All Forum Posts by: Josh Green
Josh Green has started 21 posts and replied 365 times.
Post: STR Rules, Regulations and loopholes in St Petersburg, FL
- Realtor
- Tampa/St Pete/Clearwater, FL
- Posts 389
- Votes 351
Quote from @Joe Noone:
I live in St Petersburg, FL and trying to understand the rules, regulations and loopholes with AirBnb properties. I heard that STR's are banned in St Petersburg but you can only have 2 reservations per year under 30 days and the rest have to be over 30 days which is considered MTR. However, I see hundreds of properties listed on Airbnb that do not follow the rules. I believe both St Pete and Pinellas county have their own rules for Airbnb but not sure of the differences. Trying to understand the risks and implications of running an Airbnb here and if there are any loopholes to the policies. Any feedback or discussion is appreciated!
See news for more on Marley: https://www.wtsp.com/article/news/local/pinellascounty/st-pe...
Feel free to DM if you have further questions. Happy to connect, happy to help.
Post: Unbelievable Florida security deposit claim lawsuit!!!
- Realtor
- Tampa/St Pete/Clearwater, FL
- Posts 389
- Votes 351
Quote from @Marc Brandon:
Nathan thanks for your response. The security deposit was $1,200, but here in Florida, attorney's fees and costs are recoverable to the prevailing party in cases concerning security deposits. (FL statute 83.49.) If the landlord is making a claim against the tenant's security deposit, he/she must send a written notice to the tenant's "last known address" within 30 days, via certified mail.
In this case, since the tenant did not pay her last month's and stopped communicating with me, I obtained an eviction judgment. The tenant did not challenge the eviction, but apparently hired an attorney who filed a few documents in the eviction case, but I never received any of these documents.
Later I learned that the attorney convinced the tenant to assign her rights to make a claim for the security deposit (presumably because she could not pay the attorney) to an LLC that the attorney created. As previously stated, I never received a copy of the notice regarding last known address change for security deposit. More than 1 year after obtaining the eviction judgment, the LLC sued me for not returning the security deposit and/or not sending the notice to impose a claim on security deposit to the LLC's address in another Florida county.
Though I sent the notice to the tenant's last known address, via certified mail, I cannot prove that the attorney never sent me the address change notice and therefore run the risk of losing the case at trial. If this happens, the attorney will probably seek thousands of dollars in attorney's fees and costs, far greater than the security deposit.
This is incredibly frustrating since this attorney filed many of these type of cases against landlords throughout Florida!!!
Who’s the attorney? We should find their Google business page and leave bad reviews 🤣
Post: 3 most valuable tips for owning an STR in and around Orlando.
- Realtor
- Tampa/St Pete/Clearwater, FL
- Posts 389
- Votes 351
Quote from @Ryan Marble:
Quote from @Alice Horn:
Quote from @Ryan Marble:
I'm just starting in the STR market in the Orlando and Tampa areas and was wondering what all of you experienced vacation rental investors would say are the 3 most important tips or advice to running a successful/profitable vacation rental in these areas? Thanks in advance!
Good morning @Ryan Marble!
Orlando and Tampa are very different markets, so here are my top 3 tips for Orlando. As property managers, we see up close on a daily basis which properties perform best and are the most popular with guests…as well as the ongoing challenges.
1. AS with any RE investment identify the top locations. Our tourists prefer gated communities with great amenities, not too far from Disney - Windsor Island, Solara, Windsor at Westside to name a few. Also remember to consider the positioning within the resort - does it have a lake or forest view? Near the clubhouse? Etc.
2. Great theming. Check Airbnb listings to see what’s booking - you’ll notice lavish game rooms, bunk beds with slides, murals, etc. Make sure the home has quality furniture and items that don’t fall apart in a few years. We can help you find the right decorator if needed.
3. 6-8 Bedroom house with pool and spa. Others may tell you to go larger, but we find the most consistent bookings for this size. A pool is a must, pools with spas book better.
Many will tell you Orlando is saturated, which it is. It is also the top tourist destination in the US, and it is a year-round market with fairly consistent performance year after year. If you have the right type of home, it will book well.
You say 6-8 bedroom house with a pool and spa? I wanted to start small with 3-4 bedroom condo? Is that a bad idea?
As an investment, the property size and scope of the project are definitely higher in Orlando. 6-8 bed homes with fully decked out outdoor amenities and interior design is a must. In the Tampa Bay Area, you still want to do a great interior design and have outdoor amenities such as a pool. Would not recommend HOA communities or condos/townhouses. You can do well here with a purchase price in the $500k+ range and a furnishing budget of no less than $35k is my recommendation for a DIYer. Anyone that tells you differently, you're probably going to end up disappointed in your ROI
Post: Karlton Dennis Short Term Rental Strategy
- Realtor
- Tampa/St Pete/Clearwater, FL
- Posts 389
- Votes 351
Quote from @Jessica Phillips:
Hi everyone!
I'm looking to buy my first rental property this year or next in Florida and I recently attended a workshop on how to save on taxes using short term rental properties by a tax strategist named Karlton Dennis. He talks about how you can purchase a rental property, manage it as a short term rental during the year you acquire it, do a cost segregation study, use those "losses" to significantly reduce your taxable income that year, and then turn the property into a long term rental in the following year.
He says he can help set up the required LLCs and even find the properties for you. It sounds great but I'd love to know, has anyone actually successfully used this strategy and/or used his services? If so, is it worth it for the tax savings or is it better to just focus on investing in a long term rental property right from the beginning?
