Updated almost 5 years ago on . Most recent reply
New to Short-term Rental
This last week my wife and I looked at a couple potential Flip/BRRRR properties in Panama City, FL. One is interesting but we are not going to pursue. I have been analyzing these type deals for last several months and showing numbers to my wife. She is a very "safe" person and I think the acquisition and rehab costs scare her. So, after walking these properties we went for lunch in Panama City Beach where our discussion turned to buying a condo on the beach (we live about 1 1/2 hours away). This in turn led to a discussion about a short-term rental. She is all excited and we were arranging to put an offer in on one (after doing an analysis on cash flow) but found out we had to have 25% down on vacation homes in FL. Not to be deterred we asked for seller financing with $15K down. Our offer was not accepted as owner is trying to cash out for another investment.
All this to ask is there another source to help finance that may make sense. We will have the 25% down in 5 months but that will then be tourist season. Would like to get into one soonish. Another issue is we just moved to FL so we haven’t really started networking yet so private money and partnerships might be a bit problematic.
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Thanks for your input. At this point I think I have analyzed a ton of deals so not really chasing shiny objects but need to do a little more research on all costs, pros and cons. I know we will self manage in a good resort and book through Air BnB and VRBO. We are having a date night this week to really explore and dig into this and come up with our 10 year, 5 year and 1 year plans.