I am hopefully moving to Pensacola months from now and wanted to begin the process of identifying real estate to "house hack" in order to pocket my BAH and use those savings to invest in a down payment on a fixer upper home to BRRRR. It's a rough plan and I'd love to hear any advice you have on finding the first duplex to live and hack. Any and all suggestions are welcome. Thank you!
@Austin Takeda Welcome! Pensacola is a beautiful area and you will love it. BRRRR and house hacking are great ways to begin real estate investing. I am local military and I used my VA a different route, but house hacking is a great way to pocket the extra BAH. I highly recommend joining the local investor group: PIG as a way to get traction on some deals. Additionally, join as many wholesaler lists as you can and find a good, investor friendly realtor in the area who can track down properties for you and point you in the right direction. Some of these properties can be hard to find, but if you come across the right one, it can make a great investment. I can provide you some recommendations on the area and I would love to help where i can :) Let me know if you have any questions!
If you are having trouble finding duplexes and triplexes due to a lack of supply, try modifying your search to include homes that have a guest suite or in-law suite. A lot of times, they are advertised as single family homes but provide the opportunity to house hack. My wife and I purchased our primary residence and it has a separate in law suite that we rent out on Airbnb. The income from that pays our mortgage! I assume you could find something similar down in PCola. Best of luck brother.
@Austin reach out to my buddy @Tim Kelly, he is in the Pensacola, area and might be able to help!
Originally posted by @Keric Allen :
@Austin Takeda check out @Jay Helms he’s a great resource in the area. Check out his podcast the W2 Capitalist. Pensacola is a great area but properties are going fast there and receiving a lot of interest from even out of state investors. Keep looking and you’ll eventually find something.
Thanks for the mention! I also second @Tim Kelly (checkout BP Show 282!) .
@David L Castro undefined
Where you might find an advantage is forcing a garage, workshop, or shed into an “auxiliary dwelling unit” (see local code). Where you might find your search returns few properties that have zoning for multi-family, you won’t find near as many restrictions for those properties that have a separate building on the property, which are plentiful in our area. Typically, these garages/workshops already have electric; provided you can get water/sewer to the unit, it can have an immediate impact on your rental capability and future resell to like-minded buyers.
Hit me up if you have any questions; I’d relish the opportunity to give you some areas to focus your search - there are a few of us that meet up at a local brewery once a month to talk strategy as well. We’d love to have you out!
@Austin Takeda I looked for multi's when I was searching for a house down in Pensacola and couldn't find anything half decent. Most stuff was too much to take on financially (either wouldn't be approved for VA or needed too many repairs I didn't have cash for) or in pretty bad neighborhoods I wasn't willing to live in. I settled on a SFR outside of the back gate of NASP. Going to house hack it and turn into a rental for SNA's after I move for Primary. If you're struggling to find a place to buy or just want to rent a place I've still got a room available at my place starting October 5th.
@Austin Takeda if you have a real estate agent already get them to set you up for an automatic notification for 2-4 unit multi family properties. If not, PM me your email and I’ll set you up. 2-4 unit multi family is my specialty. The good ones go fast so have your approval done and be ready to move when something comes up that you like. I helped a 26 yr old active duty marine close on a triplex near downtown yesterday, he is on BP but I can’t seem to tag him. He would probably be happy to share some tips from his recent experience and I can connect you if you’d like.
@Jacob Chambers congrats again on the duplex, I think it’ll be a good one!
definitely following, wife and are PCS'ing in march/april next year. In the market for a multifamily 2bd/2ba (min) with a garage or something to separate the units.
@Austin Takeda We're in the FWB area, 30 min away from PCola. If you find something and want on-the-ground support, give VetChecked LLC a shout. They can take pictures/video/talk to neighbors, etc. They are not realtors or PMs - they offer a cost effective alternative for ad-hoc requests and investors who have an idea of what they are looking for. www.vetchecked.com
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