All Forum Posts by: Stetson Miller

@Eric Cozby The advise above is great and I definitely agree with all that's been said. One thing I would add to that too though is that we typically see the value of the property improve once the city utilities are connected, less any outstanding balances to be paid. Although no one likes seeing those assessment balances, keep in mind that is something that's still beneficial for the property and for you as the owner as well

@Daniel Murphy First and foremost, please send me the details as I have clients that I know would want to purchase this, whether that includes me in the deal or not

Like others have said, it is significantly to your advantage to have an agent involved in your transaction for all the reasons listed above, so there's no need to reiterate that. What I will say though is that it's very common for homes in Cape Coral to be sold fully furnished and/or turnkey, and these homes do typically sell for a premium with higher demand, so this is a market that I believe it would be advantageous to the seller to offer that as part of the sale

@Anthony Montano Check out multifamily in Lehigh Acres. Very high population growth over the past few years and sustained high rental demand along with that. Numbers still have potential to work out very well

@Michael Frank This is likely something you'll need to connect with an agent for due to the additional criteria we can place on MLS searches. Another approach would be to look on commercial listing sites like Loopnet and Crexi

@Ryan F. Our busy season is typically October-March, so this past season was almost completely taken out. Many STR operators though were able to rent to contractors and other trades coming in for damage during that time. As we're nearing closer to 100% restored in Cape Coral specifically, and contractors are now moving out, the STR market has returned to what would be typical of a normal slow off-season that we see in the summer months. This is a good indicator that the coming busy season starting later this year should be a return to course as well

Hi @Michael Simmonds,

To reiterate what @Chris Harper has said above, your timeline is right on track for what we're seeing in this area right now. He's also correct in that the septic systems are rated by the maximum total occupancy of the home (they don't count dens towards that occupancy). This is how you can keep the same system, same home layout, and just make a minor change to how the extra bedroom is filed with the city

Although not a pleasant surprise like you mentioned, luckily this is a very minor issue in reality and everything they're telling you is accurate. The 4 bed vs 3+den designation won't have any effect on the home's value, or the rental income. Tenants don't see any difference between a den and a bedroom as long as it's a functional living space, so you won't run into any issues there

It's unlikely that you would have to pump out the system more than normal with standard usage, but one thing I would recommend is to always ensure your septic alarm is fully operational. If the does fill quicker than the recommended 3-5 year pump out schedule, this alarm will let you know and prevent a backup into the home. Always be sure to educate your tenants on what this alarm is, and how to tell if it's going off so they can notify you immediately

Hi @Jeahni Bobbitt,

Cape Coral is huge geographically, so naturally you're going to expect some very large fluctuations in values depending on area. Apart from that, there's additional factors to consider such as 1/4 acre vs 1/2 acre, waterfront vs non-waterfront, gulf access vs freshwater, sailboat access, etc. Suffice to say, I would recommend starting off in one specific zip code, with one type of lot until you learn that specific market

Hi @Raeford Leonard Black II,

Are you looking for LTR or STR manager recommendations?

@Michael Kraus That's exactly how I felt as well! I made the full time switch in July of 2021, roughly a year and a half after getting my license. At the time of the switch, I was consistently closing 3-5 properties monthly, which is very quick growth that not everyone will experience, but it's more than possible to do

Hi @Michael Kraus,

Happy to connect! One thing I will say is that it's an extremely difficult field to be successful in only working part time. Depending on what your goals are though, you may be completely happy with the results. My first year licensed I was still in college for 6 months, and the next 6 months after graduation I had a full time job. During that time, I closed 2 properties, which was the goal I was trying to meet. For those two sales though, the whole time I felt like I wasn't able to dedicate enough time to my clients, which made me feel like I was doing them a disservice

Some brokerages may provide leads to you to help with these numbers, but they're also going to be hesitant to do this if you're not committed to them full time. Again, this can help, but you're likely to still run into the problem of your clients needing you during the week and you won't be able to help

From another perspective, if you're interested in getting your license to further your own real estate investing career, this is absolutely something I would support. If you're able to pick up a few sales on top of that, even better

Feel free to reach out with any other questions!