All Forum Posts by: Tim Kanak

I would do it. It costs less than $500 to start an LLC and about $1,500 annual for LLC tax returns.

It should save you a good amount of coin in the long run and provide an additional layer of liability protection.  I have a great CPA in Davie.  PM me if you need more info.  

@Richard Ibeh

What kind of ROI are you looking at with Turnkey Vacation Rentals in FLL?

Thanks.  Any luck so far in Jacksonville?

@Francene Iaizzo I visited St. Petersburg Labor Day weekend to go on a tour of the city and see what areas would work for my investing strategy. The downtown area of the city is great. I am generally looking for B neighborhoods and found a few nice looking areas (Historic Old Northeast, Shore Village, Seminole and Dunedin - way north). What kind of discount were you purchasing at? I prefer to give the BRRRR method a shot.

@Jason Abellada I'm looking for deals if you find anything, I prefer tri or quads - but am open to ideas if there is a potential great vacation rental property. 

Brian,

Do you have experience renting out Airbnbs down here?  I've actually rented a couple condo Airbnbs out on the FL west coast (Sanibel / Naples area) and find you can usually get a better deal than at a hotel on the beach.  I've also rented a couple of houses on the keys Airbnb and keep hearing about how the margins are better than long-term rentals, but I know that depends on location, amenities etc.

I live in Fort Lauderdale.  I've looked in the Keys.  The rents are way too low compared to the price of real estate for buy and hold investing. 

Air BNB could work there, but properties aren't on discount there - not many deals.  

I personally prefer Fort Lauderdale and feel clients would probably treat the property better, as Miami has more of a party vibe in regards to tourism.

UPDATE:  Been doing quite a bit of research and am thinking of going one of two routes:

1.  Finding a condo for Air BNB rental near the beach down here in South Florida.  Does anyone know where good investment opportunity lies in this regard or have any tips for a newbie?

2.  Focusing my investing business up in the St. Petersburg area.  The barrier to entry there is way lower than Fort Lauderdale / Miami and deals seem to be more abundant from the research I have done.  

If anyone with experience in either path would like to provide input, it would be much appreciated.

Thanks!!!

I'm the VP of a roofing company in South Florida and work with a few good PM companies on a regular basis, a lot of bad ones too.

There are good and bad PMs in each of those companies.  The key is to interview your PM and make sure whoever your direct PM will be is on-point.  Half of the PM's down here can't read contracts, don't know how to inspect a property for damage, etc. - they just use whatever contractor is giving them the most free stuff at the time.  

When you interview - be very in depth and hold them to their interview.

Best of luck - let me know how it goes or if you need a roofer.

Hey Eddie, I'm looking into getting my first deal.  Obviously this isn't a great market down here and I am interested in meeting up to see what other people are thinking.  I'm in Fort Lauderdale, let me know when / where the next meeting is located.  I'm looking for buy and hold multi-families, but down here I might be more interested in Air BNB rentals.  

I'm in Fort Lauderdale looking for similar investments, if you want to chat sometime let me know.  

BTW I'm also the VP of a pretty big roofing company down here, so let me know if I can be of assistance,  I have a lot of connections in the contracting world.