All Forum Posts by: Chris Mury

Hey Tanisha!

Sending you a PM.

Chris

Good Morning Everyone!

I'll start by saying that I'm not a Jake & Gino student. However, in the past year I've gotten to know many of the J&G team including Gino himself. I've even gone through some of their coursework and found it to be thorough and effective. It's already made me a better investor and agent.

These guys are the genuine article. They have learned the business from the ground up and truly care about their students' success. They emphasize a family approach in their program and events and that comes through in the members I've met.

Good luck and I hope you decide to become a member.

-Chris

Hard to say, I don't follow that market closely.

Gotta agree with John here. I'm partial to St. Augustine and live/invest here. Great STR market!

Great question, Randy!

Regulations are driven by location and jurisdiction. In St. Augustine, we have properties located in the City of St. Augustine, City of St. Augustine Beach, and outside city limits. Properties in an HOA will be regulated by the HOA bylaws/C&R's.

City of St. Augustine- https://www.citystaug.com/830/...

City of St. Augustine Beach- https://www.staugbch.com/citym...

Outside city limits in St. Johns County- https://stjohnsclerk.com/minre...

I find the St. Johns County regulations to be the least restrictive overall with the City of St. Augustine being next best and St. Augustine Beach being the most restrictive. Happy to answer any follow up questions you might have.

Chris

If you like historical cities near the water, St. Augustine, FL would be a great choice. I'm a local STR investor here. We're a top STR market but are still somewhat under the radar here on BP for some reason.

Biggest mistake I see is lazy pricing strategies. Some owners set a weekday and weekend price and don't adjust whatsoever for holidays or slower times. You miss revenue on both ends by undercharging and being overpriced/losing bookings.

I've seen a slowdown in August and September compared to previous months both in occupancy and rates. Not much, but noticeable.

Like others have said, be wary of financing. Find out which bank has successfully executed a mortgage in that specific condotel recently and give them a call. Many condotel units often trade with seller financing so look into that option as well.

You might also find that you are not obligated to use the "on-site" management company. I sold a condotel unit recently and the on-site company wanted to charge my customer 50%. We found out that she had no contractual obligation to use them and she hired a local company for 15% year 1 and 20% for year 2 and beyond. Big savings.

Good luck!

Thanks, Nancy! Yes, Vic and I know each other. Feel free to give me a call buddy.