Security Deposit Questions. SEASONAL Vs a SHORT term Vs a LONG Term Tenant Tenancy Deposits

Security Deposit Questions.

SEASONAL Verses SHORT term Verses LONG Term, what should be the deposit?

This is a common question when renting out your home or condo.

LONG TERM Lease. Leases are required. Reference FLORIDA Statutes Landlord Tenant Act.
Best Practice I follow recommend is $50 less than the rent held in Trust for the Tenant.
Here is an example
Beachside Rental Online Rental application
Criteria required disclosed that needed for Long-term Renters.

SHORT TERM Tenancy is usually WEEKLY. Leases not usually required.
Most Vacation Weekly rental sites do 10% or $275- $500 a week.
HomeAway.com VRBO.com AirBNB.com
Most of these special insurance policies.
https://community.homeaway.com/docs/DOC-1605

SEASONAL TERM Lease is the 3rd Category.
In Florida, the Winter Season is the main season. Snowbirds come for up to 6 months.
Anything from 1to 6 months is Seasonal.
If Rent is $3,000 -5,000per month then Security Deposits are usually as low as $1000 - $2500.
These Deposit amounts are whatever a landlord decides. 
All deposits are governed by FL Law Landlord Tenant act.

Most Seasonal Rents are paid up front for the full term 60 days before the term begins.
A 13% Sales Tax is added to the Full Season Rent and Cleaning fee.
 A deposit holds it for the next year as an example.
AT BEACHSIDE RENTALS INC. these initial deposits and the full-term rents ( 1 month or 4 months ) are deposited but held in trust until after there arrival.

MORE on Short Term Rentals on Tampa Bay Beaches

Tracy McManus 
recent article TBT April

Brian Goff TBN correspondent Jan 2018 Indian Rocks Beach to tackle Short Term Rentals

Diana Sames Beachside Rentals INC.  I am NOT an Attorney.

Agent and Realtor 727-776-0122
Office 727-367-3636  REMAX Preferred St Pete Beach FL 33706
Rental Criteria and application 

FL Condo Hotel vs Condo what does IRS think about a Vacation Rental as Second Home or investment?

Thinking of buying a Vacation Rental in Florida as Second Home or Investment.  

I think Condo Hotel or a Vacation Rental in Florida as Second Home or Investment may seem like a good idea but only for those who have the cash to purchase them and the time to enjoy at least 2 to 3 weeks a year. Why EVERYONE LIKES FREE VACATIONS right?
That's why people usually want to buy a condo and rent it too. However in MyStPeteBeachHome 33706, St. Pete Beach City and Treasure Island Cities like any City have their own plans and Zoning maps. But most buyers are not familiar with Zoning restriction an how they inhibit there ownership of Condos and particularly if these Condos are in Residential areas then short term rentals will not be allowed in Residential Zones.  This made the Condo Hotel option a great opportunity for Free Vacations in your own investment condo hotel.

Condo Hotels usually have a higher standard or at least a consistent standard of accommodation to a regular condo
Condo Hotels have Often have 2 contracts. I is a contract with governed by FL Law on Condos. Buyer has a chance to review the restriction of each condo with its rules and fees and assessments per annual voting and financial management of these fees and handling their budget etc.
A Condo Hotel may have other contracts like Linen assessments. They also may or may not have a built in Management contract with an onsite rental company who may or may not inhibit your right of use vs their right to make a profit for you and make commission for doing so.  Some allow 21 days of use other allow you to stay 6 months.
Condo Hotels were quite the phenomenon in Florida in the boom.  Click here for a Condo Hotel center
The IRS Web Site may be a good start. Click on the link below.

Read all about your investment costs here This is all the info you need from the IRS web site


                                                             Sunrise Beach Resort

Sunrise Beach resort is a Condo Hotel and a great way the to enjoy Florida and Leave  your investment in good hands when you leave Florida. Managed By Blue Skies, I think ( i may not have spelled it right),  Since its inception in 1995. The Property management company has kept it in good nick as an affordable vacation destination  in beautiful St Pete Beach Florida.  They have an on site rental office so they work your condo as an investment for you so you can come just about 3 weeks a year 

Click Picture to see Condo hotel what is for sale 5445 Gulf Blvd Sunrise Beach resort

Here is an example of a popular Condo Hotel on St Pete Beach on the corner of 55th ave opposite the Trad Winds hotel One of the Trade Winds websites that includes a many condo hotels.

Call

Call me on 727 776 0122 

So i can help you understand what is available in the Condo Hotel market as each has there own rules according to the City Codes and Restrictions.

Diana Sames

Passionately selling Fla Beach living since 2001

Click here to find a Florida beach home

VACATION RENTAL TAX INCREASE EFFECTIVE JANUARY 2016

On Tuesday, August the 2nd 2015, Voted to increase the Bed Tax by 1%.

What this means is when you come for a vacation to enjoy  Pinellas county, as an example our lovely beaches and one of the many barrier island hotels or condominiums that allow short term rentals. You will decide on a Vacation rental and room rates etc and then there are extra fees added, So when you check out in 2015 you will be paying (7% tax and 5% bed tax ) 11% tax.
However, Effective January 1st 2016 you will be paying 12% in addition your room rate.

Here is an article http://www.tampabay.com/news/localgovernment/pinellas-commissioners-to-vote-today-on-tourist-tax-increase/2239902

Here is an example of some Beach Area Rate sheets that have not yet been updated.
http://www.compassrentals.com/Content/rates.asp

http://www.capalborental.com/rate2015condo.html

http://www.capalborental.com/rate2016condo.html