All Forum Posts by: John Landskroener
John Landskroener has started 7 posts and replied 59 times.
Post: New Property Mangement Products
- Orlando
- Posts 61
- Votes 13
We are looking at adding some new products to our traditional property management model. Our current model is a flat 10% month fee plus first months rent. We're looking at the possibility of adding a 0% option.. An owner would pay us the first months rent and we would do all of the paperwork, finding a tenant, vetting the tenant, marketing the property etc. The owner would then be responsible for providing us with pictures of the property for marketing and would do their own management, accounting, maintenance, evictions, etc. afterwards. We would offer a preferred vendor list and other helpful tools to the owner we just would not manage the property after finding a tenant. Is this something that would interest people or maybe a first time investor to help them get their feet wet.
Post: Property Management companies
- Orlando
- Posts 61
- Votes 13
Quote from @Andrew Steffens:
Any place in FL with strong demand.
However, as a PM company here, I would advise you to make sure this is something you want to do. It is a tough (but often rewarding business). With the popularity of STR over the past few years, there are a ton of startups. I would ask you to ask yourself what you can offer other people are not, what pain you are solving, etc. If you are trying to cash in on the gold rush, it is probably a bit too late, and you will competing with larger companies with a lot more resources than you.
Not to be a pessimist, but I think these items are critical if you want to be successful.
Post: Are these property management fees standard? Central FL
- Orlando
- Posts 61
- Votes 13
most companies not charging 10%, in my experiences, are making it up elsewhere. It all costs us the same to do business. The owner benefit package is BS but pretty much everyone does it because it makes so much money every year. However you can't go after it if the owner doesn't pay in the way you can go after rent in court. $75 is pretty standard for the fees. We charge 10% plus the first months rent to the owner and then $75 application fee to our potential tenants. For 7% make sure they're doing everything for you and have a 24 hour person on call.
Post: Property Management companies
- Orlando
- Posts 61
- Votes 13
Quote from @David Dey:
Quote from @Mia Budz:
if it is STR then you should review through one of the services that tell you where the most demand is. (Airdna etc..)
if you are looking for standard, contact the housing dept for the areas you are considering and see what the demand is.
You will also be able to build up relationships for future referrals. (And yes, they are not allowed to give referrals but… you get my point)
Post: New Investor Looking to Get Started in Orlando, FL Market
- Orlando
- Posts 61
- Votes 13
Quote from @Adrian Lammersdorf-Scioll:
Quote from @John Landskroener:
Quote from @Adrian Lammersdorf-Scioll:
Hi Graham,
I'm an investor/realtor that owns both single family, and small multifamily in the Orlando area. I actively work only with investors, and also do off market deal finding myself, and through many wholesalers I know. I have connections to any contracting work you need for cheaper than what most charge if you need as well (I have worked with them personally on my own properties). If you're interested in connecting please reach out 561-305-2404. Even if I can't help you I'm more than happy to share my contacts.
Good luck out there,
Adrian
Just curious do you self manage or do you use a company?
Self manage. Why do you ask, if you don't mind me asking?
I’m a business development manager at a property management company and I’m interested in seeing what people like about their property management companies, if they use them, why they don’t use them, and ways we can improve ours.
Post: Long Term Rental Investment
- Orlando
- Posts 61
- Votes 13
Quote from @Alexander Mir:
Quote from @John Landskroener:
Short term rental is always a larger gamble with more headaches than a long term rental. There are more moving parts between cleanings, reviews, keeping inventory of a furnished place, bookings, new people every few days, people not understanding the difference between an airbnb and hotel etc. Long term rentals are a for sure thing however you get a bad tenant and you are stuck them for an extended period of time. You are going to get paid every month and not going to have to worry if your place will be booked or not. Property management companies are valuable especially if you are living farther away because they deal with the headaches in any rental. They can help get you a high quality tenant for the most money possible.
I definitely do not want to deal with the hassle of STR. First of all the market was inflated during COVID when everyone wanted to be in their own space. But now that that madness has mostly ended, I believe most families perfer all the amenities of a nice resort. I think STRs will continue to struggle as we move away from the pandemic. Also the constant in and out of different families probably wears the property much faster than usual, there is much more liability with constantly changing tenants, and many locals governments are creating ordinances against them. I definitely want to stick to LTRs. About property management I hope to purchase a new or fairly new property and find a good local handyman for small repairs and hopefully some good contractors for any other specific repairs that arise.
here in Florida many of the communities with STR rival and exceed hotels in terms of on sit amenities, water parks, etc.
