All Forum Posts by: Chris Mury
Chris Mury has started 4 posts and replied 172 times.
Post: St Augustine STR Newbie
- Realtor
- St. Augustine, FL
- Posts 180
- Votes 100
Quote from @Melanie P.:
Be sure to carefully follow St. Augustine's STR Ordinance:
To anyone reading, please note that this only applies to properties within City of St. Augustine limits (a smaller subsection of the greater St. Augustine area).
Post: I need help choosing a 1031 QI and avoiding scams
- Realtor
- St. Augustine, FL
- Posts 180
- Votes 100
Hey Robert,
I’ve used Claudia Kiernan at IPX1031 for a previous 1031 exchange. I’ve referred her to my customers as well and have had good experiences. Her office is in St. Augustine. (904) 417-9093. Best of luck.
Chris
Post: Looking for beach (or close to beach) FL STR
- Realtor
- St. Augustine, FL
- Posts 180
- Votes 100
Quote from @Mason Liu:
Tagging in @Chris Mury as he knows a lot about airbnbs in St Augustine
Thanks @Mason Liu, Todd and I were able to connect on this.
Post: Investing in Saint Augustine beachfront property
- Realtor
- St. Augustine, FL
- Posts 180
- Votes 100
Quote from @Todd Bailey:
Quote from @Chris Mury:
Hello, Likun!
Great question! I would point you towards Vilano Beach or the Butler/Crescent/Treasure Beach areas of St. Augustine. Unfortunately, the city of St. Augustine Beach has tight rental restrictions and have issued just 100 "Transient Rental Licenses" which, of course, are all gone. Here's some details from the city:
https://www.staugbch.com/citym...
The areas I recommended have little to no restrictions on short term rentals and would make a much better investment if you're hoping to rent your home when not using it. Feel free to ask me any follow up questions you might have.
Chris
Chris, do you know if "medium density" covers condo complexes? Hard to navigate these regs...
Thanks, Todd
Hey Todd, that does not cover condo complexes. Condo/homeowners associations supersede any local/county regs.
Post: Closed on a 4 Unit!!
- Realtor
- St. Augustine, FL
- Posts 180
- Votes 100
Quote from @Gino Barbaro:
We just closed on our first deal of the year. Last year, we closed on 3 100 unit complexes (they were closed with our own capital), and this deal is a small one, but a good one!
4 units all three beds
$575,000
All Cash
Rents of $1,800
What makes it good for us?
- It fits within our buy right criteria
- We own 12 units right next door.
- Newer vintage
- The three beds are in high demand, and we are blowing away the 1% rule
- There is very little cap ex
- We focus on PPU (profit per unit), and this is going to profit nicely and add to our scale in that part of the market
Exit strategy is to refinance our capital out when rates drop, and to hold long term.
You have to be willing to take what the defense gives you, and you have to understand all of the investing strategies and know when to use them
2021 and 2022, we only did about 200 units, smaller deals, but very profitable and we’ve refinanced all of our capital.
2023 was an excellent year. 128 units, 105 units, and 97 units.
If you aren’t doing deals, you can always be improving operations, meeting more potential investors, and creating more relationships.
Life is like real estate. There are a lot of ups and downs, but if you maintain focus and surround yourself with amazing people, things will eventually work out.
Now is the time to go all in on real estate, when everyone is predicting the sky is falling, and the deal flow has slowed. Brokers are calling you back, and they are starting to put deals on Loopnet. Cut out the noise and focus on your business.
Your input shapes your outlook!
All the Best
Gino
Nice one, Gino! What market is this in?
Post: URGENT Homeowners for STR
- Realtor
- St. Augustine, FL
- Posts 180
- Votes 100
I’d call Ryan Flagler at Brightway Insurance. He insures all of ours in St. Augustine. Tell him I sent you.
Post: Looking for agents or lenders in my area
- Realtor
- St. Augustine, FL
- Posts 180
- Votes 100
Quote from @Abraham Fernandez:
Hello!
I am looking to getting started in STRs in the Jacksonville or Saint Augustine areas.
Looking for recommendations on agents or lenders in the area that can help get me started.
Thanks!
Hey Abraham! I’m an agent/investor in St. Augustine and would love to help you! I own multiple STRs here and can help you navigate the patchwork of local regulations and towards an investment that meets your goals. I’ll send you a DM to coordinate a call.
Post: Looking for advice/input on purchasing first STR in St. Augustine, FL. Thanks!
- Realtor
- St. Augustine, FL
- Posts 180
- Votes 100
Quote from @Cory Churchill:
Good morning BP! My wife and I are getting started in STR investing. She is most comfortable with investing in an area like St. Augustine for our first property. It is an area we frequently visit, so it would be easy for us to check on our property when in town and we like the idea of investing "in our backyard" for our first property before branching out into different markets. Any thoughts/input on your experience investing in this area would be greatly appreciated. Thank you for your time! - CC
Hey Cory! I'm a local St. Augustine STR investor and would be happy to share my experience. Do you have any specific questions? Feel free to DM me.
Post: MultiFamily In St Augustine
- Realtor
- St. Augustine, FL
- Posts 180
- Votes 100
Quote from @Isaiah Cortez:
Hey BP community!
New investor here. I'm diving into the multi-family real estate game in Florida and could use some guidance.
I'm looking to make strategic investments in multi-family homes in Florida, particularly in St. Augustine or Vero Beach. My ideal property would be in the range of $500,000, offering 3-4 units to maximize the investment potential. Any tips on the current market and what to watch out for in these areas?
If any of you have experiences or insights into these regions, I'd love to hear your thoughts.
Please drop a comment below or connect with me. Excited to learn from your experiences!
Hey Isaiah!
Welcome to BP and thanks for the post. I'm an investor in the St. Augustine area and concentrate on small multifamily properties. I'll send you a DM to connect. Happy to help in any way that I can.
Chris
Post: Grand Rapids and potentially other areas
- Realtor
- St. Augustine, FL
- Posts 180
- Votes 100
Quote from @Brandon Gall:
Good Morning BP community!
My name is Brandon. I am an overseas contractor for the DOD who has lived on a sailboat for the past 5 years while not overseas. I began investing in 2019 with a single family. I now own two duplexes in addition to my single family. This little bit of extra income along with our savings allowed us to take a two-year sabbatical and sail the Caribbean. Not the best financial investment, but a huge emotional investment. Now that I am back to work for a bit, I would love to pick up a few more investment properties. My wife and I are also closing on our first primary residence today in St. Augustine Florida.
I'm looking forward to connecting with other investors, especially in the Grand Rapids or Florida area. BP has been a huge driving force in continuing to stay motivated. Hundreds of miles offshore, in the middle of the Bermuda Triangle, sailing to a tiny island, BP was there keeping me fired up about the future after our sailing adventure.
To a great 2024!
Kindest Regards,
-Brandon
Welcome to BP and St. Augustine, Brandon!