All Forum Posts by: Stetson Miller

@Alexis Sicherman Depending on how soon you need to act, a HELOC could be a temporary option which could allow you to get the best of both worlds. With the HELOC funds out of your Cape Coral home, you could purchase the Bradenton home much sooner, but because this would only be a temporary loan, you could refinance the Cape Coral home when interest rates come down, which would leave you with the long term loan in place at a much more favorable interest rate that we're seeing now

@Brian Cerezo In that case I would highly recommend @Ashley Simonelli with Royal Palm Property Management. Happy to answer any additional questions you may have as well!

Hi @Brian Cerezo,

Are you looking for recommendations on short or long term rental managers?

@Matt Sora This would completely depend on your strategy and price point, as both of these markets offer unique opportunities in each of these categories. Cape Coral tends to be much better optimized as an STR market over LTR, but if it was specifically LTR's that you're looking for, Lehigh Acres is another local market that offers cash flowing B class multifamily properties

Hi @Ricardo Taboada,

I've worked with Beycome while representing my buying clients before and we didn't have the smoothest transaction. This was largely due to the fact that the seller decided to use their title company, which isn't local. If anything, having a local title company will help your transaction run much smoother. Otherwise, apart from the initial listing, they really don't have any other involvement in the transaction, and it shouldn't really make a difference who you use for that service

Your commission offerings are definitely reasonable in my opinion, I would be happy with that if I were representing a buyer in your transaction

One thing to note is that agent's aren't just there to ensure you're complying with all legal processes and paperwork, they're also ensuring that you get top dollar for the property you're selling, and ensure that you're not giving out unnecessary concessions. It's possible to still meet these goals without using an agent, but it is going to be much more difficult, especially if you don't already have extensive experience in the selling field

Hi @Tristan Beavers,

I believe your difficulty in finding a company that performs these tasks is due to the fact that it's typically only individuals that may consider running this model. Even then, it's rare that a landlord would be accepting of it, so I believe you're in a bit of a unique situation as a landlord looking for someone to do this in your property. From the landlord's perspective, correct me if I'm wrong in my assumptions, but it seems like it would be the same amount of effort to hire a local full service STR management company to run the property. This way, you could have all STR profit's directed to you, rather than only receiving the significantly lower monthly rent from an individual running the arbitrage model

@Eliecer Trillos What builder in Cape Coral is this? All of the typical suggestions here are great, but many of the larger builders here have their policies in place and don't allow room for negotiation on that. When you say your lender isn't renewing, what exactly is happening there? Additional information is needed to provide accurate advice, please feel free to PM me if you would like

@Kevin L. Bonita Springs would be my recommendation to consider! Beaches there are consistent with what you find throughout Naples and further North, and price point is still very comparable for value against some of the higher end areas in Naples. Estero and South Fort Myers will have a larger inventory and diversity to consider, but you would be sacrificing a longer drive to the beach

Hi @Andrei Zharov,

Since you're planning on utilizing the property for personal use, I would imagine the beach component and all other criteria you listed are more so personal than wanting to optimize for an STR, which is totally okay as many of the things you listed are completely in line with the optimization strategy. One thing that I would note though is that Cape Coral and a large majority of Fort Myers do not have easy access to beaches right now, so the next closest beach is already going to be in Bonita Springs. It may make more sense to start there with your search and expand if needed

Hurricane rehabbed homes are completely safe to purchase, assuming you know what to look for. A good inspector shouldn't have any issue pointing out cut corners, or major issues that weren't addressed. If you were to purchase a home that needed rehab, some of the difficulties you're very likely to encounter are significantly lower inventory for these damaged homes, material shortages and delays due to high demand, and surge pricing for contractors also due to demand, assuming you're even able to find a competent one for a good price. All of this considered, I would advise against this route unless you had extensive experience in this space

Water entry into a house is something that could actually be not so much of a big deal, to near total destruction. Visually, the differences may not even be very apparent, so cost to rehab homes like this can vary drastically, and it's very difficult to make any blanket assumptions on remediation costs. Some of the variables that come into play include structural rigidity, plumbing and electrical integrity, current mold damage, etc. Again, all of these variables may or may not come into play depending on the height of the water entry. Several inches in this case could mean thousands of dollars more on remediation and rehab

@Jason Edward Watts I can second Cape Coral! This is one of the last areas in Florida where you can still buy waterfront property for half a million, and this significantly affects your bottom line and income potential