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Real Estate Investment in Tampa, FL
Get Tampa, FL rental property investment data here. For more local information on home prices, job growth, appreciation and much more visit our Florida Area real estate investment data pages!
Why Should I Purchase a Rental Property in Orlando, FL
What makes Orlando, FL a good place to invest in rental property and what do you look at to determine if it is right for your strategy? Learn how a property manager can be a valuable asset before and after you make a purchase.
Question Every Renter Should Ask When Leasing a Tampa Rental Home
Find out what you should be asking when renting a home in Tampa, FL as a potential tenant. Your landlord should be prepared to have an open discussion with you, as a renter, and you should be prepared to ask the tough, but important questions.
Are you looking for property management?
Mynd’s starting packages offer the following property management services.
- 24/7 Emergency Support
- Dedicated portfolio manager
- Digital leasing
- Electronic rent collection
- Financial reporting
- Legal and compliance
- Online portal
- Screening prospective tenants
- Repairs, inspections, and maintenance
- And more
With a Florida property management company like Mynd, you can leave all the responsibilities of residential property management to experienced professionals. We’ll take care of everything from placing quality tenants to regular maintenance. We’ll keep you abreast of all developments using our investor portal, and you can contact us whenever you have a question.
Mynd can suggest and implement rental property updates to attract qualified tenants, including renovations that are attractive to a millennial prospective tenant and changes for easy rental property turnover.
- Start with self-showings to reduce vacancies.
- Allow pets because pet owners make for great tenants.
- Get rid of carpet because it’s hard to clean and soaks up odors.
- Install smart appliances.
- An in-unit washer/dryer and dishwasher are very attractive.
- Improve curb appeal through pressure-washing, landscaping, etc.
- Highlight amenities such as proximity to transportation and commerce in rental property listings.
A residential property manager wears many hats.
- Bookkeepers: Property managers keep track of your income inflows and outflows, reserve funds, and help you take advantage of tax deductions.
- Project Managers: Property managers arrange and oversee maintenance and repairs.
- Emergency Contact: If a tree branch crashes through your roof or windows at 3 am, your renters contact us!
- Legal Counsel: Florida property managers keep up with all local, state, and federal laws to keep your investment legally copasetic, reduce your legal liability, and guard you, your tenants, and your investment property.
Tenant Liaisons: Property managers find, screen, place, retain, and evict tenants.
Knowing how to competitively set rental rates is key to having a positive passive income. At Mynd, we use internal data, third-party data, and machine learning to accurately establish property values. Some of the data we consider includes.
- How much similar properties rent for in your area.
- How long it took to establish a tenancy at a comparable rental home.
- Valuation of competitor properties based on photos, virtual tours, etc.
- The strength of the economy in the area.
- Population growth or decline in the area.
It’s also important to know how to calculate prorated rent, which is rent that’s charged only for the number of days that a unit is rented. This comes in handy when you have someone moving in part way through the month.
In Florida, a short-term rental is a vacation rental property that the property owner rents out for greater than three times a year for under 30 days at a time.
A Florida property management company does so much!
- Write rental property listings
- Property inspection
- Property maintenance
- Find potential tenants
- Thorough tenant screening
- Quality tenant placement
- Maximize rental income
- Increase qualified tenant lease renewal
- Handle the eviction process
- Prevent early lease terminations
- Help you make tax deductions
- Respond to maintenance requests ASAP
- Respond to natural disasters
- Collecting and managing the security deposit
- And more
Typically, people can expect to pay 6 to 12% of the collected monthly rent as a property management fee. There are a few fixed rental property expenses that you should assume you’ll always have to pay: property taxes, insurance, and routine maintenance such as landscaping, etc. In general, you should allocate 1.5 times your monthly cash flow for all the repairs you might perform in a year. If you put aside 10% of your monthly cash flow into your repair fund, you’ll be able to keep it full more easily.
The cost of routine maintenance will depend on the age and condition of your investment property. You should also save money for capital expenses (CapEx), big-ticket items such as HVACs.
A property owner is likely to use two rules to estimate how much to set aside for operating expenses: the 50% rule or the 1% rule. Set aside 50% of your monthly collected rent toward operating expenses if using the 50% rule, or 1% of your home’s value when you bought it if using the 1% rule.
Absolutely! If you want your real estate investment business to remain a passive venture, a property management service is the only true way to achieve this goal. A landlord will be able to keep their mind at ease as an experienced property management team takes care of even the most challenging aspects of real estate investment. This includes evicting tenants and keeping track of all property management team activity so that you can save upward of 20% of qualified business income using the qualified business income deduction.
The average range for a professional property management fee is 6 to 12% of the collected monthly rent. Mynd has reasonably priced packages in Florida starting at $79 per month.