All Forum Posts by: Chris Mury

First off those of you that sent @Matthew Turner the Florida P&S contract, it is for use by Florida "REALTOR"s only. You could be in violation of FR terms of use. Many brokerages brand the header or footer which is approved if you are acting as a Transaction broker or single agent for your customer. If the version you sent is branded you also could putting your brokerage at risk. Just an FYI!

@Bob Stevens

You are "Consultant" from Ohio living on a FL beach and commenting about Miami and Naples.  Those places are nothing like St Augustine and St Auggy market is in one the hottest and desirable counties in the country.  There are deals to be found In that market.  When I moved her from Washington DC area FL was cheap.  Is Fl Cheap compared to Ohio, of course not, but I do not see people moving to Ohio at record rates.  Have prices rose, sure they have and more than most place around the country.  But I would still rather live here than back in Washington DC

Give the kid the benefit of the doubt.

Hey everyone, I’m doing my first deal, and I have an amazing opportunity for purchasing a home located in Saint Augustine, Florida. Is there a contract that anyone would recommend is the best to use?

Hi Chris, Thanks! It is West Augustine. Just south of King. 

Investment Info:

Small multi-family (2-4 units) fix & flip investment.

Purchase price: $230,000
Cash invested: $150,000

Historic bungalow on .5 acre with detached tiny house. Both rented at the time of purchase.

What made you interested in investing in this type of deal?

Area is in transition. 2 homes on property that can be rented either long term or short term was appealing. Opportunity to build equity in neighborhood and renovate to my taste.

How did you find this deal and how did you negotiate it?

Cash only purchase. Home would not have qualified for any financing. Found on MLS.

How did you finance this deal?

Cash

How did you add value to the deal?

Hoarder rehab. Complete gut renovation on 80 year old bungalow. Renovation to tiny house (ADU on property). Cleaned half an acre of debris from property.

What was the outcome?

Tiny house currently a STR earning.
Living in main house while I continue with landscaping upgrades and exterior repairs. Will ultimately sell for next deal.

Lessons learned? Challenges?

Several vendors overcharged me, bad quality. Figured out who does the level of work and detail that I'm looking for.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a real estate agent that works with investors. I have many renovation, plumbing, electrical and landscaping vendors that I can recommend and refer.

I bought my first STR last year in New Hampshire with the strategy of purchasing homes that I can occasionally use in locales that I like to visit with my family.

I want to purchase a something near the coast in Carolinas, Georgia, or Florida in the $500k max range that is can be managed fully remotely and I can visit once or twice per year. I really don't have the ability to provide "boots on the ground" but just want the property to sustain itself through STR.

We love Charleston and I have family in Vero Beach, FL but I'm willing to look elsewhere if the numbers are better. If anyone has suggestions on location, team, etc., I'm all ears. 

I would have 25% down and mostly likely use conventional financing. 

I realize this is a pretty vague request but honestly I have rarely been to a beach community down south that I didn't like so I'm open to getting off the beaten path if it's better economics. In reality this is 20% consumption 80% investment so I need to like the place/area. 

@Laura Greaney

Call the planning department of either St. Augustine or the county it's in and ask for a planner of the day or an on-call planner. Ask them the mood of the city about the current rules. Also, see if there's a realtor in that area that specializes in short-term rental laws or Airbnb ordinances. We do this a lot in Colorado (Denver and Colorado Springs), and we have a decent sense from talking to the planning departments which cities are keeping the status quo and which ones lean toward changing their STR laws.

I will say, if St. Augustine currently has an Airbnb licensure program, and you get a license, you are likely going to be okay even in the event that they change their rules later. 

For instance, here in Colorado there is a history of cities grandfathering in existing licensed vacation rentals when the laws change. (It happened in Littletonn, as well as in Colorado Springs, and is happening right now in Steamboat Springs.) It's a pretty common thing for governments to grant what they call a non-conforming use -- meaning, while it doesn't conform to current rules, it was allowed at a previous time and will continue to be allowed for that property.

Good luck!