All Forum Posts by: Fred Cannon

@Jason Perry. I know there are a lot of seasonal rentals in that area. I have rentals just north of there in Lee County and have no restrictions. Of course the HOA would have that in their by-laws if STR is not allowed. Beware in Florida any rental less that 6 months is taxable

@Stephan K. Yes rent plus tax on anything less than 6 months. You can research (google) paying taxes on short term rentals in Florida. Just make sure that is spelled out in the lease and when you advertise. I put, lease is x amount, state and local taxes are Y amount, Total due Is Z. If you don't spell it out like that then you pay taxes on the full amount you collect for rent.

@Fred Cannon I wanted to ask if that million plus is all cash or was their a mortgage payoff as well. That can really change the tax's due strategy and the amount of new investment you can afford.

@Arturo Pena Miranda depending on where you buy it will be easy to find a few properties in Florida that will meet those goals. Anywhere along the beaches a few blocks from the ocean you can find B-A neighborhoods where SFH's are selling for 3-400K. Meeting the 1 % rule these days is not that easy. I have one home 10 blocks from the Ocean that is Valued at $425k. Of course I have owned it for awhile My rental income on that property is $36k per year, but the house is appreciating at least 8% a year as well. ( for now ). So a lot of factors to consider. I think property in 2021 in certain areas will give much more appreciation than the normal 2-3%. Hey eventually the tax man is coming for us anyway. With the new Dems in control you might be better off taking the money and paying your taxes now.

@Johnny Alvarez. You need to verify with the tenant what they are paying in rent, what their deposit was, if they have pets and if they paid a pet deposit, if they paid first and last and deposit, etc, Do not trust the person you are buying the property from or your agent to give you correct information and don't trust the tenant without verifying with the seller. All of this needs verification prior to closing so you get proper credit for returnable deposits and non returnable fees such as pet deposit or cleaning fees. Buyer beware in any real estate transaction. Make sure you get a copy of the current lease as well. Good luck

@Paul Sandhu. Depends on who you market to. I have a couple of condos that have that restriction but I actually require a 60 day minimum and get more request that I can fulfill. There are lots of traveling professionals and in Clearwater a lot of snowbirds that should be looking for a furnished place for a few months. Google websites for traveling professionals, it's a growth market. Young professional Americans are becoming nomads and make great tenants. Good luck

@Sean Mooney I was 58 when I bought my first RE investment. That was 12 years ago. I still enjoy the being a landlord but now I have discovered the easiest way to be a landlord. One bedroom condo"s. Affordable and in demand. Very little maintenance. The only issue is turn over rate. Usually 1-2 years but over time you will get that permanent renter. I have turned a couple of my units into furnished short term for traveling professionals. Travel nurses are a great market. They make good income and are great tenants. For my business plan one bedroom condo's is the sweet spot.

@Jason Malabute have you thought about managing your properties. I have 8 and self manage. I do my own screening have a great handyman service, a great AC company, and a great lawn service company. My biggest expense is lawn care because it is on a weekly schedule. I get AC serviced 2 times a year and I furnish AC filters to the tenant. In my lease I require them to change the filter every 2 months and send a reminder. My handyman maintenance company and AC company has always given me great service usually same day or next day. It just a matter of building that relationship up. I get my rent thru Venmo or Zelle. I think you could give your tenants much better service than your PM is doing. Looks like they are taking all your cash flow. When you have a good system in place it is not difficult to manage and you would do a better job.

@Carmel Duffy I like to send a 60 day notice with a new agreement. Let them know that you will start advertising when 30 days are left on their lease if it is not renewed.

@James I use to think it's rental property why upgrade Now I think I want this to look as nice as possible because I want better tenants, more rental income, more write offs, more resale, etc. so many advantages to improving rental property. It takes a lot of showing to rent an outdated property and only a couple of showings to rent an updated one. When I show a vacate property I can honestly say " most likely this place will be under contract by the end of the day, "