I am looking to invest in Short Term Rentals in panama city Beach FL, . Does any one own property their . I have studied VRBO calendars , with good management and nice condos they are doing well. The ones that are going into foreclosure are either poor management or in a bad location . Anyone live near or know the market pls. give me some advice . I have talked to 5 successful owners that have told me a little about their properties and all have said they where doing well . Any advice would be great. Looking for like minded investors.
I would be careful investing in Panama City. As you, and some of the rest of us probably know, this is the spring break go to spot. While you may be able to get top dollar during that time for your rental, your repairs will likely also be top dollar. Anytime I have gone to PCB in the "offseason" it has never looked like a place to attract people to come for a nice vacation because of the spring breakers left over mess. Just my two cents!
@Derrick O. Link up with a local agent on get on an MLS feed...I lived in the Gulf Coast for 10 yrs...Panama City is pretty gross. I would move east or west...Destin is much more attractive...and property is more affordable toward cape san blas/ mexico beach.
@Josh Mitchell thank you for sharing
@Brandon Sturgill panama city beach has been a family vacation spot since I was about 5 years old. My family and I now vacation their every year and I love it . I have seen panama city beach at its worst and at its best , it is now looking pretty good. spring breakers yes the do come and party , I fill it is a prime location for me to start Destin is more expensive to buy . I'm looking to invest in 1b 1 bath condos because their is $100k difference in price to buy with about $200-$300 more in rental each week
We have a 4b2b in Laguna Beach (10 minutes east of PCB Pier). This is away from the spring break area. This has been in the family for many many years. We have been renting it for the last three years with great success. We are now looking for a condo east of the pier to stay away from the Spring Breakers. We are very strict on renting to anybody under 24 yrs old. We have also lost sales because we do not have a pool. That is the reason we are looking for a condo that we can capture the customers that want a pool.
might wanna look into gulf shores or otange beach alabama. Property taxes are much cheaper than florida, beaches are just as nice and many of the same families that go to destin consider gulf shores
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@Raymond B. thanks agin
out of all the comments I have got everyone has been negative (scared ) in a sense . But everything I have ever studied or read or listened to tells me to go for it . With a great plan, management, preparation enter and exit strategy and a little go for it luck I will be successful . Advice from investors that have ever dealt with panama city beach rentals? @Jeff Hink Thank you for your comments and advice. @Fred Conway @Brandon Sturgill
@Josh Mitchell any strategy that would be important for me to know when investing is STR that would help me would be great .
I live in Panama City Beach FL, right in the heart of things. If you are buying in PCB please check out the area. Lots of new construction going on. New hotels, a 3rd Walmart, the new bypass of Hathaway bridge. PCB is trying to clean up its image. Trying to tame the spring breakers in coming years. By not allowing beer on the beach April month only. I think the area near pier park is the up and coming place to invest.
@Tami Walker thank you so much for your comment . Do you invest in Panama City beach ?
@Al Wilson thank you for your comment
I'm surprised to see so many negative comments in here. PCB does seem to be cleaning itself up, and my company has actually seen a lot of success in the area for our homeowners. Working with a guaranteed net income model in PCB would definitely help reduce risk for you if you're looking to work with a management company, and I'd be happy to chat with you about that if you're curious.
Best of luck!
@Derrick O. I own & run a VR in Pensacola Beach. While not PCB, I'm sure some of my experience could translate to your area. PM or email me if you want to connect.
@Jeff Hink gave you a HUGE tip and one that I find true myself - a pool, or access to a pool is a MAJOR bonus and translates to lower occupancy and increased rates. My home is 75yds from the Gulf of Mexico and is literally on a protected cove/canal (i.e. You can swim off a dock 30' from the back door) and I still lose bookings because I don't have a pool.
@Timothy Gleason thank u very much for reaching out I am about 1 year away from the startup . I have 3 people willing to take the investment journey with me as a group / business partners I am young and ready to start . Do you own a rental house or condo Timothy for starters ? I was looking yesterday at the out going money of rentals and how much we will need to put back the first year of ownership for anything that we owe or could go wrong with a SHORT TERM VACATION RENTAL IN PANAMA CITY BEACH , it looks like if we find a turn key rental we need $11,000 to stay afloat that first year
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I'm from Florida and now have family near there. The advice seems crazy. If you don't want to rent to spring breaker's, just block out that week. If you do, get a great deposit and upgrade with the damages.
@Chris Stone great words of wisdom,
I have a rental property in Fort Morgan, AL (part of Gulf Shores). It's a 4b4b 2nd tier house (meaning 2nd row of houses off beach) in a subdivision with a pool. You may already know this, but make sure to include these expensive items in your calculations before buying:
- Property management fees
- Cleaning fees
- Flood and wind (aka Hurricane) insurance
We are just breaking even on our property, although our main goal in this case was to have a property we can vacation at "for free" in a place we enjoy.
Hey there! I live in PCB. I'm a Real Estate Agent, I own short and long term rental properties. I have properties on the East end and the West end of the beach. I think this is an excellent market. And I'm invested in it. I've lived here for 4 years. It just keeps better every year. I have not had problems renting my properties all year long. You can put a snowbird in for the winter to cover your costs. There is not really a secret get rich quick program. But you can build a solid investment profile. There is a lot to consider. Condo, SFR, Townhouse, which end of the beach, etc. I am happy to be a source of information for you or anyone who has commented on this post. If you just want to sign up for newsletter to keep your eye on the market, or if you want to call and pick my brain. I'm here to help. You can look at my site FindABeachHouse which is new and I'm still working on it.
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I'm selling a beachfront 3 bedroom condo at the hottest resort in PCB if anyone is looking to get in the PCB VR business.
Hey @Michael Derespinis send me the info on your condo. I have someone looking for 3 bedroom Gulf Front condo, but he only has a couple of building he will consider.
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