All Forum Posts by: Account Closed

Yes

Much appreciated. We've targeted STRs in other areas based on factors like ensuites in every room vs the actual number of bedrooms, so size wise is less of a factor in our search. (2-4 beds, would be the range). 

The factors specifically in the lower keys that I'm trying to compare and either disprove my underwriting or validate it is that pool question (thank you for your answer on it) and dockage question. I'm familiar with the panhandle, with much different temperatures and (maybe??) much different boating/fishing local culture

Hi all,

I've read several posts from years past about the FL keys. I'm and experienced STR owner and manager and multifamily owner operator, so I know about 28 day minimums, local regulations, underwriting, insurance etc. We own in Florida, but we do not own in the keys and I was hoping to get some more nuanced feedback than what I've seen in older posts (something more than "follow the law, get STR license" etc).

Specifically, in the lower keys (Summerland to Key West):

- how important do you find private dockage to be to 28 day "STR" guests? (On a scale of: "People would book my place regardless" to "Dockage is an absolute must I'd be vacant without it")

- same question about a pool? 

- what do you find to be slow months? (I've seen so many answers and opinions on this - I know what I believe after my own underwriting and experience in other parts of FL, but I want other opinions) 

Thanks in advance

It doesn't seem like anyone has mentioned the bigger accounting issue here: Pre-paid rent is a liability on your balance sheet. It's not income to you (it aint yours) until the month it is owed. So you're just holding the money in escrow until the month each installment is due. I've never witnessed it, but if you were to somehow breach the lease, he moved, and asked for his pre paid rent back, a court would probably compel you to return it. 

Try the cbre cap rate survey https://mapping.cbre.com/maps/caprate/app/

Joel just illustrated the problem with brokers, they pre judge every call and contact. They all think they can spot a buyer vs non buyer by "keywords" ...total joke. Huge problem in the industry

Your questions were absolutely fine. 

In my experience if the sellers agent is annoyed in any way at my questions I am doing a good job unpacking the lies in their offering memo or listing. So I'd take it as a compliment. 

Does he/she want you sign an NDA to answer "Whats the back story?" LOL.

regardless of the interior - who was supposed to be mowing?? LOL. I'd fire a PM for that by itself if it was his/her responsibility to ensure lawn care happened. One strike and you're out. This ain't koom-by-yah its your business/property.

Amen! Tell it to the politicians!!