All Forum Posts by: Mya Toohey

Welcome to BP!  You will learn a lot from being on here.  I am a Realtor, Property Manager, AirBNB owner and Investor here in Tampa.  We have great opportunities for buy and holds.  Salute!  

I have a client that lives in Missouri, he owns a 4 bed 3 bath, pool home in Davenport.  He does AirBNB.  His costs per month are around $3600 and he brings in an average of $6000 during slow season.  So he is always making at least $1400 a month off of one home.  If he did LTR then he wouldn't even be able to pay his mortgage.  He enjoys the revenue but its not for everyone.

The Tampa Bay, Florida area is great! Great rental opportunity!!!!!

Anything near the water and surrounding areas will make a great STR in Tampa area. Especially, in Clearwater and St. Pete. Your mortgage will be less and your bookings will be higher with a house. People like the idea of grilling out, bringing their pets and if you get lucky, having a private pool to use. I have a boat on Indian Rocks Beach that we AirBNB and we have people offer us to rent for a month, but they want to rent it for 1/3 of the price.

Also, check with your condo association, most do not allow for rentals at all, because they are either at the max rental for the building and/or only allow for 7+ or more to keep out transient renters.  Nosey neighbors are quick to report you as well.  I will private message you as well.  Good Luck!

@Brian Armendinger

Hi Brian,

Are you opposed properties on the MLS? I'll PM you.

Tampa is a great area.  The market is on fire.  

Largo, Seminole and Indian Rocks Beach are great areas.  Close to everything and not too many tourists.  

Welcome to BP Christopher!  

I'll give you a quick rundown....Well, work your numbers.  How are you financing?  If you are using hard money then you will pay 10-12 points a month, every month you hold the property.  Then utilities, permit costs, lawn care, and dumpsters, are these costs in the rehab budget?  Then on average you have 2.5% on the sale with closing and fees.  Then an average of 1.5% of fees on the sale...will you offer a home warranty and pay any buyer closing costs?  Then your Realtor fees depending on how you have that set up.

20% down payment= $36,500

loan fees average 5%=$12,050

182,500 x 2.5%=$4562.50

price -20% down + reno budget =$241,000 

6 months of interest payments costs at 10 points=$14460

6 months of Holding costs at $300=$1800 

Aprox Total Costs $310,372

$350,000-$310,372= $39,628 before Realtor Fees/concessions to the buyer

That's how I do a quick work up on a property.

Hi Eric,

I would love to chat. I will message you.