All Forum Posts by: Mindy Nicol

My STR is for sale in St Augustine, Florida. This is a 2/2 that has earned as much as $5500 mo. I need to exit as I have another flip project and can't do both. I am a real estate agent as well and have listed it at $495K. Open to offers. A little about St Augustine: It is the country's oldest city and attracts 6 M tourists annually. The house is located in a hot spot for guests as it is walking distance to the sights and restaurants. The area is also in transition and this is also an equity play as we will see prices going up over the next few years. Please see the listing and let me know what questions you have. Please message me for docs and more info. Thank you!

Listing: https://www.zillow.com/homes/27-Lovett-St-Saint-Augustine,-F...

Airbnb: https://airbnb.com/h/casalovett

Hi Louis, I'm an agent that works with investors here in St Augustine.  I can also help connect you with the right property managers who have rental listings.  Contact me and we can discuss your situation and what is on the market right now for rent. 

I also have off market listings.  

Thank you, Mindy

Hi Alberto, 

I would do it in low season.  Block your booking calendar for an adequate amount of days to get this done.  Plan upgrades ahead so you can pre order and stockpile all the items you want to add.  Get your contractor scheduled well in advance so it can be done as quickly and efficiently as possible.  

Mindy

Hi Ala, Have you heard of The Offer Sheet? I'm not sure if they do Mexico but it is a daily email of STR listings in various states. I believe it is about $600 to get featured and the newsletter goes out to about 35K folks.
Mindy

Hi Joseph,  

I'm in Florida (realtor, investor).  I would avoid saturated areas.  Check on Airbnb and you'll see just how many are not booked.  We have been over-run with STRs in popular tourist areas and the industry is hurting. I'd be carefully looking into actual running costs and the cost to stay full. (marketing, decor, pricing discounts) Be sure you understand the zoning and restrictions with STRs.  Working with a good realtor will speed things up and help you understand zoning.  

For STR property management in this area it is generally 15-20%. For a well heeled property manager you'd be best with 20% as they will understand the marketing involved as well as the operations. Keep in mind your taxes and paying them direct if you are going outside of Airbnb.

Let me know if you want to see a list of top STRs currently for sale in NE Florida.  

Best,

Mindy

Hi Chris, Thanks! It is West Augustine. Just south of King. 

Investment Info:

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

Purchase price: $230,000
Cash invested: $150,000

Historic bungalow on .5 acre with detached tiny house. Both rented at the time of purchase.

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

Area is in transition. 2 homes on property that can be rented either long term or short term was appealing. Opportunity to build equity in neighborhood and renovate to my taste.

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

Cash only purchase. Home would not have qualified for any financing. Found on MLS.

How did you finance this deal?

Cash

How did you add value to the deal?

Hoarder rehab. Complete gut renovation on 80 year old bungalow. Renovation to tiny house (ADU on property). Cleaned half an acre of debris from property.

What was the outcome?

Tiny house currently a STR earning.
Living in main house while I continue with landscaping upgrades and exterior repairs. Will ultimately sell for next deal.

Lessons learned? Challenges?

Several vendors overcharged me, bad quality. Figured out who does the level of work and detail that I'm looking for.

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

I am a real estate agent that works with investors. I have many renovation, plumbing, electrical and landscaping vendors that I can recommend and refer.

Investment Info:

Single-family residence buy & hold investment.

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

Short term rental

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

Tourist hot spot. Also an area that is gentrifying and improving constantly

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

Driving around the area I wanted to buy in

How did you finance this deal?

DSCR

How did you add value to the deal?

Inspector uncovered major mold issue. Seller paid for removal and reconstruction

What was the outcome?

Issues were handled prior to closing.

Lessons learned? Challenges?

A good inspector is critical

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

I am a real estate agent focusing on investment properties. I work with lenders offering DSCR loans and other investor funding.