Post: Long Term Rental Investment
- Orlando
- Posts 61
- Votes 13
Quote from @Alexander Mir:
Quote from @Melissa Nash:
What is the returns for profits in these areas? did you run the LTR cost with rents? You are probably upside down in Kissimmee for LTR. I always run my STRs with LTR rents also, as my back up plan if cities change permits or cause me to switch to LTR
There are some areas that still have new homes for low $300s I figure with a good down payment I can get a bit of cash flow, I know I won’t get rich overnight but when rates go down I can refinance and hopefully in the future I will be in the position to buy some distressed properties and repair them, maximizing future income.
it will be difficult to turn a profit unless you're renting short term because the home prices are in the 300+ but the rental rates are in the upper $1,000's- low $2000.
Post: New Investor Looking to Get Started in Orlando, FL Market
- Orlando
- Posts 61
- Votes 13
Quote from @Adrian Lammersdorf-Scioll:
Hi Graham,
I'm an investor/realtor that owns both single family, and small multifamily in the Orlando area. I actively work only with investors, and also do off market deal finding myself, and through many wholesalers I know. I have connections to any contracting work you need for cheaper than what most charge if you need as well (I have worked with them personally on my own properties). If you're interested in connecting please reach out 561-305-2404. Even if I can't help you I'm more than happy to share my contacts.
Good luck out there,
Adrian
Just curious do you self manage or do you use a company?
Post: Long Term Rental Investment
- Orlando
- Posts 61
- Votes 13
Quote from @Chris Rich:
Quote from @Alexander Mir:
Hello Bigger Pockets Community,
I was interested in investing in a long term rental property in the near future, but live in Miami Fl. Where the property values are way too high to invest in. I was looking at the Davenport and Kissimmee areas where you can still buy a brand new house in the low $300k's. I would prefer a brand new or newer home as I would be managing it from Miami and rather not use a management company. I was wondering how the market was for long term rentals in those areas. I see a ton of people talking about STR but nothing about LTR.
Is there good demand for LTRs in these areas?
I noticed Amazon has 5 facilities in Davenport this should help provide renters with pretty solid employment. Any thoughts?
Should I be concerned about all the failed STRs turning to LTRs and flooding the market along with all the new construction?
I am a bit concerned about the quality of the schools in the area as I know that affects families staying long term in an area.
Thank you in advance!
Alex
Hey Alex,
Yes, there are a lot of both STR and LTR in the Kissimmee / Davenport area, but that doesn't mean necessarily mean it's not a good area to invest. The key is finding the areas / neighborhoods with strong rental rates that are not saturated with too many LTRs. I would not be too concerned about the STRs because from what I am seeing with the STR owners transitioning to LTR, most of them want to rent it furnished as a LTR and charge more than market rent. The bigger concern is the saturation of existing LTR rentals.
If you are looking at any specific properties and want me to do a rental analysis, feel free to DM me.
Post: Long Term Rental Investment
- Orlando
- Posts 61
- Votes 13
Quote from @Chris Rich:
Quote from @Alexander Mir:
Hello Bigger Pockets Community,
I was interested in investing in a long term rental property in the near future, but live in Miami Fl. Where the property values are way too high to invest in. I was looking at the Davenport and Kissimmee areas where you can still buy a brand new house in the low $300k's. I would prefer a brand new or newer home as I would be managing it from Miami and rather not use a management company. I was wondering how the market was for long term rentals in those areas. I see a ton of people talking about STR but nothing about LTR.
Is there good demand for LTRs in these areas?
I noticed Amazon has 5 facilities in Davenport this should help provide renters with pretty solid employment. Any thoughts?
Should I be concerned about all the failed STRs turning to LTRs and flooding the market along with all the new construction?
I am a bit concerned about the quality of the schools in the area as I know that affects families staying long term in an area.
Thank you in advance!
Alex
Hey Alex,
Yes, there are a lot of both STR and LTR in the Kissimmee / Davenport area, but that doesn't mean necessarily mean it's not a good area to invest. The key is finding the areas / neighborhoods with strong rental rates that are not saturated with too many LTRs. I would not be too concerned about the STRs because from what I am seeing with the STR owners transitioning to LTR, most of them want to rent it furnished as a LTR and charge more than market rent. The bigger concern is the saturation of existing LTR rentals.
If you are looking at any specific properties and want me to do a rental analysis, feel free to DM me.