Vacation rentals Destin Florida/Panama City

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Vacation rentals Destin Florida/Panama City

Robbie EddingtonPro Member
Rental Property Investor · Shepherdsville, KY · Member since 2013 · 31 posts · 10 votes

Looking to invest in a vacation rental in Destin Florida/Panama City. Looking for a good property manager anyone have a recommendation. I will be managing them from Louisville Kentucky.

Thanks 

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Luke CarlPro Member
Rental Property Investor · Tennessee Florida · Member since 2016 · 4k+ posts · 5k+ votes
5y

@Robbie Eddington.

I’ve got a million dollar property in Destin. If you use a property manager you won’t make money. “Self managing” is easy you just need to put systems in place. Read through this entire forum you’ll see everyone else agrees. Happy to answer any further questions.

Thanks!

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  • Luke CarlPro Member
    Rental Property Investor · Tennessee Florida · Member since 2016 · 4k+ posts · 5k+ votes
    5y

    @Robbie Eddington.

    I’ve got a million dollar property in Destin. If you use a property manager you won’t make money. “Self managing” is easy you just need to put systems in place. Read through this entire forum you’ll see everyone else agrees. Happy to answer any further questions.

    Thanks!

    Podcast Guest on Show From Surviving on $30/Day to 30+ Properties Thanks to Blue-Collar Skills
    8Reply
  • John UnderwoodPro Member
    Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
    5y
    Originally posted by @Robbie Eddington:

    Looking to invest in a vacation rental in Destin Florida/Panama City. Looking for a good property manager anyone have a recommendation. I will be managing them from Louisville Kentucky.

    Thanks 

     You would be wise to listen to @Luke Carl.

    0Reply
  • Matt "Roar" Gardner
    Real Estate Agent · Tampa, FL · Member since 2018 · 464 posts · 452 votes
    5y

    @Robbie Eddington - As a realtor and investor in the area, I agree with @Luke Carl regarding self management.  If you have the ability to do so, I recommend it! I'll be happy to talk you through all the systems and tools that I use as well.  If you decide to go that route, I highly recommend reading 'Get Paid For Your Pad' -- It's a great, checklist-style book.

    If you have determined that you must use a PM, there are a few in the area that are acceptable, but a vast majority are downright terrible.  I know @Amanda Ferguson at Turnkey is a popular choice in the area, and Chris Harper at Destin Dreamers is another solid choice in the luxury market.  

    Good luck!!

    3Reply
  • Robbie EddingtonPro Member
    OP
    Rental Property Investor · Shepherdsville, KY · Member since 2013 · 31 posts · 10 votes
    5y

    @Luke Carl

    Thank you for your advice, may I ask you how does your property perform in Destin? My biggest question is how many days a year is it occupied. The reason I ask is I have multiple properties in Louisville Kentucky/single-family and small multi family but no vacation rentals. Also the property I am looking at is on 30A, Looks like an easy area for vacation rentals.

    0Reply
  • Luke CarlPro Member
    Rental Property Investor · Tennessee Florida · Member since 2016 · 4k+ posts · 5k+ votes
    5y

    @Robbie Eddington. I also have one in 30A.

    My destin property grossed 86k in 2020 having been shut down for almost 3 months of high season due to the governor.

    30A is a bit higher priced. You’re really looking at over a million although 600-700 can be done in certain circumstances.

    Podcast Guest on Show From Surviving on $30/Day to 30+ Properties Thanks to Blue-Collar Skills
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  • James Byrd
    Realtor · Destin, FL · Member since 2018 · 38 posts · 22 votes
    5y

    Concur with the above! My only comment about 30A is that it’s in a category of its own. It is a very nice, sleepy city without the commercial build up...however, as an investment property, Destin is going to be your money maker. Most patrons that come to this area know of or have heard of Destin. And as @Luke Carl mentioned, your dollar will not go as far, ultimately hurting your returns. I have one in Destin as well that we’re converting next month!

    0Reply
  • Blaine Atkinson
    Real Estate Agent · Santa Rosa Beach, FL · Member since 2021 · 16 posts · 4 votes
    5y

    @Robbie Eddington

    I live and work in the 30a area. Destin is going to provide a better ROI when it comes to the financials.

    30a is another market in it's own. Many home are simply second home where the owners offset their costs by renting. It's a market that has a lot of luxury homes that come with higher price tags.

    This is also a short drive from the destin area so can be accessible to vacationers in the destin area as well.

    0Reply
  • Ryan MoyerBusiness Member
    Property Manager · Orlando Kissimmee Davenport Salt Lake City, Park City · Member since 2019 · 993 posts · 1k+ votes
    5y
    Originally posted by @Blaine Atkinson:

    @Robbie Eddington

    I live and work in the 30a area. Destin is going to provide a better ROI when it comes to the financials.

    30a is another market in it's own. Many home are simply second home where the owners offset their costs by renting. It's a market that has a lot of luxury homes that come with higher price tags.

    This is also a short drive from the destin area so can be accessible to vacationers in the destin area as well.

    What about PCB in comparison to Destin for ROI? Won't rent quite as well I'm sure but prices are a fair bit cheaper.

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    1Reply
  • Blaine Atkinson
    Real Estate Agent · Santa Rosa Beach, FL · Member since 2021 · 16 posts · 4 votes
    5y

    @Ryan Moyer

    Panama city beach rents well, just keep in mind rent is comparative with the prices.

    From my limited experience in pcb has a pretty high tourism rate!

