All Forum Posts by: Kevin Pillow

 Mojo Sells has a product called for rent buy owner that provides contact info on leased properties. It’s $25 a month and it has a dialer for $99 that lets you call them and manage data like a CRM. First I would check zoning to CYA if you find a property that says STRs are okay but then you find out after the deal closes that it’s not legally zoned for that use.

Hi Gbenga, congratulations on your first post! Destin and Miramar Beach have great beach communities and also a strong short term rental market. It’s also within 5 hours  drivable distance of most states in the southern region. Lots of resources here if you have more questions about our market.

This is how I understand what Avery is talking about Lou. Lets say it's going to cost $50k to acquire the property with the down payment, closing costs and pre-paids. The money partner agrees to put up the whole $50k and you both agree on splitting the cost to acquire at 50%. Now you have to find a way to pay $25K ($50k * 50%) to your partner to cover your share of the deal. 

The answer is that the money partner will receive 100% of the net profits from the property until your $25k mini mortgage is paid off. Once the mini mortgage is paid in full, the money partner will only receive 50% of the net profit and you get the other 50%.

If you bought the home in a different market from where you already had property do you think your DTI would prevent you from accessing the 10% conventional 2nd home loan program?

It's great to see you make your first post! I've heard good things about Lake Martin in Alabama and Lake Marion in South Carolina from several of the other agents I work with. Let me know and I'll ask if they have other suggestions.

You know this is where having a relationship with a lender or agent that works with these types of lenders is huge. I have a deal right now that almost blew up because the first lender we went with couldn't make the DTI work for my self employed client. We pivoted to another lender who also works closely with us for our STR clients and they were able to find a solution to get the job done.The first lender was ready to thrown in the towel but the second lender looked closer to find a solution. The bottom line is relationships over transactions is what makes the difference.

Great insights here. I didn't know they were still having trouble with the partying seen but have age restrictions on rentals not been as useful as some say they are?

 What about your handyman??

You're missing the most important part...Realtor! 

I would second what Jossalyn said about the Florida Panhandle. Also, Governor Desantis just announced the longest Red Snapper fishing season ever in state history. This is just one more example of how the state supports tourism growth, especially on the coast and STR property owners here are the ones that benefit the most.