All Forum Posts by: Zach Kidd

The local MLS (Stellar) will syndicate (push) listings out to over 300 different websites depending on your Brokerage's configuration.

https://www.stellarmls.com/distribution

Hi Tom, 

As others have said, trying to set this up in the Tarpon Springs municipality will be difficult. But there are nearby areas that could work very well. 

There are 24 municipalities in Pinellas County, not including the unincorporated areas.

Unincorporated Pinellas County is super-simple for STR (and obviously anything longer term), and would probably be your best bet. These are smaller spots that have a mailing address in a municipality (like Clearwater), but aren't technically inside the city boundaries so they default to the County.

The tough part would be the 10 minutes max from the beach. But Northern Pinellas is still a possibility. 

Indian Rocks Beach is the most attractive turn-key option, but the price points reflect that.  

In short, it can be done. It will require homework and legwork though.

Like any other class of housing, these require research and specific knowledge to make them work for you. The difference between Mobile Homes (on wheels) and Manufactured Homes (no wheels when completed) is critical.

@Jason Wray nailed it about rented lots vs owned lots. Also, beware of communities with a "buy in" or similar. That can be many thousands of dollars for the mere privilege of owning a property in the community. The largest I've seen was $40k, which was included in the $60k sales price. 

Beyond that, it's still a viable class to pursue. The attraction is a lower price point for entry, while maintaining something close to a market rent. You can fix & flip for cheaper, BRRR, almost anything you can do with SFH you can do with Manufactured Homes.

They are simple builds and easier to maintain. But their failure points will happen earlier, and more often.

Insurance is a huge issue regardless, especially in Florida. Financing will be much tougher. 

And you need to understand the local risks too. Some areas are prone to sinkholes. If there's freshwater bigger than a puddle, there will be gators to contend with (totally not joking). Tourism areas don't want to see Manufactured Homes and will actively fight you. Permitting and zoning will be huge issues. If you're looking to buy in a certain locale, do some digging and pick up the phone. Make sure the municipality doesn't pull a sneaky and require the home to be moved on transfer of ownership.

But if you can figure out the entry money, I think there is plenty of meat on those bones.

I would definitely start with a seller-financing approach and build up from there.

But it's also very scalable. You could develop a parcel, move new construction homes in, and sell them, lot or not, for a very nice profit. 

Hi @Winona Newell!

Firstly, congratulations on getting started! The first step is usually the hardest.

To your question, especially for singles and small multis, I say shop until you get warm fuzzies.

There are 3 main types of lenders at this level:

- Direct (like a bank). These will say either "Yes" or "No", and can be inflexible if your needs don't quite fit the box. There's a longer explanation for this, but it's not that important right now.

- Mortgage Brokers. They will shop other lenders for you and find you the best fit for your needs. 

- Mortgage Loan Originators. Like Brokers, but they can write their own loans if necessary. 

Good ones will work to save you money all the way around, be transparent, and easy to communicate with.

The best ones I've found are more interested in your success than their own payday. I have a few, and they are absolute gold.

I'm in Clearwater (near Countryside Mall), so feel free to contact me if you have more questions about lending, or if you want to know more about this area. Cheers!

@Bruce Lynn it's never "St Pete's". Like fingernails on a chalkboard to us locals!

Sales are primarily driven by people relocating elsewhere for jobs, people up or downsizing, death, divorce, or the halfback run (they move down from the North, can't handle the heat, and move halfway back).

It has always been an area with a lot to offer, and demand has always been high, with the occasional dip from post-hurricane wariness.

Still, I would argue that it's some of the most undervalued real estate in the US. By comparison, the only other place with a close equivalent of theme parks, weather, base industry, etc. would be Los Angeles.

While we can't easily make the run to Tijuana on a weekend, the Caribbean is a short hop away.

No mountains, no snow, just flip flops and Jimmy Buffett songs.

Not bad at all.

@Edgar Sanabia - Beach REIA meets on the third Thursday of every month at the John's Pass Hooters. It should go without saying that it's definitely a casual environment. Great people and info, though!

I'm local too (near Countryside Mall, but I'm down in South Pasadena a lot), and I'm always up for caffeine and/or food!

"Luxury" is definitely subjective. For me, it starts around 10x of the average market price.

While not my playing field at the moment, it comes back to fundamentals.

Who are the potential clients? Why would they want that property (in that area)? What pain or pleasure point are you addressing? What are you offering that others can't, or won't? And How are you going to reach them so they will even consider your property?

Luxury markets have luxury yields, sure. However, are you prepared to service that market? Can you actually offer something on par with a big hotel with a valet, concierge, porter, room service, etc.? Not necessarily to include those services, but something of equal or greater perceived value? 

To borrow from J Massey, if you're used to playing a Walmart game, or even a Target game, that's not going to cut it with a Nordstrom-level customer.   

@Nancy Bachety sure, something else to put on my checklist.

I have never heard of a scald guard.

Thanks for the heads up!

@Theresa Harris yeah, I would think 120 is too cold. When I bought my personal house, I put it up to 160.

My inspector warned that the cold side of the faucets could fail, so wouldn't 160 be a risk?

I said, "Don't threaten me with a good time!"

And yes, I routinely turn the cold water off while showering. It's what I like, and am used to.

To each there own, but 130-140 seems reasonable for most people.

The city of St Pete just opened up the ability to build new ADUs. See: 

Unincorporated Pinellas County would be your next best bet. It's difficult to target "unincorporated" areas via searches.

My next two target areas would be Largo, then Pinellas Park, although I have no idea if they allow ADUs. Just an educated guess that they are more likely to allow it versus other municipalities.

If you come up with better information, please reply so I can learn about it too!