All Forum Posts by: Mindy Nicol

Hi Alan,

I am an ex Californian and yes the weather is great.  I've lived in So Cal and Nor Cal, now Florida.  For that price you can buy two homes in FL and medium and long term rentals, or whatever you want to do.  My suggestions:

1. Fully understand landlord laws in CA, your rights as a landlord and the direction they are going. 

2. Fully understand expenses in CA - everything is higher than other states.  When you live there you forget, I know.  

3. Travel and look at other areas before you commit. I would identify the fastest growing cities/states with infrastructure investments, and where large companies are investing, where are people moving to vs moving away from.  

Buying 2 properties that cash flow may be better than 1 fixer in Cali.  Just my two cents!

Mindy

Hi Aileen,

We can't take back time.  I wish I got started earlier that is for sure.

1. I recommend Florida as I live here, but look at growth markets.  Where are people moving to? St Johns County is one of the fastest growing counties in FL with the #1 school system, for example. These are the things you want to look into.  We also have a large snowbird market, and huge tourism.  It works for all types of investments. (and not a bad place to come and vacation for a few weeks!)

2. A good realtor will have great local contacts. Finding great agents that work with investors is tougher but you can find them on this site through forums or by digging a little on social media and others. Work with agents that understand the game and who already have investment properties for what you want to do. LTR, STR, Flips etc. I have a huge list now and can make things very turn key.

3. This sounds a bit suspect.  I would fully look into the market and not rely on what they want to show you. Working with a good realtor should be able to show you what is available, likely occupancy, potential revenue etc. Don't rely on Zillow as that doesn't give the full picture either.

How to get taken seriously is have an agent represent you and negotiate this on your behalf.  The seller will not know how experienced you are or who you are as an investor. 

Definitely get in and get going.  You will learn so much in a short period of time.   

Hi Calvin, So you already have one and you know what it is like to run a hospitality business. It is a lot of work! You really have to love dealing with guests. Even with a management company you have a lot of work to do. Regarding costs and profitability, the STR costs are much higher. I'd also look at your market and where the demand is. Supply and demand is changing. If you live in a tourist hot spot like me, then it may make sense, however we are seeing a lot more STRs listed for sale or entering the LTR market. This is causing rents to go down with the greater rental supply. If the demand is not there in your market for STRs but there is a need for LTR or MTR, then maybe that makes more sense. If you want something that frees up your time and still pencils out from all the reasons we love real estate (build equity, tax write offs, depreciation, cash flow) then I probably would lean towards LTR with a management company to handle the tenants. I am constantly running around for my STRs. But again it is a personal thing about what you like to do. Mindy

It depends on your budget and the look you want to create.  For my tiny house I did pretty much all Ikea.  It appeals to a younger guest that wants all new, simple.  For my other rental I did Wayfair, Homegoods, Amazon, and FB marketplace. I agree, things get beaten up!  Throw covers are a must for sofas.  I wouldn't go high end but it has to be somewhat durable.

Hi Jake!

I am in Florida.  By far you'll get the most out of Airbnb, however I am also using Furnished Finder, VRBO and Booking. I would avoid using one platform only as if something happens and the platform goes down or you get blocked for some reason (who knows!) then you are putting all eggs on one basket. I am just ending my first year with two STRs and this year my goal has been to get as many email addresses as possible from current guests. I am starting to get direct bookings as well now (repeats and those I have contact info for).  Airbnb has been about 50% thus far, however, that doesn't mean it could not be more, it is just the other sites take up those booking slots.

I use lodgify to manage all calendars.

I have my own website.  Ultimately my goal is to have a lot more direct bookings and avoid these fees. 

Hi John!

I agree with the comments above. I would try to make your Zillow listing appeal to most people then do the phone and on site vetting.  Get more interested and you can soon see who is serious and qualified.

For LT tenants I always use a property manager.  There is just too much that can go wrong in my opinion.  Placement, legal, leases, evictions etc. They can also look into the criminal background check, which we as realtors can too.  For the 10% property management fee I feel it is worth giving me back my time to I focus on my real estate sales and other investment projects I have going.  I do however self manage my short term rentals as the management fee is 20% so to cash flow I need to do it myself right now.  

If you want to self manage and just use a property manager to acquire tenants there is usually that option which is a one time placement fee.  Mindy

Hi Cathy, I am in Florida and we always do LVP.  It is durable and comes in many colors, thicknesses, quality levels.  It has more of a modern look than carpet in my opinion. Sometimes you can get it on sale. You can put nice rugs on it to stage it for sale. I realize you are in a cooler climate but I think it appeals to many types of buyers, investors, families, pet owners etc.  Mindy

Great!  I am with Keller Williams.  I'd be happy to refer you to our team leader in Jax or nearest office so you can interview them and get more info!  They offer a lot of free training.  

Hi Matthew, I am in the same situation. I am in St Augustine, FL and just booked my first 90 day stay. She found me on Furnished Finder.  I have also listed on Zillow and Airbnb.  I would welcome showing medium term guests other long term stay properties in FL through a flyer or something left at the property.  I think our snowbird market is great for this.  I have also called the local hospital and largest local employers but no real response. I have heard of people driving the Homewood Suites or other longer term properties at night to see what trucks are parked there and calling those companies!  I have emailed all my past guests and let them know about my monthly rates.  I definitely want more medium term guests and any ideas welcomed!  I need to spend more time looking at Facebook groups and seeing who is looking.  As a realtor we often have relocations in need of places too, or those that are building.  You might want to get in touch with local realtors and let them know.

Mindy

Hi Jane,

This is not a stupid idea. If you are buying a rental property for LTR it would be an asset that will PAY YOU every month instead of paying someone else for rent. I know SF well as I used to live in the Bay Area! Another idea is you put 30% cash down and do a DSCR loan. We do those all the time for investors. This is based on the LT appraised rent for the property not your W2. That way you keep some of your cash in reserve and then buy a better asset ie better location, larger home, better quality home with less repairs, etc. I am in Northeast Florida. Real estate pricing varies throughout Florida and this area is still more affordable than if you are looking further south. Many options depending on what you want to spend! Let me know if you need to talk this through.

Best, Mindy