All Forum Posts by: Erick Harbert

If you're considering a 1031 exchange to purchase a vacation rental property outside of Tampa or Orlando, it's important to do your research to ensure a successful investment. Here are some of the key factors to consider when buying a vacation rental property in this area and how to manage it remotely.

1. Location is Key When investing in a vacation rental property, location is key. To maximize your rental income potential, it's important to choose a location that is popular with vacationers and has a high demand for short-term rentals. While being close to Tampa or Orlando can be an advantage, it's not necessarily a requirement. Do your research and consider factors such as proximity to beaches, theme parks, and other attractions that draw vacationers to the area.

2. Call around when considering which Property Management Company (call them and ask what is renting best and why) If you're investing in a vacation rental property from out of state, it can be challenging to manage the property yourself. Consider working with a reputable property management company that can handle everything from advertising and booking to cleaning and maintenance. Look for a company with experience managing vacation rental properties in the area and a solid reputation for providing high-quality service (you probably already do this but many do not understand the difference if you are currently managing yourself.)

3. Determine Management Fees When working with a property management company, it's important to understand the fees associated with their services. Typical fees for managing a vacation rental property can range from 15% to 30% of rental revenue, depending on the level of service provided. Make sure you understand the fee structure and factor it into your investment calculations to ensure a positive return on your investment.

4. Understand Vacation Rental Regulations Before investing in a vacation rental property outside of Tampa or Orlando, it's important to understand the local regulations governing short-term rentals. Many municipalities have specific rules and regulations for vacation rental properties, including requirements for permits, inspections, and taxes. Make sure you understand and comply with all applicable regulations to avoid costly fines and penalties.

5. Hire a Real Estate Agent Finally, consider hiring a local real estate agent who specializes in vacation rental properties to help you navigate the market and find the right property for your investment goals. Look for an agent with experience in the area and a solid understanding of vacation rental market trends and demand. You can often find houses that will rent like hotcakes when you never expected them to. Since they are buyers agents you don't pay their commission. Well worth working with the local top producer in the field. 

Really can be a great way to generate passive income and build wealth over time. By focusing on location, working with a property management company, understanding fees and regulations, and hiring a local real estate agent, you can make a successful investment and enjoy the benefits of owning a vacation rental property.

@Tom Kudele I'm a realtor up here and we own a few rentals. For evictions we use nationwide. Super easy. The other stuff we have a few lawyers that specialize depending in what you need. Shoot me a message direct if you don't have one yet.

@Cameron Dye

So many posts not sure if this was covered. If you are going to college I would highly look into house hacking. Renting a place of your own can be expensive and you can make money or get an amazing rental using house hacking and having your friends pay the rent. This usually makes sense for your parents as well as the cost of rent is much more expensive than if they get you your first rental or help you with your first rental.

Obviously, there are a ton of mazing books on BiggerPockets to read and learn the ins-and-outs. I think one of the good books starting out is by Mitch Stephens and my life and 1000 houses. He really watch through a lot of the small intricacies of starting in the business. Also, if you're looking to build great work habits to really streamlined what you're doing I would recommend the miracle morning, the 4-Hour Work week, and essentialism.

@Dwayne Burksgreen If you need any help getting to those owners let us know. We have in house skiptracing. 

@Dwayne Burksgreen, don't get me wrong when I say this cause I love BP, stop reading and get out and do something! Knock on doors, contact neighbors, go after deals. BP will also be one of the best resources to help you through the deal when issues pop up, but the real point to this and all the info is getting and doing deals! GO DO DEALS and all will fall into place. 

I would love to work with you and have you start doing if interested let me know. 

Thanks @Joel Owens I am working on that now. 

. I’m hoping you can help me or lead me in the right direction to get started. My partner Kyle Lackey and I own EPRA Holdings, H L Homes, and we are partial owners of many other joint ventures for real estate portfolio growth in Texas.

We are looking for a great relationship with companies, funds, REITs, life insurance companies etc. to help with our continuing growth and capital needs. We would like to start the conversations with both traditional or non-traditional lenders to stabilize our real estate portfolio growth. We need approximately 2mm-5mm annually to refinance our projects/portfolios of single family, multifamily, and commercial property in the greater Houston area.

What we are looking for:

-80% LTV on refinance w/ cash out if needed

-5-6% Interest rate

-15-30 year fixed no balloon

-Ability to do Multifamily and single family

@Account Closed Thanks for the different perspectives. 

@Chris Dieterich This will depend a lot on how you are finding your deal. If you are buying off MLS or from wholesalers plan on 25% or so. If looking in the best rental price range around 100k you can plan on 15-25k on average.

We go direct to seller and try to buy them at a discount. That really helps the out of pocket.

If you would like help with it we also partner with clients to take down rentals.

Message me and let me know how much cash you have to deploy and what returns you are wanting to get and I can really lead you down the right path from there.