All Forum Posts by: Mindy Nicol

Hi Cristina, I would get your license then find a top agent you can shadow for free for 3 months.  Help out at open houses, listen to the calls.  Seriously, listening and watching how it is done from a pro will accelerate you beyond belief.  You can also join a team.  Do your research as to who or which team can provide you with learning opportunities or who really is successful.  There is so much to this and you have to completely immerse yourself, understanding it will realistically take 3 years to build a book of business to financially make sense for this career. 

Let me know which market you are in as I may be able to connect you with a team leader or broker to discuss with.  Mindy

I am always looking to work with other agents. Unfortunately the business attracts a lot of agents that think small or just think about the one transaction.  I am ALL about connecting with other agents whether it be to refer business across states or in other parts of Florida or calling them about their listings to gather info for my investors and the content I produce for clients. I find building relationships is critical when you are presenting an offer too.  With regards to wholesaling, these tend to be major fixers in my area and most of my flippers tend to go direct if they want that. But in this market, right now, we are light on all listings. I am happy to work with other agents to create win-wins for my clients. My goal is to help them generate wealth in the long term and it is not just about 1 transaction.

I just switched from STR and now trying my first Medium Term, a 3 month stay. I had her sign a lease plus addendums for pets and mold required here in Florida. There is a lot that can go wrong and it is peace of mind. Another thing, as a realtor I also have access to a system that produces a basic background check for any criminal record etc. I also did a video call with her and toured the house with her, so feel comfortable she is a good fit for my house. I don't feel we need monthly cleanings as she comes across as someone who will take care of the place, but I think this is a good idea that I will incorporate in the future. I am charging my regular cleaning fee plus a $250 non ref pet fee.

Hi Ben, Jax is a great market. I have wonderful lenders that understand DSCR loans, and other investor loans that can help you here. Now is a great time to buy to avoid the frenzy we predict should rates go down.

I can also refer you to experienced agents that understand rentals. (I handle St Augustine area but work with many agents who are experts in the area). Let me know if I can refer you.  I'd encourage a trip out here to see the neighborhoods and see what is being underserved. If you want to do medium term furnished then I would be looking at properties near Mayo Clinic and other hospitals.  Happy to pull listings any time then refer to you an agent for showings. Best, Mindy

Hi Khassangali - These are great markets.  I can help get you to the right people in Jacksonville.  My lenders understand investors and can certainly help as well.  For your price range of $100-$150k these would likely be fixer uppers and may need to do some work to get them to rental condition.  If you really want those prices, I'd also suggest you look at smaller towns that are underserved with rentals and where those prices will work with no big reno needed.  One example is Palatka, where you can still find affordable homes and it is close enough for tenants to commute to St Aug or Jax.  I also have great property managers as well that are great for intel on where the market is underserved.   Best, Mindy

I agree with many of the posts here. It depends what you're close to. If your properties are near hospitals then traveling nurses makes sense. The quality of the home may differ between what you'd do for students, vs nurses. And for the nurses you would need to furnish. For the latter I'd use Furnished Finder and take a look at what other hosts are doing. Also pop on Zillow rentals and see the quality and price of what is available near the hospitals, colleges etc. If you can find an underserved niche then that would be lucrative. I'd also look at who are the biggest employers. Your strategy may change over time like mine did as the market does change. I am now aiming towards medium term rentals vs STR on one of my rentals for this reason.

Hi Leo!  I'm in the Jacksonville Metro (St Augustine).  I can refer you to lenders that understand investors as well as experienced agents.  I focus on St Augustine which is 40 min south of Jax, but I have many connections in Jacksonville that can help. Let me know if you're open to connecting with people and I'll set you up.

Best,

Mindy

I would definitely hire a good property manager if it is your first time and learn as much as you can.  There is so much that goes into vetting tenants, leases, managing day to day, and evictions.  Once you do it with them for a year you will learn a lot and could probably handle it from there.

ST rentals are a completely different animal and you will be in the hospitality business. Unless you have a management company (usually 20%) this will take a chunk of time especially answering questions, managing guest expectations, upkeep, cleaners, etc. I would also be very careful at looking at prior years financials of what the property has earned as many markets have changed. I don't think ST is for everyone and you need to really want to be a host.  Once you do the math, and value of your time, you may find that you'll make more as a LT landlord, than ST host.

Mindy

Investment Info:

Small multi-family (2-4 units) fix & flip investment in St Augustine.

Purchase price: $230,000
Cash invested: $170,000

Two homes on half an acre located in St Augustine, Florida. Both were rented at the time of purchase. Homes were in disrepair and needed immediate renovation. I was able to do gut renovations on both when leases ended. Land was a dumping ground for trash and old structures. Massive cleanup and redevelopment of property since August 2022. Tiny house is currently a short term rental. I am house hacking the main house and redoing landscaping.

What made you interested in investing in this type of deal?

Both homes were rented at the time of purchase so the rental income was attractive. The location (6 min from downtown) and size of lot was appealing.

How did you find this deal and how did you negotiate it?

Listed on the MLS. Aggressive cash offer to get under contract. I felt the property was underpriced knowing the potential of the area and the two homes on it.

How did you finance this deal?

Cash

How did you add value to the deal?

Complete gut renovation of both homes, structural, roofing, fencing, new landscaping, significant trash removal, painting.

What was the outcome?

Renting the tiny house out as short term rental and continuing to house hack the main house.

Lessons learned? Challenges?

So many major lessons learned here. Cost of trash removal, sod and landscaping lessons, fencing lessons. Working with reputable and trustworthy vendors.

Investment Info:

Single-family residence buy & hold investment in St. Augustine.

Purchase price: $425,000
Cash invested: $140,000

Historic 2 bed, 2 ba bungalow in the heart of downtown St Augustine. Rents on Airbnb, VRBO and Booking.com.

What made you interested in investing in this type of deal?

Cash flow opportunity and holding an asset located in the downtown area of popular tourist city.

How did you find this deal and how did you negotiate it?

Driving around and saw the listing sign.

How did you finance this deal?

DSCR loan

How did you add value to the deal?

Upgrades on decor, maintenance, painting, photography, increased nightly rate.

What was the outcome?

Overall it has been a popular rental.

Lessons learned? Challenges?

Rental market is going through transition. Oversupply of short term rentals have meant lower occupancy than anticipated.
Permits required for STR in downtown.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Bank of England Mortgage assisted with the DSCR loan on this.