All Forum Posts by: Mya Toohey

@Abigail Juarez

Hi Abigail, 

I am a Real Estate agent, Investor and Property Manager (STR and LTR's). This question has a lot of layers. Due to the influx of people moving to Florida, Landlords have gotten smarter. They no longer allow subleases because this arbitrage started about 5 years ago here. Landlords have been burned (from what I have heard) my opinion only...A sub-lease allows for the original renter to allow other leases to be signed and upheld. Then you have to have commercial insurance...it's a whole sort of legal stuff for transient renters. And, that's just with your own, owned property. It's just a legal mess. It may work for some properties but landlords would rather have just their one renter in the home, then have to worry about who the next person is going to rent it to. They get the same rent with less headache. I personally would never recommend my owners to allow sub-leases. What happens if your rented property has a visiting pet, and that pet bites someone on the property. The leasee doesn't get sued, the owner of the house gets sued for something he didn't lease for in the first place.,...LEGAL NIGHTMARE. Or even better, one of the renters, slips and falls on the tile in the kitchen because it was lose. Guess who gets sued by someone he has never even met. You might get lucky by offering more rent than the normal LTR but I see this rental arbitrage a dying game here. I would love to hear anyone that has positive feedback in the area. Best of Luck!!!!

@Lara Nicole

Hi Lara,

I am a Real Estate Agent and Property Manager in the Tampa, Florida area.  Why are you buying this property?  For what purpose?  There are very desirable, trendy neighborhoods, that people are fighting to live in.  The property might be a little less value than one with a driveway but still holds value because of the area.  If it's a HOT area and you or renters won't care about parking...then she is right.  But, if it's for you to live in and you have specifically stated you want parking....then...well....the story changes.   

I am a Real Estate Agent , Investor and Property Manager here in the Tampa, Florida area.  This type of rental is becoming more popular around here.  Due to the high influx of transplants and students moving here.  I would proceed with the eviction as soon as you can...when the sheriff's show up to put their possessions on the lawn, they will understand.  Just because they say it's near impossible, you have proof that they broke lease multiple times, not just that they didn't pay rent.  Any judge would agree with your actions to evict.  OH, I forgot California is hard to get evictions.  Have you tried to offer them money to move out?  Don't lose hope!!!!  

@Luke Henderson

Oh!  and Florida just stopped, at last minute, the PUA payments as a return to work initiative, so, some of those people who don't have jobs and were making bills work on the PUA will also have to go back to work making less money, and then....losing....homes and being evicted...It's going to be a crazy couple of months here...people needing to sell houses before foreclosure and the need to rent quickly before being evicted... 

@Luke Haberkern

The problem is, Florida investors don't seem to care about a good deal anymore, they want someplace to put their money.  At least that's what it looks like on paper.  I only know from my recent experience with the market and my above list price offers, coming from experienced out-of-state investors.  If the numbers work even at the higher price, they know they will get more rent every year, so a "deal" isn't so much a "deal" as it is a safe place to invest money in this day and age.  You know that people will always need homes to rent, especially since this moratorium ends in July.  Those tenants will all need places to live and as people still can't catch up with their mortgages, rentals will become hard to find and the rents will increase.  Right now where I live, a 3/2 1200 sq ft is renting for $2600.  Last year, this same house, in the same area would have been $1900.  Just be prepared to make your highest and best offers when you make a "deal" offer.  I'll be happy to help any way that I can!   

@Luke Henderson

Welllllllllll............In Florida, the Closing Attorneys deposit the check once received.  Sooooooooooo, they do hold your money in their escrow account until closing.  Now, on the other hand, you have 72 hours to produce said check to the attorneys not including weekends.  If you have a solid team that can get out there in that amount of time and you can cancel before you even have to give the check...you could be safe.  I would just hate having that much money tied up if, in the case that you back out due to inspections, it can take up to 3 weeks to get your escrow back.  But, with that said, a $5000-$10,000 escrow would probably do the trick.  People don't ever give that high of an escrow unless its a couple million dollar home...I love the enthusiasm though! 

@Scott Innocente

You have a lot of good facts to share. I am a local Realtor, Investor, and STR Property Manager here in Tampa, Florida. Just from my personal experience, I have made over 30 offers in the last 2 months and we keep getting beat out by ALL CASH offers with no contingencies. From the feedback I have gotten from the selling agents, most of these buyers are OUT-OF-STATE evenOUT-OF-COUNTRY buyers, buying with out ever seeing the property or having any inspections. Also, these offers are close to if not at asking price. The only way I have any luck is with making over list price offers with short inspection periods. Our market is HOT!!!!! Just some insight on the Tampa Market.

Yes, everything @Anna Laud said is very true!!!! An interesting way to find out if the area allows STR's is to look at VRBO and AirBNB rentals that are available. Now, not everyone follows the rules but it can give you insight to the rental prices and areas. Once you find you some condos that may look interesting, I would partner with an agent to get that needed info for you, then keep an eye out for listings. Make sure to look at vacant rates as well. You can see how many days the listings are rented and vacant during what times of year. It just has to make to make sense to you. Best of Luck!

@Kevin Mora

Hi Kevin, I am a Realtor, Investor and Property Manager in Tampa, Florida.  You need to get a program that you can get leads for vacant, long term owners, and foreclosures.  You can do some research and find the best one for you.  Wholesaling is hard.  You get a lot of no's.  You should use the BP resources for assignment contracts and read every article you can about wholesaling on here.  That's a good place to start.   Best of Luck!!!!

Wow!!!!  I am an Investor and Realtor here in Tampa, Florida.  That is a fantastic deal!!!!  I wish we still had deals like that around here.  You should sell that really fast!!!!!  Best of Luck!!!!!