Vacation rentals Destin Florida/Panama City

17 Replies

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 

@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!

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.

@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!!

@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.

@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.

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!

@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.

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.

@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.

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 🙂

@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!

@Laura Bradford   I agree with @Matt 'Roar' Gardner.  Please don't hesitate to reach out to me directly for revenue potential analysis for any properties you are considering.  I oversee the Florida Panhandle Region for Turnkey Vacation Rentals and can help with any of those areas!