All Forum Posts by: Dawn McComish

@jeffehman       There has not been any such thing regarding 2nd row becoming first row here in the keys.  No ocean front homes have fallen into the ocean or been overcome with water. Yes.  Sea level is rising.  So low level area tend to get some water when the tide is really high.  

The bigger issue you have is that you are seeking a str in the keys.  Monroe county only allows 28 day minimum rentals with the exception of 2 incorporated cities that allow weekly rentals.  So if you are wanting a str investment in the keys - your only option is key colony beach 🏖️ or marathon. 

@Frank Rodriguez the keys are interesting for investing. I'm a realtor here and you can count on the value of the property increasing - but we do not allow strs in most of the county - so the places that do allow it are much higher priced which lowers the ROI.

@Jimmy Bell

You are correct, hotels complaining and lack of housing for anyone who lives here, is prompting a change.  There will be a wokshop the end of this month and it will probably be voted in September.  It looks like they wioll change the law to allow 6 months or more.  Only people with a rental license that was current in May can continue monthly.  It may change, but that is the current status,

@Jimmy Bell I am a realtor here in key west. The number one thing that most people are unaware of is that short term rentals are rare here in key west. You need a special transient license that must come with the property. There are none left so you cannot go buy one. A property with a transient license is even more expensive than a regular home. All other properties in key west can be rented for a minimum of 30 days ( you can only rent them monthly ). The only areas that allow short term rental ( weekly ) are Marathon and Key colony beach. There are some really nice properties - but at current prices- ROI is not easy to realize.

@Frank Rodriguez- I'm a realtor here in the keys and I work with investors. My question would be - are you using the 120 as a down payment ? If so - are you able to get a mortgage ? How much down are they requiring ? With 120k you could not buy anything outright and if you have to put 20% down - you are looking at a place under 500k and there is nothing here for that amount. There are some good investments for around 1 million that have a nice ROI. There are very few places that actually allow str - contrary to what most people think. Happy to give you the specifics.

@Bruce Woodruff- I wish that were the case.  These people here do not keep records for their "investments".  They don't view the properties that way.  That's the problem I'm running into.  The owners can get a rental hisotry, but don't have their expesnses etc.  Once in a while I find someone who does, but most of these STRs here in the Keys are just loosely run.  It  makes it hard to be able to show the buyer the value.

I am seeking feedback here.  In the Florida Keys, we have only a 2 cities that allow 7 day rentals, the rest are monthly, with a few scattered condotels.  There are a lot of places, 7 and 30 day rentals that actually make money, but people do not keep records and are unable to provide actual numbers.  I am usually able to obtain a gross total and sometimes actually have it substanitated by rental history, but that is the best I get in most cases.  These properties still have a good rate of return though. What's the best way to go about presenting these to investors without hard numbers and PnL?

@Jon Fletcher  I think that is what the title company is doing.  I feel like they need to be more transparent about this.  Thanks for explaining.