious if anybody had thoughts on investing in a STR there or looking at other places in Florida.

Volusia County has stringent regulations about STR. There are tiny zoning areas that allow it. Essentially the property has to be on the east side of A1A (oceanfront) or in the Daytona Beach Tourist district (small area). So you can choose a multi-million dollar House on the Beach (probably won't cash flow) or a Condo. When selecting a condo, you have to be sure that it is zoned properly and that the HOA rules allow for less than 7-day rentals.

I own a Condo in Ormond Beach.

Post: Who is going to the Bigger Pockets conference with in Orlando, Florida?? :))

Tyler Gibson
Posted
  • Real Estate Agent
  • Orlando, FL
  • Posts 1,353
  • Votes 2,116
Quote from @Alfath Ahmed:

 I live here in Orlando so, probably. If not, I  would still love to meet any BP people that are going to be in town. Maybe I'll throw a party and All BP people are invited. 

Post: Prep/Programs before becoming a broker

Tyler Gibson
Posted
  • Real Estate Agent
  • Orlando, FL
  • Posts 1,353
  • Votes 2,116
Quote from @Vinh Dawkins:

Hello! My name is Vinh Dawkins, and I am a student entering my senior year next fall. I am looking to pursue a career as a commercial broker. I will intern at a commercial brokerage in Lakeland, FL, this summer. What prep materials or programs will benefit me before getting my license? Thank you!


 You must do the state-approved 63 class unless your degree includes this education. Florida does not have a different license for commercial or residential real estate, so you just need a real estate license and then it must be hung with a broker. After 2 years you can take the Broker class and state test to get a broker's license, but it may not be needed.