Okay, so just for rental properties then? If I get something there, I wouldn't rent it out. I'd just want it for personal use about half the year. Really enjoy Palm Beach. It was a pain in the ass from time to time when a certain someone was living there, with shut downs and all, but now that he's relocated, that shouldn't be an issue again for at least 4 years or so.
OT...Vrbo/Airbnb
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Okay, so just for rental properties then? If I get something there, I wouldn't rent it out. I'd just want it for personal use about half the year. Really enjoy Palm Beach. It was a pain in the ass from time to time when a certain someone was living there, with shut downs and all, but now that he's relocated, that shouldn't be an issue again for at least 4 years or so.
Palm Beach will run you about $1k+ per month for insurance. HOA will be $200-500 a month. Taxes will be around 2% per year at your purchase price. If you live there half the year and don’t rent it out you should qualify for homestead relief
Could be some opportunities with condos in the near future. People can’t afford their special assessments so could get places on the cheap but HOA can be killer. There is currently over 8 months of supply.
We’re going to watch my son’s team play for a week at the Jackie Robinson complex. Thanks for the rec for Casey’s Place, we’ll try it! We were there last year too and really didn’t go to any restaurants I’m itching to revisit.
I thought about purchasing through evolve and using them for all of the management also. If I make some money awesome. If its just pays the bills that's ok too. Just don't want to lose money. LOL
I've brought my M16 to everyone of them. Only had to use once. They didn't seem to have a problem.
Im retiring in a couple years and trying to figure out what I want to do with this soon to be 55 year old body and mind. I've been playing around with this idea for a few years. I have some money to invest but don't want to throw it away. Seems like the key to actually making real money is to own multiple units. Maybe Ill check that out as I get closer.
The thing I like about evolve is that the have units for sale (fully furnished) and they show you the ROI on each unit on an average and high year outlook. Then on top of that they manage everything for a simple fee structure which I can't remember off the top of my head.
Thanks for the info.
property insurance in general went sky high after the last hurricane (Milton was it?) but it's nuts no matter what you own..
my mortgage here went up by about 500 a month due to the big insurance jump and the escrow being out of wack.. it's over 7 grand a year just in insurance.
hoa is not too bad, $500 a quarter, and pays for common area maintenance and you get gigabit wifi and basic cable in return.
and if you're thinking about a mobile home park, that's a big scam too.. you get nothing for your 6-900 in lot rent.
All insurance rates have gone thru the roof...car, life, term...homeowners...all of it, just like everything else. 20 year term life has doubled in 3-4 years.
indeed! the condo market has been depressed and are at good prices now... the monthly fees are pure garbage though.. similar to mobile home parks..
I was looking at a park in winterhaven area for an extra place, and the $700+ lot rent gave zero benefits.. I guess you can use the clubhouse, but there is probably a fee for that. They want you to pay the taxes on the land directly, the taxes on the carriages, and you have to do your own lawn maintenance.. it's was a ridiculous amount of money for rent considering you would have paid off the value of the land in 1 year. Total scam.
There was a decent (although small) condo I was looking at in DelRay Beach.. it has it's own woodshop, so that was interesting to me, and lots of entertainment, but again, the monthly fees were absurd for nothing in return and everything else to do there was ala carte nickle and dime you.
I would want nothing to do with an HOA condo. People got crushed with those around Fort Myers Beach. $40,000 to over $100,000 per unit for common space repairs like elevators and all that. Super risky IMO.
Real Estate Investment Trust. There’s lots of them in the stock market. I’m invested in Realty Income Corp. (ticker: O) It gains about like owning a house plus a 5.9% dividend paid monthly. Looking at entering DOC also for a healthcare REIT on a pullback. Digital Realty could keep exploding too with the big data center investments.
As far as rentals: The best thing about short term vs long term is infinitely less repairs with turnover. Air BnB guests just stay at your house. They don’t live there and they often barely use the things in it. They don’t make holes in the wall, tear up carpets, have kids coloring on the walls, etc. The money is more and it’s automatic.
I have done both short and long term and no longer do any long term rentals. This could change if the market becomes over saturated but for now it’s still a no brainer for ROI.
Know what is in your REIT and the associated risks. Don't blindly buy based on yield.
Stay away from Blockbuster locations and mall property.
Quiet. That's my under the radar rebound play.
I've forgotten most of what I knew about them a from a few years ago, but there were some pitfalls with mREITs that were not apparent to me when I entered a position. Do some homework on that specific type before yield chasing like I did. (trying to spare you from paying "market tuition")
Yeah looked on Stash. There are lots of them. Was trying to find maybe an ETF that might be a little more of a consistent earner with a package of REIT's.
Do your research. They have required payout ratios and are taxed differently. Low to negative growth for a lot of them. Crazy diversity to choose from. Casino reits, hospital reits, nursing home reits, etc.
Yeah I was surprised by how many different ones I found. Learned something today.
Short term you can use schedule C and reduce your w2 tax burden as well … I shouldn’t be giving you boners any ideas though.. too many STRs here bringing more white trash to my great state
Yes sir they’re in an LLC. I thought awhile back you said they didn’t allow STRs where you’re at?
Not many cities or hoas do, but doesn’t mean people don’t break the rules and make the str work on paper due the federal government subsidy they receive
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You're not kidding. I just paid $60 for pound of beef jerky. Highway robbery
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As a family who has owned a MN lake cabin for 75 years, our worst nightmare is having a VRBO or AirBB near us. Put yourself in our shoes and you would feel the same,
We don’t travel much but have only used hotels.
I am just curious some of the situations you have had to deal with over the years to get perspectives.
We are on a small lake and thankfully we just have a few VRBOs. I do not want any more and would never do that to our neighbors. Peace and solitude are why we go to the lake along with fishing and some skiing, tubing, etc.
Worst case scenario, imagine 20 different groups next door each summer, each trying to fill every minute of their 4-5 day vacation with jets skis, wave boats, partying on and off the water. Inexperienced boaters who have no courtesy to others on the lake, driving too close to the shoreline so they endanger other kids trying to swim and damaging the shoreline with their wakes. We had to spend alot of money to restore our shoreline to save our 50 ft Norway pines.
I wish there could be designated lakes only for VRBOs. I certainly understand the attractiveness of owning one. Like for many things in life, I am for them 100%, just not in my neighborhood.
I feel like this is pretty accurate.
MAYBE if you have a big group you might do a rental for the weekend but really, just get a hotel if you are doing a Friday-Sunday thing
Right???
Ugggg...it is like people that vacation at Disney and want to go n the rides. Dicks!
Jet skis are the absolute worst! Followed closely by the occasional power boater.. most are hammered and are not just a threat to themselves, but others and a liability to your calm sailboat plans.. Fishing boats, and even pontoon party boats, are really never a problem.. but the clowns on jet skis and those power boaters with 4 motors hanging off the rear end, always an issue.
You should see the modern pontoons. They put 200 hp and more on these things. The 75 year old driving the lake at dusk with a couple cocktails isn't an issue, but the 34 year old pulling tubes and drunk could be. Motor on a new pontoon costs more then a pontoon 25 years ago.
Jet skis are the worst. Not only do they not know what they are doing, they usually follow other boats or tubers to hit waves. I can't believe there aren't more people hurt.
Sounds like you are up north if you have Norway pines, but some counties have started regulating rentals. Can't have more people staying then the septic or bedrooms, whichever is smaller. And quiet hours. I think it's 2 or 3 strikes and the rental license is pulled.
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