Looking into My FIrst STR ( First Real Estate Investment)

Looking into My FIrst STR ( First Real Estate Investment)

New to Real Estate · Fairless Hills, PA · Member since 2021 · 8 posts · 2 votes

So I am one that you call an over analyzer and end up analysis paralysis; but I want this. It's all I talk about and thing about. The fear does stop me but I want to do this. So, I live in PA but really want to purchase a property in Florida. Especially in the area where my family and I love to stay. Kissimmee, FL. There is a real nice community that is still building to this day. I have asked for price of the different units they have. I asked if they work with agents; they told me yes but that I can but directly from them. Has anyone dealt with that? Also, do I need to apply for STR License in order to do short term rental in Florida and does me living in Pennsylvania have any effect in that? Also if any one can recommend a mortgage broker or any loan possibility where I can apply for the pre-approval and see how much I qualify for and I can see how the numbers work for me? Also, have anyone purchased a property thats not in a gated community and fixed it up and has turned it into a STR as well... Which way is the best to go as a first time rental investment for STR, buy a property in a gated community already built and ready to go or find a property (for a great deal) and rehab it and then turn it into an STR? I'm sure I will read different answers but I can't wait for the response. Thank you all for any help you may provide me. Like I said, fear is stopping me but I know I want to do this. - Jose M. ... PS also if anyone can recommend a great first time investor friendly agent would be great. Thanks again.

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John UnderwoodPro Member
Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
4y

This would be a good opportunity to have a local agent working for you that knows about any STR restrictions.

See this reply in the discussion

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  • John UnderwoodPro Member
    Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
    4y

    This would be a good opportunity to have a local agent working for you that knows about any STR restrictions.

  • Michael BaumPro Member
    Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
    4y

    I agree with @John Underwood there @Jose Moya. John buys a lot of stuff without the use of an agent, but he is top notch as an investor and knows a ton. You are green and don't know what you don't know.

    It is important to get a good agent who is familiar with the area and the rules around STR's. There are several people here that can help out.

    Shawn McCormick has a good handle on the area.

  • Rental Property Investor · Phoenix, AZ and Rehoboth Beach DE · Member since 2019 · 1k+ posts · 1k+ votes
    4y

    I agree too, you need someone there who's familiar with STR regulations in the town and county.
    You say they're still building these units, is it written in the CC&Rs of the HOA that they allow STRs? Also, find out how the gate works, will you be allowed to give a code to your guests, or will entry be by key fob only? Someone would have to be there to give them the fob, or fobs if they have 2 vehicles. And it will be a PIA if the guest forgets and drives home with it.

  • Shawn McCormickPro Member
    Realtor · Central Florida-Orlando · Member since 2014 · 1k+ posts · 892 votes
    4y

    @Jose Moya You have a lot to unpack with your questions and they are all good and easy to answer. I think it best to get to know you and help give you a 30,000 foot answer to start and then dial in to how to get you in the right direction. There are plenty of forum posts about this specific area and recommendations on what you should do. As @Michael Baum mentioned, this is my back yard and have helped many others in your exact situation. 

    I'll send you a message and we can connect to get started!

  • Kyle MccawBusiness Member
    Property Manager · Keller, TX · Member since 2011 · 1k+ posts · 1k+ votes
    4y

    @Jose Moya there is way too much in your questions to answer here. Definitely get with a local agent that has experience in the STR Kissimmee market.

    I own in Windsor Hills Resort. We bought a property that needed updated. 

    The two biggest draws for me was it's proximity to Disney World and it's top notch security. The last thing I wanted was to be worrying about my property while 1,000 miles away. Also the resorts are set up for short term rentals. Little things like having trash services that picks up every day from our porch and landscaping. 

    I believe owners are required to have a local point of contact for emergencies. My property manager can handle everything. But I tend to handle the bookings.

    McCaw Property Management4.4905 Reviews
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