All Forum Posts by: Kyle Momany

Rental history is irrelevant on one unit. If you're looking at income, look at the complex as a whole. As @Luke Carl said, it's going to depend on your management. Which one can you get listed sooner? Which one can you have less capital in? Which one has lower overhead (i.e. PITI, Capex/Maintenance) ?

You can always throw lowball offers on either as well.

Just do it!

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Destin, Florida

Quote from @Brittany Barbosa:

Hello everyone, great points here, and thanks for asking Blair, as I also got some great knowledge from this question.

I am searching for Destin FL/panhandle property managers that handle STRs? Any recommendations? TIA

Have you tried self managing? It's always my first recommendation. Feel free to reach out with any questions on how to automate that.

If you're stuck on having a PM, RealJoy seems to perform well here locally.

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Quote from @Murray Reginald:

Quote from @Kyle Momany:

@Murray Reginald

If you're planning on BRRRR'ing the property you can always use hard money, then refinance. Just make sure you're being conservative with your numbers. Check out Kiavi. They are one of the most common hard money lenders.

Best of luck!

Hi Kyle,

So if I used a hard money lender, when should I refinance and why?

It sounds like you need to dig more into the BRRRR method. You refinance once you'd grown equity or forced it, to then get your money back out.

Check out this video.

Hope it helps!

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Houston, Texas

Quote from @Pablo Flores:

Need a VA that can field phone calls and speaks good English. I currently have two other VAs, one that handles data entry and another that does all the messaging for guests. But I have had a hard to finding someone on that can speak decent enough English for me to trust them handling phone calls. I have looked on Fiverr but have not had much luck. Any other places I should be looking?

Thanks

We've had good luck with sphere rocket. Most of their VA's are based out of the Philippines.

Best of luck!

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@Timothy D Morris The quickest way I've found is joining local STR Hosts Facebook groups and searching to see who everyone recommends.

Congrats on your first STR!

2 Votes

Phoenix, Arizona

@Jim Stutzman First off, Congrats on the current success!

It sounds like you're already convinced on self managing, so I won't beat the dead horse.

As for jumping over, there are a few things to consider:

* Do you have the time to build out a listing quickly? Sounds like you do, if you're helping the current PM company, already.

* Do you have a relationship with any good cleaners/handyman? You'll need both day one!

* Do you have any agreement with the PM company forcing you to stay with them?

* If you're truly able to get $400/night and said yes to the other questions. I'd 100% make the jump. I'd also consider factors like the cost of a property manager. If you're getting $225/night and your PM is taking $45/night of that, your margins get even smaller!

Hope this helps! Do it!

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Quote from @Nestor Morales:

Hello all, I'm seeking to gain comprehensive knowledge about short-term rentals (STR). I came across a book mentioned as Avery's book, but I couldn't locate it. My objective is to purchase a property in the Sarasota/Tampa/Clearwater or St Pete area this year unless there is a better location to consider. Currently make an income of 340k with 0 debt, so Ive got the means to invest. Any help on where to start, would be much appreciated Hit the nail on the head!

@Nestor Morales Congrats on looking to get started! @Parker Robertson Hit the nail on the head with recommendations!

I'm more of a video learner and would 100% recommend Tony's videos. As far as the area, I've heard great things about Tampa! Search for posts in the STR Forums about the area as well, they'll help you learn more for about the area specifcally. Also, there are tons of hyper specific area's that don't allow STR down there so I'd get connected with an Investor friendly agent.

@Matt "Roar" Gardner is typically my go-to for anyone looking there.

Best of luck!

1 Vote

@Andrew Caldieraro First off: Talk to your CPA, the forums shouldn't be your source for this question.

Also, I'm not exactly sure what you're asking. But, if you're talking about doing a cost segregation then selling the property 2 years later than yes, you'll have to pay a recapture tax. Again, talk to your CPA.

1 Vote

Quote from @Kirby Baxter:

@Kyle Momany
Hey Kyle thank you for the response. It does not have any HOA costs. As for the tax cost before it was rehabbed it shows that it was about 400 a year. I am not sure if that is the average rent or not. The information I could find makes me feel that it is a little higher than the average, but I am assuming (not a good thing to do) that it is because the house has been updated. Yes, it would most likely be rented out by college students. I have asked my agent find out more details on the tax cost and current insurance cost. Are their other questions I should ask? or any other thoughts?

Sure!

* Taxes,Insurance, Average Utilities (If renting by the room). Age of big ticket items ( Appliances, HVAC, Water Heater)

Have you walked the property? As mentioned above, I'd want to know why it hasn't sold yet.

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Like Luke said, It depends.

Some lenders provide different things. Portfolio, DSCR, Second Home, Conventional, etc. I'm happy to send you my two lenders we use in Florida, if you'd like. If you're just using traditional financing on a SFH, go to local lender.

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All Forum Posts by: Kyle Momany

Kyle Momany has started 3 posts and replied 138 times.

Post: Choosing Between Two STR Units

Post: Destin, Fl. STR Information

Post: Looking For A Strategy To Purchase My Rental Property

Post: Where to find English speaking VAs?

Post: Short Term Rental Cleaners

Post: Help me jump to self managing.

Post: New to STR and where to start

Post: The STR loophole

Post: Seeking Guidance on First Rental Property

Post: High Quality STR Lenders