All Forum Posts by: Kaynea Bingham

Hi BP Community, 

@Christina Yun,

@Mario Mormile I pulled the trigger in Orlando, FL last year. I Airbnb two units and I LOVE it. I am currently searching for additional units in Kissimmee, FL as Osceola county has many communities that allow STR. I choose a property that was already zoned commercial and STR. For me, as a Realtor, I have an immense respect for the role that HOA's play in most communities; with that being said, I tried to pick a property where residents wouldn't be triggered by STR activity. I am finding that even some of the resorts are restricting Airbnb activity, as they are losing business to owners who are self managing their units instead of going with onsite management companies. Its a tricky game out there, but I haven't had any trouble finding properties available that are legal and profitable. Like anything else, the numbers have to make sense, and Owners have to be willing to do the work so that their STR will be profitable.

I have two Short Term Rentals in Orlando, FL. I stumbled upon AirBnB'ing while finding properties for another Investor. I ended up purchasing 2 for myself and I LOVE IT! I would have to agree with @Alanna Schroeder, I think that to be successful, you must be hands on, even with a great team. I don't consider STR passive, hands off renting. I get excellent results, with a 98% occupancy rate, but I also put the time in to get high returns. And for me, I love real estate and hosting people, so it definitely doesn't feel like work for me.

@Steve Dye  Here are some pictures of my unit.

@Steve Dye Yes, both of my STR are in the heart of Orlando. I made the tough decision of buying a less than desirable property in a up and coming area of one our tourist districts. There is construction going on everywhere in Orlando. The economy is doing well. My condo is close to Universal studio. It is a Condo and was previous zoned short term rental, which was perfect for AirBnB. I completely renovated my unit to make the unit attractive to vacationers. It was my thought process, that as the area continues to improve, my property value will do well also, while I make money. And because I am a flipper, in the future if the market changes or I don't want to AirBnB anymore, I will be able to sell a completely renovated, updated unit.

Single Family Homes do well as Airbnb's, so long as you don't have a high mortgage and aren't in a STR restricted community. in addition, here in Central Florida, there are ton's of STR communities in the area that all have private pools and amenities that appeal to vacationers. Pool or pool access is almost a must to tourists her in Orlando, as people want a tan and to enjoy the warm weather. The complex my condo is located in has 3 pools, with one of the pools being indoor.

@Lear R., I have two AirBnB's in Florida and I LOVE IT!  The returns are outstanding.  I am looking to expand here in Florida and had a few questions. Your property in Arizona, after checking out your listing, it looks like an apartment or condo.  Like @Stanley Bronstein said, many communities have VERY strict rules about AirBnB's or STR. Are you able to use an apartment or condo or townhouse to AirBnB? I am a numbers girl and Apartments and condos provide amenities that bring value to my customers. In addition, I am also looking for additional niche' here in Orlando that produce great returns on investments. Who are you marketing to in Arizona? And lastly, do you manage the property remotely? Thanks in advance for any information.

@Sean Gallagher, How did you make out with finding a STR/AirBnB to invest in? I know you were doing some research. I decided to pull the trigger and was looking for additional information and experiences about how people are doing in the Orlando market.

Thanks @Rachel H..  I appreciate the information.  I will give it a try.  

Hi BiggerPockets Family:

I currently do Fix and Flips and have had great success with this niche in the Central Florida market.  However, I am looking to acquire some rental properties and just haven't been able to find the right multiplex in the Orlando/Central Florida market.  Ultimately, I wanted to build some smaller multiplex' but making the numbers work on new construction can be quite a challenge.  I have been doing research on NEW manufactured homes that I can put on vacant land for profit.  I like the cost involved in acquiring the buildings and land outside the city limits here in Orlando, and it is an affordable option for development.  Has anyone had any success with starting NEW manufactured home projects and are seeing great returns on their money?  Any information that you have would be greatly appreciate.

Ciao,

Kay

Hi There:

I have a client that has contacted me to review options on getting rid of their home which was in the foreclosure process.  

I originally sold them the property back in 2006 in the midst of the real estate boom.  They are upside down on their mortgage and haven't paid on the mortgage in many years.  They would like to unload the property as it is in disarray and has become a burden hanging over their heads.  (Side note, the property is in a great community, and definitely will go for top dollar in its best condition.) They were in foreclosure, but filed bankruptcy to halt the sale of the house and explore their options.  They don't want to keep the house, but they don't want a foreclosure on thier credit and they fear the bank coming after them for additional damages. 

They are willing to short sale me the house, but I have no experience with a short sailing a house while in bankruptcy.  If my experience serves me correct, we have to settle the bankruptcy before we can sell the house?  Right?   The client has confessed to me that the only reason they filed bankruptcy was to save the house; but honestly, they don't want to keep the house.  

I would like to know what the procedures would be to acquire the house through a short sale?  The client is willing to withdraw the bankruptcy if they can expedite a short sale.  And does anyone know of a title company in Orlando, FL that has experience with a complicated short sale?  I have called a few and no one was really willing to take on the case.  Lastly, the bank bringing the foreclosure is Bank of America, my past experience with them, is that they can be  tough to deal with.   Any information that you Guy's can provide would be greatly appreciated and very helpful.  

Kind Regards,

Kay

Welcome to Bigger Pockets @Sharita S.!  Bigger Pockets have so many resources that you will find useful.  I recommend you check out the free podcast.  They are great tools, with examples of other people like you investing in real estate and making great income.  Let me us know what goals you want to reach in building your real estate portfolio.  

Kay