All Forum Posts by: John Dersoe

Feedback appreciated, because I must be waaay out of the loop. An investor/inspector that I used in Tampa took some time to speak to me regarding rental opportunities in Tampa/Clearwater/St. Pete etc. He claims he gets the best bang for his buck on bungalow type homes and mobile homes as short term "beach" tourist rentals, and they are easy to obtain, maintain and cheap. I heard him out, but still, at the end of the conversation I have doubts. I was under the impression that single family type, 2-3br, updated homes are my best bet.. like I have in NY. Now, I get it if it was a bungalow 1br.. but, mobile homes?! Who's buying and renting these things out? Is it even allowed? What do you guys think?

I'm selling in NY. 2fam, I lived in one unit and rented the other. My acct says when I bought the house for 560k 14 years ago, and sell it for 825k, it will be split into two sales.. and on the investment unit is what I will have to keep some money aside for the eventual capital gains tax when I file next year. Is there a way to lessen the amount? I've been reading that if you have made improvements over the ownership of the house, that you will lower your tax burden significantly. I must have put 100k into this house since owning it... any ballpark numbers as to what I should set aside to pay my taxes so I don't get hit with a big surprise?

I'm moving to Tampa and considering keeping my 2 fam in NY as a rental property, and possibly purchasing another rental in the Tampa area. Would you form an LLC for each of the rentals and why?

A little bit of research and some sound advice goes a long way. Thanks a lot. I think there's a plan in the works for some investment properties with a realtor that's on the same page.

When you "say short term rental".. AirBnB? My initial thought was that stable tenants would be the best scenario. How does short term rental make that much more money? My house in NY has had the same tenants for over 6 years. Until I sell or move to Tampa in a couple of months, I personally do all the outside maintenance.. seal the driveway, paint, shovel snow, cut grass, etc. As for the type of property.. I only thought of the condo/townhouse because it would be less headaches than a single family since the mgmt co would maintain the community and outside of the property. 

These forums have been a Godsend.

I am in the process of moving to the Tampa area from NY. After the move and some liquidation of assets, I'll likely have 50-75k to invest. My RE agent insists that I should only look at a 3+BR townhouse type property, less than 20yo and in the surrounding areas of Tampa.. (Wesley Chapel, Brandon, etc)

I get the fact that with a townhouse/condo, there is little property mgmt involved and it's an easy intro to start out as a landlord down there. But, why only push the 3+br? Do 1 and 2BR properties not rent as well or have higher vacancy?

Thanks everyone for the input.. I've been back and forth between NY and fla.. now that I'm back, I broke the news to my tenants at they basically had heart attacks. They've been with me for 7 years no problems.. never raised the rent. They even offered to take care of the house and pay an increase up to market rates. Now I'm kinda leaning towards keeping the property.. of course the RE agent is trying to talk me out of it.. but we'll see.. It would be easy if I didn't have a relationship with the tenants, living above me for 7 years. 

If you guys had 300k to invest, would you put 80-100k down on 3 properties each making 500-800 after the mtg and expenses OR on one solid 250-280k property with no mortgage and make +/-2000 after expenses? 

Does mortgage interest benefit you in some way or is it better to own outright?  Thanks again.

I'm leaning that way.. so many "expert" friends of mine have said I was crazy to sell because of capital gains tax and the place would have cash flow.. but they don't have to worry about the phone call in february that the heat is out on the 40 year old boiler. Doesn't seem worth it.