    0Reply
  • Robbie EddingtonPro Member
    OP
    Rental Property Investor · Shepherdsville, KY · Member since 2013 · 31 posts · 10 votes
    5y

    Would like to thank everyone for responding to my post. Very helpful.

    0Reply
  • Amanda Ferguson
    Destin, FL · Member since 2019 · 55 posts · 50 votes
    5y

    @Matt "Roar" Gardner thanks for the refence.   

    0Reply
  • Matt "Roar" Gardner
    Real Estate Agent · Tampa, FL · Member since 2018 · 464 posts · 452 votes
    5y

    @Ryan Moyer - You can perform well in both PCB and Destin/Miramar.  I spent the weekend touring both areas with some clients and have done it plenty of times in the past.  Sometimes, it's just a matter of preference.  PCB and Destin offer very different vibes.  If you haven't been to the areas, I recommend a drive from eastern PCB through 30A and then through Miramar Beach/Destin.

    3Reply
  • Wendy Schultz
    Property Manager · Wisconsin and Florida · Member since 2017 · 346 posts · 227 votes
    5y

    Try contacting Real Joy Vacation Rentals. I know one of the owners and have been impressed. 

    1Reply
  • Valerie Rogers
    Property Manager · Aurora, CO · Member since 2014 · 221 posts · 210 votes
    5y

    If you are looking for a very good property management company in Destin consider Sugar Palm Vacation Rentals. The owners of the company are also owners of short term rental properties themselves AND they both are former employees of VRBO/Homeaway. Their background and experience is impeccable! 

    0Reply
  • Laura Bradford
    Member since 2021 · 1 post · 3 votes
    5y

    I am new here... hope it isn't impolite to jump on someone else's thread with questions. I too am looking into investing in a VRBO/vacation rental property in the Destin area. To me Destin itself seems overpriced. Any suggestions for areas with good ROI? What about Santa Rosa beach or Ft Walton Beach? I would prefer a non high rise condo with a water view but feel free to talk me out of it! Thanks in advance 🙂

    3Reply
  • Matt "Roar" Gardner
    Real Estate Agent · Tampa, FL · Member since 2018 · 464 posts · 452 votes
    5y

    @Laura Bradford - You can cash flow everywhere from Okaloosa Island to Panama City Beach, but more people looking for cash flow land in the Destin/Miramar Beach areas.  Personally, I own in Destin and on Okaloosa Island (i.e. Fort Walton Beach), and both of my units perform very well.  It's easiest if you focus on an area you like and search there, but some of my clients prefer to cast a broad net and hope for the best as well.  Best of luck!

    2Reply
  • Shiela Gerasimenko
    Rental Property Investor · Salem, OR · Member since 2021 · 8 posts · 3 votes
    5y

    @Luke Carl Hi Carl, how do you manage it from a distance? I’ve look into it and property managers are taking 20% of the profit. It is just to pricey.

    1Reply
  • Matt "Roar" Gardner
    Real Estate Agent · Tampa, FL · Member since 2018 · 464 posts · 452 votes
    5y

    @Shiela Gerasimenko - I encourage most of my clients to self manage, even if they're living in other countries. As long as you have a solid cleaner and handyman, you should be set for any needs from a management perspective.

    Along with the support at the location, you'll also want to setup your systems for automated messaging, reviews, rates, cleaner coordination, etc.

    It seems like a lot, but once your foundation is set, you'll be off to the races. Best of luck!

    0Reply
  • Luke CarlPro Member
    Rental Property Investor · Tennessee Florida · Member since 2016 · 4k+ posts · 5k+ votes
    5y

    @Shiela Gerasimenko

    Nothing to it. I’ve taught hundreds and hundreds of people how to do it.

    Podcast Guest on Show From Surviving on $30/Day to 30+ Properties Thanks to Blue-Collar Skills
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  • Shiela Gerasimenko
    Rental Property Investor · Salem, OR · Member since 2021 · 8 posts · 3 votes
    5y

    @Matt "Roar" Gardner

    Thanks. Will look into this.

    1Reply
  • Vince L.
    Mountainside, NJ · Member since 2016 · 9 posts · 0 votes
    5y
    Originally posted by @Matt "Roar" Gardner:

    @Laura Bradford - You can cash flow everywhere from Okaloosa Island to Panama City Beach, but more people looking for cash flow land in the Destin/Miramar Beach areas.  Personally, I own in Destin and on Okaloosa Island (i.e. Fort Walton Beach), and both of my units perform very well.  It's easiest if you focus on an area you like and search there, but some of my clients prefer to cast a broad net and hope for the best as well.  Best of luck!

    What would you recommend in the Destin area? SFH or condos? Don't the HOA fees in condos cut into the monthly income?

    0Reply
  • Matt "Roar" Gardner
    Real Estate Agent · Tampa, FL · Member since 2018 · 464 posts · 452 votes
    5y

    @Vincent Chen - Classic answer, "It depends." You have to underwrite each property independently, sadly. I know plenty of folks that cash flow exceptionally well in the condo world and the SFH world.

    I recommend assessing the amount of value that the HOA or COA provides you as an owner. Some COAs will provide all expenses (TV, internet, electricity, water, pest control, building insurance, etc.) and plenty of amenities (pool, hot tub, shuttle service, restaurant on site, gym, etc.), while others provide very minimal value.

    Personally, I love the SFH luxury market because of the massive equity build that can be achieved, but I also own a 2BR condo because it cash flows so well!

    Best of luck :)

    0Reply
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