All Forum Posts by: Stetson Miller

Hi @Roberto Ramirez,

Building to rent in this area is a very popular strategy right now with how heavy the rental demand is, and the relatively high return that you can see through this model. This doesn't even account for the equity gain that is likely to be seen throughout the build process

On the flip side, depending on the location of your parcel, it could be in a high demand area that you could cash out by selling the property quickly. Lots of things to consider in terms of your overall budget, timeline, general liquidity, etc, but in my opinion, you really can't go wrong either way

@Lisa Campbell Giving the seller the benefit of the doubt, insurance claims can be a very confusing process. Their claim manager could have misworded a response to them that gave them the idea that the claim was closed. To avoid this happening again, I would ask to speak directly with their insurance representative to get final and concise answers

Regarding the mold, depending on the severity and where you're at within the purchase process, (assuming you're still in the inspection period) I would highly recommend having a licensed mold inspector and remediation company take a look to give you an idea of costs, as that has potential to be significantly worse than is visibly evident. If you need a recommendation, A Handy Home Inspector is great and provides these services

https://www.ahandyhi.com/mold-...

@Alex Kovalenko Feel free to post the company to help others that may fall in a similar situation. If you don't feel comfortable with that, please PM me so I can at least warn others

@Ken Moore I would recommend contacting the two local insurance brokers listed below, both of which have helped my past clients with STR insurance in this area

State Insurance USA

Chapman Insurance Group

@Sumit B. Sorry I missed the tag in this post

1. Yes, technically that is correct. However, to my knowledge, as of now that is not something that the city is actively enforcing against. Should there be any issues with your property though, that is one of the first things you could expect

2. Due to the nature of the STR property criteria in Cape Coral, it's very rare that a STR could be converted to a successful LTR. Mid term rentals however are another viable strategy for the area should further restrictions come into play. With that being said, that is far from our expectation for the future

3. Owners are able to list their personal contact information, but I believe there is a stipulation that the contact must be local to the property

4. Personally, I haven't seen any change in interest since the registration ordinance was implemented. This is actually something I see as a benefit because it shows that the city is interested in facilitating the growth of that industry, and it's much less likely now that they would do a 180 and try to limit usage

Hi @Sumit B.

To start off, Cape Coral does have a 7 day rental minimum, however, this is an ordinance that pre-dates the STR industry and was originally targeting transient housing. Because of this, it's not something that is actively enforced against otherwise complying vacation rentals in this area. If there were other issues though, be aware that they could choose to enforce this minimum at any time

More recently, the city has created a rental database with contact information of all active rentals in the city that law enforcement and city officials have access to. Should there be any violations, you or your management company can be contacted off this list. They've also enacted a bed tax specifically targeting short term rentals. All of these things indicate the basic groundwork for an STR industry supported by local government, and we do expect future support to continue

The highest demand areas of the city can be found South of Veteran's Memorial Pkwy. If price point for these properties is a limiting factor, properties found on the North side of Veteran's Memorial Pkwy can be viable too, as long as they are on the East side of Santa Barbara Blvd, and South of Pine Island Rd (SR-78)

Hi @Marsh Moreau,

I would be happy to put you in contact with a local GC who specializes in remodels that's also an investor himself. Feel free to connect if interested

@Jake Warren I can second both Lehigh Acres and Cape Coral. If you're looking for a stricter cash flow market, Lehigh would be the better option between the two. Both currently offer great supply and availability for purchase, as well as high rental demand and low vacancy

@Lorraine Patterson If STR's are a potential strategy at all, I would recommend sticking with the general Southern region

Hi @Lorraine Patterson,

That would be completely dependent upon the intended use for the lot. If it was to hold the lot for appreciation, SE. If it was to build a luxury single family home for future STR usage, SE. If it was to build a single or multifamily rental and to keep your cost basis as low as possible, NE