Is 20% CoC and low money down possible in st Pete?

Question

I have a few commercial and LTR but keen to get in to STR for some monthly returns but also as a tax strategy. I'm in Sarasota but I like st Pete. I was originally looking at Indian rocks beach but have extended my search to Seminole (both zoned for STR). I'm struggling to find anything which is frustrating…..

my aim was to buy somewhere early in 2024 but I’m analyzing a lot of deals and coming up short. Quite frankly I can’t be parting with a few hundred grand to make a few bucks a month

any advice?

Andrew Steffens · Answer

Actually no! The gov signed into law some legislation that is unfortunately good for insurance companies/bad for anyone making a claim but that brought companies back in the market at the increased competition drove the rates down.

Andrew Steffens · Answer

Thanks Michael! Also FYI insurance has gotten a lot better.  I am now paying about half of what I was a year ago, generally about 0.75% of value per year and that STR compliant hazard w/ wind insurance.  I still stay away from flood zones for the most part (depending on elevation).

Michael Baum · Answer

Hey @Damian Callaghan, I haven't looked much down in FL since insurance has gotten so expensive that I wasn't sure anything would get near 20%.

@Andrew Steffens has a good finger on the pulse in that area, so give him a call.

Make sure you get the STR insurance quote into the mix when doing your calculations.

Aaron A. · Answer

Hello everyone!

How do you feel about the area just south of downtown Saint Pete now that the Tropicana project has been approved?  Think it’s good area to buy for a LTR house hack?  Do you foresee those older areas having high possibility of excellent appreciation over the next 5-15 years?

Aaron A. · Answer

Hey guys!

Saint Petersburg, FL.  Looking for your thoughts on ADU’s. Stick or block, 2/1’s, 600-650sq ft, and very well done. $110k for stick. $130k block.

Do you think they hold better ROI and long term investment to put on a SFH house hacked property that has enough space for the ADU or do you think it’s better to do the shipping container route for $20k?

Thank you in advance!

Aaron

Joseph Stern · Answer

Hey Damian, I will be running some off market campaigns for rental property in Pinellas county for deals similar to that criteria. Let me know if you're interested, I can shoot some leads your way.

Jorge Vazquez · Answer

Off-Market Bungalow.

Raymond J. Rodrigues · Answer

@Damian Callaghan, reach out to @Josh Green. He's an investor/ investor focused agent that helps clients source STR and LTR properties in the area. He also manages quite a few STR's as well. I've worked with him in the past and he's great to work with. I hope this recommendation helps!

Is 20% CoC and low money down possible in st Pete?

Most Popular Reply