Rental Property Investor · Space Coast, FL · Member since 2019 · 24 posts · 13 votes
I am currently in the process of looking to move to the area. Interested in Satellite Beach. I want to purchase my primary home there with creative financing options, because like all of us I want to set more favorable terms than the traditional lenders can set. Then branch out to do more deals that way for buy and hold rentals once we get settled into our new home. Curious if this post will get any traction since there isn't a lot on here about Melbourne, FL. Looking to connect with likeminded investors in the area. I'm also looking to help owners manage their vacation rentals since I have experience as a remote self-managed owner. I don't want to take on too many, but just enough to bring in supplemental income to continue with my investment plans. I love hosting and have tremendous passion and attention to detail with property management that seems incredibly hard to find those sorts of proactive skills in people when looking to hire for my own rentals.
Hey Sharon! My family is located in MLB, and just purchased a second home there (south of the airport). As someone who lived in Satellite (behind the CVS beachside), I will say the upkeep with the salt water was tough, but the area was phenomenal. Our rental in the MLB area does great with travelers near the airport, and those looking to go downtown. We have found that there is more of a market in the Melbourne area than the beach (go figure ha!)
Aerospace companies have been great with traveling business leads, as well as the hospital. I personally am looking a MTR in that area, rather than the beach strictly for headaches regarding hurricanes/salt. Best of luck!
Hey Sharon! My family is located in MLB, and just purchased a second home there (south of the airport). As someone who lived in Satellite (behind the CVS beachside), I will say the upkeep with the salt water was tough, but the area was phenomenal. Our rental in the MLB area does great with travelers near the airport, and those looking to go downtown. We have found that there is more of a market in the Melbourne area than the beach (go figure ha!)
Aerospace companies have been great with traveling business leads, as well as the hospital. I personally am looking a MTR in that area, rather than the beach strictly for headaches regarding hurricanes/salt. Best of luck!
Thanks for the response. Good to know and good points about the higher potential for homes near the airport. Looking for our forever home. I've always had this dream of a beach home within walking distance to the beach, so I realize I probably need to back up and look at this more objectively instead of emotionally when it comes to extra wear and tear and higher insurance costs, weather impacts, etc. I do need to look closer to the airport since that is near where my husband's job will be and would love to reduce his commute which is currently a pain in the butt here in CA. I say forever home but could always move inland more if the beach life gets to be too much work.
Orlando FL/Allentown, PA · Member since 2023 · 36 posts · 24 votes
2y
Central Florida Realty Investors a local real estate investors group, has a Brevard chapter you may want to consider joining. I think they meet in Cocoa. Check out the calendar of events on the CFRI site.
I am currently in the process of looking to move to the area. Interested in Satellite Beach. I want to purchase my primary home there with creative financing options, because like all of us I want to set more favorable terms than the traditional lenders can set. Then branch out to do more deals that way for buy and hold rentals once we get settled into our new home. Curious if this post will get any traction since there isn't a lot on here about Melbourne, FL. Looking to connect with likeminded investors in the area. I'm also looking to help owners manage their vacation rentals since I have experience as a remote self-managed owner. I don't want to take on too many, but just enough to bring in supplemental income to continue with my investment plans. I love hosting and have tremendous passion and attention to detail with property management that seems incredibly hard to find those sorts of proactive skills in people when looking to hire for my own rentals.
Hi Sharon, How well do you know the area? If you don't, consider renting for a year before purchasing. That will also give you time to find a home via creative financing. A likely reason you don't see much about Melbourne is because that is merely one city in this county. Given that Brevard is not a populous one (particularly considering it is 70 miles tall), you might get more traction with "Brevard" or "Space Coast". You will also discover that vacation rentals are restricted in many parts of Brevard. In Satellite, only the unincorporated part allows them (that's about 25% of the place). While I have not attended any meetups recently, there are several groups that do have monthly gatherings. Again, keep in mind that these meeting will not have hundreds of people....we're just not that large a place. The benefit though is that most people I've run into here in the investment scene are good people who are positive and see the benefit of working together. Having been in S. Florida where there are tons of less-than-honorable types, this has been a breath of fresh air. When do you intend on getting here?
Rental Property Investor · Space Coast, FL · Member since 2019 · 24 posts · 13 votes
2y
Thanks for information about keywords to use and the networking scene. It's a crap shoot everywhere. I'm from North Florida originally and have been to Melbourne a few times. I am not super familiar with the area other than what others who live there tell me like my husband's colleagues that live and work there. We are a military family active duty to reserve and now looking to enter retirement years, so we see how beneficial it is to be close to the base and those amenities. We might rent, but also could buy a home that could work as a rental and buy time to find more of a desirable area and home situation once we get our feet wet. I have found quite a few FSBO listings that look promising. The market is going to have to adjust to allow for more of those creative financing options with sellers seeing the benefits. Insurance and interest make it difficult for the traditional lenders to loan to us even though we can afford the payment, but to them since we deduct a lot of things on our taxes, we don't look to be cash flowing. They don't seem to consider our savings/checking accounts and that we get a big refund from the IRS which can be used toward a downpayment, nor do they consider the over 1M of equity in our assets. I could sell off and get everything I want in our new home, but I prefer to buy and hold. Just waiting to get the word on our move date from my husband's company before pulling the trigger on engaging with realtors and sellers.
Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
2y
@Sharon Sasser, I attend one group that meets on the 2nd Wednesday of the month. I also sometimes make it to the BREIA meetings in the back room at Hall 'n Blazes in downtown Melbourne. And Priscilla Z. hosts a meeting in Palm Bay that is geared more towards wholesaling. And then there is the CFRI that was mentioned earlier.
I like to do fixers and have buy-and-hold properties, and am going to be moving out of vacation rentals. We are somewhat recently retired military (I did 6 active and 4 reserve, hubby did 24 in the AF) and don't use the base very much. If we lived in Satellite, we probably would get gas and use the Commissary more. Anyway, I'd love to see you at one of these gatherings.