All Forum Posts by: Jill Haselman

Get a better Agent who is your advocate and on the ball.  And make an offer with a letter to the seller, pre-approval letter and put a hard deadline on your offer (like 24 hours).  If you know the market well and what the appraised value will be (look on the Country Appraiser's site for recent solds or even Realtor.com), then offer $10K over ask with the 24 hour limit.

Lessons learned (and still learning after a couple decades)...#1:  Keep Learning, #2:  Surround yourself with like-minded people and resources, #3:  Build a "team" based on data, trust, and relationships (Lenders, Architects, GC's, etc.).  #4:  Use Other People's Money (OPM).

@Nick Liddell Gulf Stream is essentially Delray Beach, just not walkable by a stroll, but certainly within Uber or Golf Cart distance and that is a great neighborhood!  I don't know much about Hollyweird, but I've stayed at Margaritaville a few times for a staycation night and strolled the boardwalk, etc.  I love the geography and there is MUCH building, so not sure what it will be as it gentrifies.

@Nick Liddell We seem to have much in common in terms of investing; I hope my two cents can be of help.  I live and invest in SoFL (East Coast) in Delray Beach, having come from Boston where I also owned rental property (Martha's Vineyard and Killington, VT).  I currently own 7 units (3 properites) in Delray Beach and I am always searching for deals.  In terms of finding FL deals on the East Coast (I can't speak for the West Coast):

• The next "hot" market, unequivocally, is the Space Coast (Brevard County). Click here for an article I just Googled quickly. Waterfront, canal front (boat docks) property, walk to beach and/or especially walk to nightlife/fun is absolutely KEY to STR income. I'm no expert on Brevard, but I'm in research mode. This market has multiple upsides for investors: increase in population due to SpaceX, military bases, beaches, multiple popular beach towns (Melbourne, Cocoa Beach, etc.), proximity to Orlando/Disney, multiple airports, and geographic placement being in northern FL gets an influx of vacationers from across the border in Georgia. And, in your price range, for >$1M, you can get massive bang for your buck compared to SoFL. Oceanfront property (doing a quickie search) can be found under $3M whereas in SoFL it STARTS at $10M.

• In terms of newbie AirBnB owners or post-pandemic fallout that render deals, although anything is possible, I wouldn't set my sights on that as a huge opportunity in the SoFL market.  In fact, my experience is the exact opposite.  Typically summer is the low season in SoFL, but because of the pandemic and people being quarantined for so long, my listings are being bombarded with inquiries; people want to travel and vacation and they're willing to pay for it!

• Market-wise (again, East coast intel only), I would steer clear of Miami (high prices and overbuilt condos), and walk carefully regarding Fort Lauderdale unless you could find a waterfront DEAL (good luck). However, there are endless "small towns" that are gaining BIG popularity in the STR markets but of course you have to do your homework and it depends on your strategy. Towns to look into include, but aren't limited to: Pompano Beach (huge I.T. complex going up which will attract young money needing rentals) and a great CRA. Hollywood is on the upswing but has a bit of a hippie/beach bum vibe still, Boynton Beach is definitely worth researching, as its CRA has plans to mimick Delray Beach's downtown. And, where I am in Delray Beach is widely publicized as the hot place to be and vacation in the small beach town market; I LOVE living and investing here, but the deals are basically gone and prices are high-- there is still upside, but you have to hunt daily and strike immediately.

I'm no expert, but I hope my comments can provide some color to your search!  Best of luck; you'll love it here.

~Jill

I have a different take on this question.  I own small "quadplex/duplex" vacation rentals in Delray Beach.  If I didn't have pools, I would have far less occupancy, as anyone wanting to vacation in FL expects a pool.  It is the first question I get from guests.... all about the pool. If I only rented on annual leases within a complex or even SF, I would agree with the previous comments.

Quick recommendation anyone? Need to insure a duplex in Delray Beach, purchasing under a LLC. Annual rentals. Old property (built in 1929).

Anyone have a positive experience purchasing used cabinets either from store displays or salvage groups who remove and sell cabinets, etc?

I just went through this with my Mom.  Until probate is complete (can take a year if the house is worth more than $10K, which of course it must be), the house and all/any debt still fall under your mom and not you (because you don't own it yet).  Be proactive on her behalf, of course, but don't incur debt as a precaution yet...  going through it now and my Mom passed last November.

Yes; it's properly zoned.  No changes since prior to purchase.

Thanks for the reply, @Jaysen Medhurst.  Appreciate the input very much.  Currently speaking with two lenders that might get this deal done!