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All Forum Posts by: Tyler Gibson

Tyler Gibson has started 28 posts and replied 1233 times.

Post: Orlando, FL - 400k budget - is there still room in this market for str?

Tyler Gibson
Posted
  • Real Estate Agent
  • Orlando, FL
  • Posts 1,355
  • Votes 2,116
Quote from @Hung Ma:

Hey, Bigger Pocket community! First of all, just want to say this community offers much information and positive energy that it really helps motivate people like me to push what was thought to be undoable! 

Having said that, I've been trying to start a STR in Orlando, FL and havent had much luck. Staring at realtor.com for the past month, I have seen the prices coming down in few areas, but I still cant get the numbers to work to operate a STR. Am I too late to the game? or theres still room to play around here?

I am particularly looking into areas within 5-10miles of Disney. I have a budget of 400k, i cant really touch the big houses with game rooms/pool/themed rooms,which seems to do very well. So what is my best move/target/area within this budget?

My Criteria:

-close proximity to Disney

-private pool

-3bedrooms

-2.5bath min

I would definitely be spending part of the budget to theme out the house. 

Really would appreciate any pointers or advice that will lead me in the right direction. I do know I am capable of doing this in the long run, I just want my first STR to solidify a foundation for many more STRs to come! Thank you!


 Many of the properties in the area come fully furnished but you're likely still going to need to do some redecorating. Realistically it sounds like your budget for purchase is closer to 350 and that is going to make it challenging in that area. I would suggest you look at condos or townhomes in the resort style communities as I think they would perform better as smaller units. The smaller single family homes that have a private pool within the proximity you're talking about are probably in more residential neighborhoods the opinion that they don't perform as well as the properties that you're going to find in the resort style communities

Post: Insurance situation in Orlando

Tyler Gibson
Posted
  • Real Estate Agent
  • Orlando, FL
  • Posts 1,355
  • Votes 2,116
Quote from @Santosh Prabakar:

I'm exploring Orlando market and would like to understand the insurance situation. Is it hard to find companies that can insure even in Orlando market? What's the typical cost to cover a 3 bed 2 bath 1500 sq.ft home in Orlando?


 Insurance situation in Florida is unique. Many insurance companies have left this market due to some fraudulent activity over the past 15 years. It is not impossible to get insurance on property however properties with older roofs and older AC and water heaters we'll make it more challenging. Homes with old electrical panels or cloth wiring May create challenges. At the end of the day you can get insurance on almost any property but you will pay significantly more if the property does not have updated electrical and plumbing along with a newer roof and a decent 4 point inspection. There are many factors that go into the cost of insurance but I would suspect a 1500 square foot home cost of insurance should be somewhere around$2,000 to $3,000 a year

Post: Looking for Cash Investor in Jacksonville FL Area

Tyler Gibson
Posted
  • Real Estate Agent
  • Orlando, FL
  • Posts 1,355
  • Votes 2,116
Quote from @Samantha Otero:

Hello, 

I am looking for highly motivated Cash Buyers in the City of Jacksonville FL.

I'll DM this thread is going to get taken down.

Post: best areas in Florida for investment

Tyler Gibson
Posted
  • Real Estate Agent
  • Orlando, FL
  • Posts 1,355
  • Votes 2,116

I would say Central Florida has many great opportunities. Others on this thread listed most of the cities here in Central Florida. 

Post: Looking for a GC in Orlando Fl.

Tyler Gibson
Posted
  • Real Estate Agent
  • Orlando, FL
  • Posts 1,355
  • Votes 2,116
Quote from @Dondi Sanchez:

Hello 

I’m looking for a reputable General contractor on Orlando Fl. 
Thank you in advance 


 I know a couple. I'll send you a DM

Post: Vacation rental advice in Orlando, Florida

Tyler Gibson
Posted
  • Real Estate Agent
  • Orlando, FL
  • Posts 1,355
  • Votes 2,116
Quote from @Caden Wakim:

Hey all-

I am looking at buying a home in Orlando in the neighborhood for 600-800k. I plan to use it as a vacation rental. I've been doing my own research, but I thought id pop a post up on here and see if anyone can provide some feedback in the area.

im looking to hear more about occupancy rates, some daily rates, and fees etc. as well as neighborhoods/ areas. I have been looking in Kissimmee and Championsgate, wondering if anyone has any feedback towards the income side of things.

any advice is greatly appreciated, thank you.


 I have a broad statement that you can make money in the Disney area if you're willing to do the work required. You will need to have a minimum five bedroom property that is in a resort style community with a private pool. You will need to have great design throughout the property as well as one to three themed bedrooms. When considering themed bedrooms think crazy custom-made Jumanji bunk beds and not frozen decals and a walmart.com bedspread. Then be sure to use a pricing software or a great property manager and you should turn a profit. In the Disney area with lots of places to choose from getting five star reviews and super host status as quickly as possible is very important in your long-term profitability. The operator is one of the single greatest factors in your profitability for the Disney area. Hire a great operator or become a great operator and you should turn a profit. Many of my operators tell me that larger homes tend to have better cash flow.

Post: Is it a good time to buy a primary residence property in Melbourne, FL?

Tyler Gibson
Posted
  • Real Estate Agent
  • Orlando, FL
  • Posts 1,355
  • Votes 2,116
Quote from @Vivi Liu:

Hello,

Due to my work relocation, I have to move to Melbourne, FL. Is it a good time to buy a house now? Not sure if I need to wait until the end of this year. 

I saw a 4700 sq ft house with two car garages, is it normally in Melbourne, FL?  In Texas, with that size house, it usually goes with 3 car garages. 

Thank you!


 I don't see any good reason to wait. We're in a more stabilized market it favors buyers especially if you target properties that have been on the market for 60 days or more.

there are not too many homes that have more than a two-car garage.

Post: Request for Recommendations: Property Manager in Central Florida

Tyler Gibson
Posted
  • Real Estate Agent
  • Orlando, FL
  • Posts 1,355
  • Votes 2,116
Quote from @Ben Daniel:

Hello, I am in need of a new property manager for my rental properties in Central Florida. If you have any experience with a property manager in the area that you would recommend, please share. It would be greatly appreciated! Thank you.


 I have a couple of great PMs for both long-term and short-term I can recommend.

Post: Orlando REI- My First Self storage acquisition

Tyler Gibson
Posted
  • Real Estate Agent
  • Orlando, FL
  • Posts 1,355
  • Votes 2,116
Quote from @Bernadeau C.:

Come join the Orlando REI club as Drew deep dives his first ever self-storage acquisition. This will be a good one, you will not want to miss it!

RSVP below:

https://www.eventbrite.com/e/o...

This is going to be great! Can't wait to hear this Central Florida self storage acquisition story. 

Post: Ocala investors, what's the attraction?

Tyler Gibson
Posted
  • Real Estate Agent
  • Orlando, FL
  • Posts 1,355
  • Votes 2,116
Quote from @Bernard Joseph S.:

Currently investing along the Gulf coast for obvious reasons but looking to see what opportunities there are in central Florida. What info can you provide about Ocala from a multifamily investor standpoint?

Ocala's been a steadily growing market. I think one of the big attractions is the purchase price to rent ratio. People are moving to the area because there are jobs available in the distribution centers that can be located along interstate 75. The other employer is the service industry in the city of the villages. Many of these service workers find housing in nearby Ocala or the city of leesburg. This is because the villages is a 55 plus community and many of the people working in the service industry jobs located within the community are not 55 therefore they must find somewhere else to live nearby.