Investor · Clairemont, CA · Member since 2011 · 3k+ posts · 2k+ votes
I'm looking for some local info on the area for a friend. He and his wife are Navy and transferring to the area fairly soon. They started looking at rentals, and have since begun the "we could buy" thought process. So knowing I invest they asked for my advice on the idea/area.
I'm doing my normal internet research, but wanted to get some local first hand knowledge if anyone here on the forums has anything to share. They'll probably be in the area for 1-1.5 years, after which they are thinking they'd keep the house as a rental.
As of now my most basic discussion point with them is, if you want to buy it only makes sense if you're going to keep the house after you leave. Reason being they'll lose any cost saving benefit of owning on the transaction costs otherwise.
So for those with local knowledge: is it a good rental market in general? If so do you have any local PM contacts you could give for once they leave? They will definitely be using a PM, as RE is not their focus, and I know them well enough to know that will really be in their best interest.
Investor / Wholesaler · Nashville, TN · Member since 2014 · 1k+ posts · 667 votes
11y
Do you know what area they are transferring to specifically? If he is a navy guy I would suspect it is Pensacola or Milton (Whiting Field). If not, maybe he will be stationed at Eglin. That would probably help get you some better information. If they are going to be at the Navy bases that would be quite a commute from Destin...
tampa, FL · Member since 2014 · 86 posts · 23 votes
11y
From what I know, destin is a very hot rental market in the summer/spring break, so basically from may-august, you wont have a problem renting it out as a vacation rental. Also, there's an air force base in pensacola, which is about an hour away from destin, which might be a good opportunity for them when they leave to rent to other families at the base.
Investor / Wholesaler · Nashville, TN · Member since 2014 · 1k+ posts · 667 votes
11y
Do you know what area they are transferring to specifically? If he is a navy guy I would suspect it is Pensacola or Milton (Whiting Field). If not, maybe he will be stationed at Eglin. That would probably help get you some better information. If they are going to be at the Navy bases that would be quite a commute from Destin...
I am Air Force and I was stationed on Pensacola NAS in 2013- Aug 2014. I bought a home out to the west side of the base which is the nicer area. Further from downtown but nicer area to live and a lot of military live out there. It took me 11 days to rent my house and I made the PM raise the price $100 from their recommended rental price. So yes, I would say it is a solid rental market with all the military in town. Please feel free to shoot me message if I can be of further assistance. I am also activating my RE license this month as well so if you need someone that knows the area, I would certainly appreciate the referral.
There are Air Force members stationed on a Pensacola Naval Air Station. There is no Air Force base in pcola. They liked to remind us that we were on their base quite often ;)