All Forum Posts by: Nadia Daggett

@Andrew Dincola I agree with Wanda! The legality is way too risky. Just imagine if something were to happen, your insurance will most likely not cover.

Yes. Turning it into a game room, workout room or just an extra lounge, would be a great added value and would increase your rents.

@Kevin Scott of course bugger is better in this instance. However, I find for my smaller STR, I market the property differently and use the method of corporate rentals instead of Airbnb or vrbo. I have been very successful renting to traveling nurses, executives, snowbirds, training staff and more. There are many platforms I use to gain these highly qualified tenants.

Yes, the same. This is my criteria for comparing properties to get as close as possible for the appraiser: 

1. 10% - 20% of comparables sqft   

2. Within 10 years of home built    

3. Closed sales within 6 months. Going back 12 months is ok but 6 months is preferred   

4. Within .5 mile or 1 mile radius is ok. 

I am the co-broker for a multifaceted brokerage with over 50 agents. We specialize in working with investors and provide in-house lending, including VA loans. We are constantly sending out educational trainings and making sure our agents are current in the market, especially as we are bringing on more talented agents.

Today, I had one of our agent state they had a buyer, full priced offer but was VA. They said they were concerned. They asked for Pros and Cons of working with a VA buyer.

Coming from a military family, I feel its imperative to give opportunities to our military personnel. I started giving them our pros and cons and then thought I would ask the same question here to see if we can get more information for our rockstar agents.

Hi Michael, 

Yes, I am currently with a great investor-friendly brokerage. The brokerage has a complete package. They have 4 main divisions: Acquisitions, Property Management, Retail, and In-House investor-friendly lending. What separates this brokerage apart is that they work with investment properties above and beyond. Each property has an appraisal, photos, videos, full inspection report, along with a full ROI report for each acquired property before they are marketed. There is also hard-money lending and in-house lending for the investors as well. If you are interested in joining a brokerage that not only works the assignment side with investors but also retail real estate, please pm me. It would be great to chat.

@Santiago Ortega would love to talk more with you. I ran a very successful corporate rental business in Alaska for over 15 years. I move back home to Florida four years ago and moved the corporate rental/short term rental business here locally in the Tampa Bay. I did have to do a lot of research on the regulations, and worked with many different platforms to find the one that I liked the most that includes accounting, automations, vendor support and links with short term rental platforms. Let’s chat sometime!:)

@Daniella Lamis Tampa Bay is great. It is a commuter town, lots of business, lots of tourist. The regulations are eased in the Hillsborough county and using these as corporate rentals and less nightly, has really increased our return on investment.

I have managed and owned many Airbnb/corporate rentals for over 15 years in multiple locations. The Tampa Bay Area seems to be more profitable. I agree with @Jorge Vazquez above on corporate rentals. They tend to be more profitable and much less in and outs, especially while you are so far away. Corporate Rentals are usually 5% to 10% less then nightly. However, occupancy is much higher and not just the weekends, less traffic, less cleaning and usually Corporate tenants are higher quality and leave less damage. I find the most profitable short term properties, are promoted to corporate tenants through many specific platforms or long term relationships with businesses executives that have been gained over the years. However, if vacant for a short period of time fill-in with nightly rentals.

I also agree with @Ian Whiteman, the software in place, your boots on the ground crew, and your accounting need to be impeccable, especially with you so far away. 

 However, I personally would not stay within city limits as Kristina suggested. Each city has their own regulations. I have researched most of the regulations in each city that restrict short term rentals. This includes Orlando, St. Petersburg, Clearwater, and many other locations. For example, clearwater will only allow you to rent out your property three times a year to three different individuals. So the shortest would be three or four months at a time, to stay profitable. Staying in the borough is less strict and usually only a 7 night minimum. 

I plan to only have short term rentals in my portfolio for as long as this trend will allow. Possibly less on the Airbnb platform as their fees continue to increase. However, there are many other up-and-coming platforms that are keeping these properties occupied successfully and building repeat business through automations is key. 

Good luck with your short term properties. I love discussing this topic as this is a great passion of mine. If you ever want to talk more, please contact me anytime.

That is great news! Please let me know if you have any questions about investing in the Tampa Bay Area. Would love to chat sometime!:)

David, Great to have you in Tampa Bay!!! If your interested in growing your portfolio here in the Tampa Bay area, I would highly recommend @Jorge Vazquez. He is on BP as well and over 20 years of experience in this market and investment properties!:) He would be a great resource. If you have any questions or if you would like to meet when you are in town, please reach out anytime. Would be great to chat or to grab some coffee!:)