All Forum Posts by: Kenneth Garrett

@Jarod Rotolo

I have a STR in Miramar Beach and recently moved here from the Chicago area. I live about 10 minutes from Navarre Beach. Like any investment property analyze each option. I prefer to be within walking distance to the beach, but I've seen investors become successful with a short drive.

Good Luck.

@Reilly Barry

As others have said most STR's are single family homes typically, so CAP rates don't apply unless you have a building with 5 units or more. The things I look at is cash on cash return and cash flow (profit). For a STR, the CoC should be at least 20% in my mind. Profit is whatever your goal is. On an annual basis I would hope it's somewhere between 20K-30K. It crushes LTR. It's all relative, you need to decide what numbers work for you and what don't.

@Meredith Pacifico

An LLC does protect you from liability, but financing is at a higher interest rate and a higher down payment. If it's your first one you can do the same protection with the proper insurance.

@Daniel Domer

I just moved from the Chicago area to Florida. I ran my STR from Chicago for two years. Self managed everything as I do for my LTR. Having a good cleaning company and a reliable handyman is key and you are good to go. Just like any type of investment there are always challenges during your operation. What separates the good investors from the not so good is being a good problem solver. Feel free to reach out to me.

@Ryan Shekell

Forget all those 1%, 2% rules. It doesn't matter if your investment is profitable. Just because it doesn't meet the back of the napkin math, doesn't mean it's not a good deal for you. If your STR investment makes 20K-30K profit every year who cares about the 1% or 2%. I have never prescribed to those formulas even with LTR. If it meets my profit criteria, I'll pull the trigger. Figure out your goal is and if the investment meets it, pull the trigger.

Best of Luck.

@Joe B.

Don't worry about other people and what they have done. I agree with the others, it's your business and you decide what's best for you. Some people love multi-families while others love SFH. It's your strategy and you decide. Scaling bigger is not always better. Large multi-family takes partners generally. It takes much more moving parts. I like to self manage myself. That might limit my investment strategies, but that works for me. Multi-family are way more work when you self manage. SFH are very little work for me. I generally do BRRRR projects with other peoples money and refinance it back. Take a step back and find your strategy and determine your goal. I like use cash flow as my goal and not the number of buildings or units. Cash flow is the only thing that matters. Forget the ego centric investor who likes to brag about how many unit's they have. It doesn't matter. Who cares. Find your own path.

Best of Luck.

You might be able to FOIA (Freedom of Information Act) the information from the city.  I’m not sure if they will release the information in the manner you are requesting it.  The FOIA system is not designed for people to use as a marketing tool.  They might give you the amount of water usage per property as a research project.  It depends on the FOIA Officer.  It never hurts to ask.  If they say no, I would ask what information is available.  

@Bruce Woodruff

That is correct some inspectors want to see the vapor barrier, although tiling is one of the exempt items requiring a permit from the IRC, but that doesn’t stop an inspector from requiring it anyway.  Below is item 6 from the IRC of exempt items from permit.  

1. 6.Painting, papering, tiling, carpeting, cabinets, counter tops and similar finish work.

@Kristen Schaefer

If you are only replacing tile no permit is required.  I never replace tubs unless there damaged beyond repair.  If you can refinish the tub then no permit is required.  An old house will not meet building codes per todays standard.  Make sure you are required to get a permit.  If you remove the tub, which is a total pain yes, you will need a permit.

@Eric Karabinos

It sounds like you are moving a house from one lot to another.  Your question is about utilities.  If this is correct, yes you need a contractor and a permit.  Your terminology is a little confusing.  The word transfer could mean your moving and you are asking about transferring utilities to the new address.  Please clarify.