I am looking to purchase a home in the wesley chapel, lutz area for usage (at least initially) as short term rental.
I was wondering if anyone has done short term rentals in homes that are located in communities, and if yes- how was that?
Most of the homes available, with what I am looking to spend, are located in a community with HOAs.
Has anyone had any issues with doing a short term rental/ air bnb single family home in a place that is not part of a community/ not HOA.
Do I just need to apply to Hillsborough county for license?
I don't live in Tampa at the moment, so I was considering using a property management company- at least initially. Does anyone have any recommendations for companies?
Also I know that the short term rental industry has been significantly impacted by the coronavirus. Any recommendations or suggestions in this department?
Property Manager · Temple Terrace, FL · Member since 2020 · 27 posts · 6 votes
6y
I manage several properties in HOA's. Some are short term rentals and some are long term Rentals. The key is knowing what is in the governing documents. It also would not hurt for you to get guidance from a property manager that has experience in that space.
Real Estate Agent · Greater Tampa Bay · Member since 2017 · 392 posts · 290 votes
6y
@Account Closed Wesley Chapel is a fact growing community just north of Tampa. What's particularly great about that area is that you can get a lot of bang for your buck and developers aren't showing any signs of slowing down.
If you plan on doing short term rentals up there, I would be VERY cautious about buying inside any community with an HOA without having a very clear understanding of their bylaws.
If you would like any assistance on your search, please send me a message and I would be happy to help.
Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
6y
You better check with the HOA's to make sure they don't have rules against STR's. You are running a commercial business and almost all HOA's have language against this. I would personally exclude any HOA properties.
Real Estate Agent · Tampa, FL · Member since 2017 · 191 posts · 98 votes
6y
@Account Closed Neighborhoods with HOAs have very strict regulations when it comes to rentals. Most will not allow tenants to sign leases for less than a year, if not six months. In my experience digging into the entire Tampa Bay area in regards to STRs, your best bets are within the city limits of Tampa and a single family home or small multi. Highest demand and daily rates are areas close to the airport and other attractions such as Raymond James Stadium, Busch Gardens, etc.
Hillsborough County, outside of the city limits and as of earlier this year, do not allow STRs unless they are in the correct zoning.
South Tampa, Seminole Heights, Westshore, and West Tampa have been areas that I have seen properties that can generate a lot of revenue but the profitability obviously depends on the prices. Other areas are beach communities in Pinellas County. Some, not all, allow STR and only in certain zoning. The city of St Pete is essentially a no go unless you get the ace in the hole property that is zoned hotel or resort.
Edgar Rodriguez- Yeah, it seems like HOAS are a bad idea- I'll avoid them for sure.
I'm more interested ( in the long term) either moving into the home that I buy or renting it out long term. In the next year, Im wanting to move to Tampa and I don't feel ready to just move- because of all the uncertainty with coronavirus. I was thinking about Lutz and Wesley Chapel because I'd like to end up there, and I'm not a big fan of more southern/city type areas of Tampa.
Lutz is Hillsborough- so that would probably be ok with short term rentals right?
Real Estate Agent · Tampa, FL · Member since 2017 · 191 posts · 98 votes
6y
@Account Closed the best bet is to contact the county. As far as I am aware, they do not allow stays for shorter than one week. Right now, with the virus, it could have changed. You would also have to file with the DBPR (Deparment of Business and Professional Regulation). However, I have not verified that since earlier this year (around December/January).
Property Manager · Temple Terrace, FL · Member since 2020 · 27 posts · 6 votes
6y
I manage several properties in HOA's. Some are short term rentals and some are long term Rentals. The key is knowing what is in the governing documents. It also would not hurt for you to get guidance from a property manager that has experience in that space.