Rental Property Investor · Fort Walton Beach, FL · Member since 2019 · 15 posts · 2 votes
Good afternoon BP! I am ready to buy my first investment property in the area. I am looking in either Pensacola, Fl (downtown area) or Panama City. I would prefer that it is VA eligible as I plan on using my VA to purchase it (yes it will be my primary residence). I am looking for a multifamily home with at least two door and between $0 and $320,000 (the cash flow is what really matters to me). I would want it to meet the 50% rule.
I have found a couple but the sellers agent is being difficult to work with so I would love to have more options. I have seen what is currently on the MLS, and as usual, it is very slim. If you know anyone in that area that can help please let me know.
I am open for suggestions, guidance, and lessons learned also! I am buying something soon I just don't know what yet!! Hahahaha
Thank you everyone!
P.S.
I have bought homes in the past just never a rental. Also if this type of post is not allowed please let me know.
@Michael Ferrell sellers agents can definitely be a hassle when looking for investment properties, they are used to dealing with different sets of clients.
As for the property search, I have found that you can live for free by house hacking here using short or long term rentals. My wife and I actually net positive renting a mother in law suite attached to our house on Airbnb. Looking for places with those kind of units, or detached apartments can be overlooked as a good house hack strategy when everyone preaches duplexes through quadplexes, so I have found the competition to be a little less with the extra units and potential to be just as profitable. That may be something to look into as well for you.
Also the area is great for short term rentals, so using that as a strategy to house hack can work.
Good info Blake, thank you. I will expand my search to look for houses with MIL suites. I think it will be a little harder to figure out my cash flow with those though.