Real Estate Investor · Panama City, FL · Member since 2012 · 265 posts · 58 votes
Just won bid on a duplex in Panama City florida. That's number 6 with a total of 7 units in less than 2 years!! This is also my first investment outside of my area. I'm excited! And nervous! I just closed on one last Friday and now this 8 days later. Moving on up!
Panama City Beach, FL · Member since 2013 · 29 posts · 7 votes
12y
Hi,
Are you planning to manage the duplex yourself? I own two condos in Panama City Beach and I have a vacation rental management company but I am now looking for cheaper duplexes. Just wondering the quality of the management companies who manage non vacation rentals. I agree the area is going to have good growth on the next decade.
Peter
Real Estate Investor · Liverpool, NY · Member since 2014 · 4 posts · 0 votes
12y
Congrats! I'm also interested to hear about the financing. As long as the growth is sustainable, that many properties in a short amount of time is a great start.
How are you financing these deals? How are you getting the equity? Future looks bright...looking forward to hearing about your deals' structure.
I have traded on a couple, 3 of them are financed. This last one in PC will be a cash deal. I will use the income to buy and pay for our vacation home that we are looking to buy.
Real Estate Investor · Panama City, FL · Member since 2012 · 265 posts · 58 votes
12y
Originally posted by @Ryan Steele:
@Bobby Beard congrats, that is terrific for you. What are some of the details of the deal? Might as well share both you have done in the last 8 days!
Deal 1 from week ago Friday. 5000 sg ft sfh in rural area on 5 acres. Friend owned it and wanted out fast. Paid 35k, bank loaned me 43k for some of the remodel work.. Needs work... Appraises at 142k. I think that's a little high... I have priced it to a group that runs group homes and rehabs for 80k. Having siding installs prior to showing them the property..
Deal 2 2bd 1bath duplex in Panama City area from auctions.com. Won at 21k with total 23500.00. One side is perfect. The other side needs a stove and light painting to be Rent ready. Other identical properties next door rent for 500.00 each or 195.00 a week. About 16 identical buildings and all are rented.
Real Estate Broker · Sanford, NC · Member since 2014 · 169 posts · 69 votes
12y
Ha! I feel the same way, I just have to get my financial foundation built and my wife convinced! I would say you are 2 years ahead of me, and an inspiration. Keep it up man!
Panama City Beach, FL · Member since 2013 · 29 posts · 7 votes
12y
Hi,
Are you planning to manage the duplex yourself? I own two condos in Panama City Beach and I have a vacation rental management company but I am now looking for cheaper duplexes. Just wondering the quality of the management companies who manage non vacation rentals. I agree the area is going to have good growth on the next decade.
Peter
Real Estate Investor · Panama City, FL · Member since 2012 · 265 posts · 58 votes
12y
So Property number 6 turned into a total demo and remodel. With 5000 sq ft and the way it was laid out i decided it was best to remodel and flip.. Its on its way... long process... New lay out, new plumbing, new roof, new everything.. wish me luck! my first flip..
Property number 7 in PC florida. Turned out to be a good property. when down after closing with auction.com and did a quick turn around including painting both units. While there discovered the roof was shot! scheduled roof and went back to TN. returned 2 weeks later and went to property to do some final touches. while there i rented both sides with in an hour and had people standing in line to rent it. i will continue to invest in Panama city. no shortage of renters there. NOW with all that being said.. these are low income units and i expect high turn over.. however i paid cash for property so i am not under the gun and can sit out the turn overs with out it hurting me. with a 21k price tag and a return of 1000.00 a month rent.. it will make money..
Real Estate Investor · Panama City, FL · Member since 2012 · 265 posts · 58 votes
12y
@Ramon Jenkins its work man! nothing easy about it. The fear is the worst hold back.. i feel in future deals i will get more secure and make the deals easier.
Investor · Santa Barbara, CA · Member since 2013 · 658 posts · 315 votes
12y
1k rent for a 23.5k purchase puts the 2% rule to shame. I'm glad you have high turnover factored in, sounds like there are some red flags like low rent and other units being rented by the week. Way to put that boat money to work for you!
Good luck on the remodel, 5000sqft is a lot of remodeling.