All Forum Posts by: Patricia Steiner

As a broker AND investor, I can offer that condos are generally not the highest ROI investments due to that dang HOA fee which only goes in one direction and still subjects you to 'special assessments' which are short on 'special' and high on 'assessment.' You did a lot of analysis here and it all seems to come down to 'this isn't the cruise you signed up for.' My recommendation - and it's just one of many you'll receive (feel free, fellower BPers, to not mention me in your take on this...) - would be to sell it. And, then go find an investment that gets you excited about owning a piece of the planet.

The world has evolved since 'driving for dollars.' It is also known as 'wandering aimlessly.' It is not the best lead generation tool by a long shot - just one that gets thrown out there to make newbies think it is just that easy.  I would like you to reconsider what you're doing and how you're doing it...if someone was to ask you what you specialize in and what markets you target, how would you respond?  If you were to tell a prospective client that you're driving around looking for properties that look abandoned or ran down, well, you just gave your strategy away for free.  Up your game and you'll up your results.  And, go get a real estate license and get the professional designation that makes you a player.  

According to the American Apartment Owner's Association, the #1 reason is:  'Failure to manage to the lease.'

And, what I have seen/witnessed, is that there are a lot of people 'doing' who have no idea 'what they are doing.'  When you're passionate about what you're doing, you learn everything about it.  Unfortunately, in real estate investing, it's shoot first-aim second - and it's costly.  

Reality:  it is what it is and what you're proposing doesn't change that.  This isn't a viable investment opportunity.  Go find one that is for this reason and more:  You can always make more money BUT you CANNOT make more time.  Move on.

Two issues were cited here:  the investment sucks/draining/not working - and FOMO.  

The problem with "fear of missing out" is that the 'fear' isn't present and may not even be real; maybe real estate investment isn't your thing, maybe the timing is wrong with interest rates climbing and lack of liquidity.  

My recommendation:  fix today's problem.  If it's not working, sell it.  The longer you wait to act, the greater the loss of money and sanity.  You can always work on creating tomorrow's success when tomorrow comes but today is the problem.  Fix it now.

Why is the tenant refusing to pay?  The problem with splitting utilities is that it leaves open the argument of 'fairness/reasonableness.'  It doesn't appear that the contributor of this post is the owner/landlord or PM.  If it were me and I was in one of those roles, I would find out the reason for non-payment first - was he shown the utility bill (which he is entitled to receive; utilities cannot be upcharged). Just because it is stated in the lease doesn't give the landlord the right to just communicate a charge to the tenants and expect payment; when it comes to utilities, the tenants have the right to see the bill.   

Not only is it dead in the Tampa Bay market, it's tainted.  There have been more than a few transactions that went more than sideways and the owners were vocal in sharing their stories.  Our market is too hot, inventory too low...if wholesaling is your game, find a market where owners need assistance to find a buyer.  And, that's not here.

Let the other owners of STR properties in the market know that you're interested in selling and that it would be an opportunity for them to expand in that market. You most likely know who these folks are from their AirBnb listings - so why not go to those investors who already know the market and the buiness model.

Hope this helps.

Why not stick with your original plan - skip the wholesaling which is not risk-free - and vet a lender who will provide cash for an offer as long as you qualify for a mortgage upfront.  There are several of these companies so do the online search on it.  One is accept.inc (I know nothing about the company, have not vetted it so I leave that to you).  As a broker, I receive solicitations from several of these firms and in markets where cash sales rule, it definitely provides an option.

Hope this helps.  Again, do the vetting first.

@Michael Smith

Favor please, Michael...no need to update me further.  This is not a roofing option for my clients or my properties at this time.

Best, Patricia Steiner