All Forum Posts by: Yoko Hankins

Hi Everyone!

I am looking for a CPA who is very familiar with STRs in Santa Rosa country, FL. I am particularly looking for guidance for our start-up costs for our very first STR.

Hi Everyone!

Thanks to @Lake Lutes and @Raymond J. Rodrigues, my husband and I are closing on our first STR property in FL in 2 weeks. We are very excited for our new chapter!

I have a question for the STR owners in FL. Does anyone use Avalara (MyLodgeTax) for your lodging tax? Since we are new to this, I am thinking about using it for the first 6 months or so, just to take one task off my plate and to learn from the filing Avalara prepares for me. If anybody uses Avalara, would you share your experience and also let me know if you think it's worth the money?

Quote from @Sammy Lyon:

Quote from @Siddiq Mumin:

I acquired a couple of rentals  and have a Retail business. Pretty simple. I'd like to have a CPA in Los Angeles county that is familiar with real estate investing (and all the tax deductions and benefits that come with it) to do my taxes .

Knowledge of business entities for real estate investors would be a bonus.

Any recommendations? And if possible, a ballpark cost for that CPA.

Thank you!

 I have an amazing CPA who handles all my real estate returns. Happy to DM contact info.

Hi @Sammy Lyon Your post here was exactly what I came here to the forum today. Could you please share the contact you have with me as well?

Thank you so much in advance!

@Raymond J. Rodrigues Thank you for your suggestion. I will definitely message them. Have a great day!!

Hi Everybody!

We have been looking for our very 1st STR property in Gulf Breeze or Navarre, FL. If anybody has STRs in those areas and don't mind connecting with me for our questions about the areas, we would really appreciate it. We would also love to connect with realtors experienced in STRs in those areas as well.

Thank you so much, everybody, for sharing your insights and knowledge. I called the location as Pensacola, FL, but the property was in Navarre, FL. I thought Pensacola was in the same Santa Rosa County but I now know it's in Escambia County.
I figured out what was making the property tax look like x3 higher without homestead exemption than the the one with it. I simply took what the current owner was paying ($1,100 )for my analysis. Then, when I saw the County tax estimator, https://srcpa.gov/TaxEstimator, the first box specifically asks for Property Sale Price. The current tax is based on the county's assessment on $115K, but our price was $263K. So, the tax the estimator gave me (without exemption) was $3155. A lot of lessons learned here. So, for the analysis purpose, do you use the current assessed value instead of what you are buying the house for? Also, I am definitely interested in increase for homeowner's insurance in FL as well.

Hi Nathan!
Thank you for your reply. It is good to know that it is not because we are brand new in doing this. Thanks for the encouragement!
Have you encountered higher property tax for rental properties than primary residences anywhere in the US?

We found a great deal on our first STR property in Pensacola, FL. But we realized that the country assesses x3 property tax on rental properties. We were fortunate that we discovered this before we signed, but are very bummed. It was definitely a good learning experience. I have 2 questions for you, rental pros!

1. Is this higher property tax for rental properties pretty common everywhere?

2. We are having a pretty tough luck finding a good deal. It is either great price but requires a repairs/updates that are more than we are comfortable with or a rent ready property that will just break even for a while and it is more like a buy & hold to wait for the appreciation. 

We are looking for our very first short-term rental property in Pensacola/Gulf Breeze area. I am looking for any tips for short-term/ beach rentals in general,  or any local tips for operating short-term rentals in Pensacola / Gulf Breeze area.