This will be my first investment property and I am hesitant to just hand $30k+ to someone and trust it'll all work out. I know lots of new investors can get taken advantage of like that and I'd love to avoid that.
Thanks so much! I greatly appreciate any guidance.
Post: Townhome rental or multi?
- Realtor
- Tampa/St Pete/Clearwater, FL
- Posts 389
- Votes 351
Quote from @Brianna Buscemi:
Hi guys. I’m a newbie, I’ve always dreamt of buying multi-family units & now I’m finally at a place where I have proof of income and make decent money.
upon further research, here in Florida it’s difficult to find any without major rehab work. That being said, I’ve found a townhome, new construction, with the interest rate incentives as low as 3.99 & 4.99 it a a great area. I plan on living there for a year and renting out after. I know it could rent and essentially pay for itself. But I guess my question is, is it worth letting go of the duplex dream for now and rent out single family unit? Or wait and scan the market for a multi family I can afford? TIA.
TLDR: be careful - make your investment decision based on your goals and what the market fundamentals are.
Post: Looking for recommendations on STR contractors in Clearwater
- Realtor
- Tampa/St Pete/Clearwater, FL
- Posts 389
- Votes 351
Quote from @Kanika Jain:
Hi
I am looking for good licensed contractors (not expensive ones) in Clearwater area to renovate the STR property. Any leads would be greatly appreciated.
Thanks.
Typically, my clients opt to use my white-glove service. I have a designer and project manager to help busy clients get from closed to a great finished product but those services obviously are limited to clients of mine so we can keep competitive timelines for them.
Post: Off-Market Duplex For Sale Located in St Petersburg FL
- Realtor
- Tampa/St Pete/Clearwater, FL
- Posts 389
- Votes 351
Got a Duplex for sale and will be listed within the next several days! This is your chance to scoop it up before it goes live!
2/1 units, ~700sqft each (up and down)
Located in South St Petersburg
Upstairs currently rented (lease ends next summer) $1475/mo
Shared Laundry in outdoor shed
Property is turnkey and rent ready. Very minor cosmetic value-add can be done to boost rents.
PRICE: $399k
*Seller financing potentially an option. This would be a 5 yr term, contract for deed, with a downpayment of at least 15%-20% and interest rate on a 30yr AM around 6% depending on the offer and buyer credit. No assumption of the underlying loan, this would be a true seller financing option so don't even ask (*cough*cough*pace morby minions*)
Post: Beach Short-Term Rental For Sale!
- Realtor
- Tampa/St Pete/Clearwater, FL
- Posts 389
- Votes 351
Looking for a 3bd/3bth condo with beach views to double as a vacation home and rental? Check out this property and reach out if you have any questions!
Some numbers:
This condo, while fully furnished and well-designed, could have small tweaks to boost revenue further!
The 2024 YTD Gross Revenue is ~$55k and 2023 Gross Revenue was $65k (owners made design adjustments and are seeing 2024 to be a higher income year so far).
The best months for PCB are May, June, and July and the performance so far in 2024 in these months are:
May : $6,750 , June: $11,200, July $13,080, August (only 7 nights booked at the time of this writing): $4XXX
For off-months, the MTR strategy is easy with snowbirds typically staying for 45-60+ nights.
In terms of monthly expenses:
HOA (water, internet, basic cable tv included) : $1078
Electric: $110-350
FL business tax 1%
Bay county tourist tax 5%
Feel free to DM me or @Ricardo Hidalgo for more details!
Post: Where to own STR that cash flows at current interest rates?
- Realtor
- Tampa/St Pete/Clearwater, FL
- Posts 389
- Votes 351
I personally am buying and helping clients buy in the Tampa Bay Area for a few reasons:
Here, you have a historically strong and consistent tourism presence, limited land/STR allowable areas, highly liquid property compared to selling a cabin in the woods, all 9 classes of visitors in the STR sector, and appreciation. Florida is projected to lead the country in net migration in the US and projects a 10% net increase by 2030 with Tampa leading that charge. The ratio of new jobs to new home starts is a staggering 2:1 making that growth sustainable. It's a jack of all trades here with little to no trade offs/cons when comparing apples to apples to other large STR markets.
The key to success here though comes in the knowledge and execution. Buying the right property type, location and price are half of the equation. The other half is: excellent finished product design and management at a reasonable cost.
As an investor and agent here, I have partnered up with top national designers that make the process turnkey for my clients and ensures them a top performing product. The difference in this portion of the execution can be $30k-$60k/yr more money in your pocket vs. that of our competition all other factors equal (such as the property size/location).
Next, to drive costs down, I co-host (only for clients) at 15% which is 5-15% less than the large PM firms. This again puts another $6-$20k in my clients’ pockets and getting a more personalized and boutique experience rather than being just another number.
Because I also own and buy actively, I also have the proven vendors that further save my clients money from insurance, landscaping, pest control, pool care, and handymen/hvac/plumbing/electrical.
With all that in mind, there's a few different categories of property you can buy that maximize their returns. CoC returns of 15-25% can be had here based on what skills and or effort you put into the project. I have clients that like to be 100% hands off and I have others that will fly in and do their furnishing/design themselves and even some that self-manage out of state.
Post: New Small Scale Investor Focusing on Small Multi-Family Properties!
- Realtor
- Tampa/St Pete/Clearwater, FL
- Posts 389
- Votes 351
Quote from @Benjamin Sol Ignacio:
I have a few rental properties just from moving around, but I want to jump into small multi-family properties! I am trying to run some numbers in a few areas but am having trouble finding the deal within my buy box!