All Forum Posts by: Ryan F.

It depends on the original framing design. If the walls you are moving/adding are non-structural, then that will be easy....the only thing needing to be permitted will be the electrical that you add to the walls. You will need a window meeting egress code.

Having 3 BRs and only 1BA is going to be a negative IMO. you could have 6 or more people fighting for that 1 bath....

So since you are converting a living room, that says that you have enough space to possibly add another bathroom...? That would be huge for your ability to make $$....although you will need a different permit to do this, and it will of course cost more......but well worth it I think.

The 2nd living room has an exterior door, so I assume that means it wouldn’t need an egress window?

The living room is large enough for a small bathroom too - 15x20. Just not sure if I want to spend what it would cost to do the plumbing. It’s on a slab so I imagine it would be very costly.

0 Votes

Those who are much more experienced, i’m seeking your wisdom.

I'm looking at a property in St. Petersburgh that is already zoned as a STR and has a history of positive reviews.

Good location but it’s only a 2 bed, 1 bath.

It has a second living room in the back of the house that is plenty large enough to convert to a 3rd bedroom which I believe will increase the STR potential, as the area has a lot of vacationers and families who would need a 3rd bedroom.

QUESTION; Is there any pitfalls in getting a permit to convert a 2nd living room into a bedroom that I don’t know about? Or is the building permit for such an endeavor fairly straight forward?

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I’ve researched my tail off, have spoken with realtors, etc but i’m looking for first-hand experience.

How is the STR market in the Dunedin area of St Pete? From what I understand, parts of Dunedin allows STR and parts of it don't - I haven't been able to find any zoning maps showing what areas allow and which don't.

0 Votes

Amazing success story!

Thank you for sharing.

But....

(There’s always a but haha)

Posts like these are what makes new guys think it’s impossible to break into real state.

Most people don’t have a family member willing to loan $400k.

Or have $103k in cash sitting around for improvements.

Lol.

1 Vote

Originally posted by @Matt "Roar" Gardner:

Kenneth, I'm an investor and Realtor in the Destin area. You can definitely cash flow there!

Destin is interesting. Are properties rented out year round there? Snow birds only? I’m assuming the properties closest to the beach are highest cash flow.

3 Votes

Originally posted by @Anthony Dooley:

It's a one bedroom either way, right? Once you get potential tenants to look at it, they will either like the loft design or not. I would advertise it as a one bedroom apartment with pictures and see what happens.

The loft concept makes it a studio, right? There's no wall or door or anything

0 Votes

Hello everyone.

We are converting the upstairs of a garage into a rental suite. Completely renovated. My partner and I are differing on which way to do the layout.

From my studies, a true 1 bedroom would maximize our rental income.

However she believes we should make it all open with a little staircase that leads up to a small bed. You can see an idea of what she means here -> http://www.remodelista.com/files/styles/733_0s/pub...

Am I crazy or would that loft bedroom take away a decent sized chunk of demographic who would never want to sleep in that little loft ores (or climb the stairs to get to it every night).

0 Votes

Originally posted by @Mike D.:

The taxes really kill the cashflow on your rental. Nearly 40% of the rent is going to taxes. Are you really paying $4,400/ year in taxes on a $100k property? That's high even by my standards and I live in New Jersey. Read about the 50% rule talked about on here.

Your $500/month cashflow does not account for a single repair. I think your true cashflow after accounting for reserves is minimal. I would not keep 65k in equity locked into this deal nor would I purchase more of the same.

Maybe try looking out of the area if you are fixed on rentals.

Welcome to Upstatr NY lol.

My 180k primary home has close to $700 a month in taxes.

As far as the 50% rule ... We've had the property for 5 years and have put about $50 in repairs in it. And that was for a new dehumidifier in the basement. Maybe were lucky? Lol.

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Anyone else have an opinion?

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Originally posted by @Rick H.:

"Don't wash your socks for a year". That was the advise someone gave to a relative after their spouse died.

The point is not so much about the emotional shock, which you have not discussed, but the adjustment period of learning to think like an investor.

I got zero education about investing from my family and I'm fine with that. At least I didn't have to unlearn as much as others sometimes do. Your biggest opportunity, IMHO, is to focus on the educational aspects of investing, including different real estate types, advantages and disadvantages of each, as well as paper (notes) and other instruments for cash flow. This process will largely answer your question for you.

Many people have become rich buying SFR's as they're much more liquid than bigger projects, and probably more forgiving if you make a big blunder. Personally, I like paper, however most notes don't appreciate (unless you bought at a discount and can realize the gain from the spread).

Good stuff.

I probably should have listed my goals so people could help me better.

My goal is to build wealth through real estate so when I am in retirement age I won't have to worry about whether social security will be in existence or if my 401k is enough.

And if I could make a couple grand a month along the way that would be great as well. But its more for my future.

0 Votes

All Forum Posts by: Ryan F.

Ryan F. has started 7 posts and replied 26 times.

Post: Converting a Family Room into a Bedroom (Florida)

Post: Converting a Family Room into a Bedroom (Florida)

Post: Anyone in the St Pete / Dunedin area?

Post: Using coliving to BRRR my way to 24% cash on cash

Post: Where is your Vacation Rental Property?

Post: Loft bedroom versus true 1 bedroom - need your advice

Post: Loft bedroom versus true 1 bedroom - need your advice

Post: Starting small -- or big (keep my rental or sell it)

Post: Starting small -- or big (keep my rental or sell it)

Post: Starting small -- or big (keep my rental or sell it)